Sept 14 (Reuters) - Wells Fargo & Co (WFC.N) has reached a $94 million settlement to resolve class-action claims it sent more than 200,000 struggling mortgage borrowers into forbearance during the COVID-19 pandemic without their consent.
14 replies (most recent on top)
LOL! I saw this as it happened, management turned the other way. Clowns!
And blamed Wells Fargo for the credit hit when they'd have it worse with actually 60-90 day lates on their credit report.
Friends in risk. Part of the equation is if an activity generates far more income than anticipated fines and negative press, the business side looks the other way.
A built in excuse to give puddly raises next year, just like last year and the year before that and…you get the idea.
If not, you are really dense.
Sounds like another Annual Required Training is coming our way.
Try not to forget, that it is the government that regulates. Before WF merged with that loser Wachovia, we didn’t keep subprimes on the books. Super shareholder WB frowned on bad loans.
It’s a double edge sword for WF right now.
Damned if you do and damned if you don’t. If some underserved group cries foul, the government sides with them. I can’t wait till we can kick them to the curb under the next administration.
You know, Wells Fargo can be made out to the bad guy here, but the reality is that these 200k borrowers broke a promise.
Another month and another fine. Why are we still in business? I am really shocked they haven’t come in and broken this bank into little tiny pieces and sold it off. But maybe that’s what Charlie is here for.
Well now we know why Weinbrach "retired." During the throws of COVID these types of decisions were made at the exec level, and it sounds like he made the wrong one.
I feel bad for all those landlords who got stiffed…Sad times that people think they can live rent free.
If you aren’t getting fined, are you even banking?
This is fine.
Charlie is doing a fine job.
It's like a tradition to have to pay a quarter of a billion dollars in fines in September at this point. At least Charlie will get a raise in a few months for his excellent work this year.