Former Wells Fargo Subprime Loan Officer: Bank Targeted Black Churches as Part of Predatory Subprime Lending Scheme
Up until two years ago, Elizabeth Jacobson was the top producing loan officer in the subprime division at Wells Fargo. Today she is speaking out against the practices of her former company. Earlier this summer, she filed a sworn affidavit with a federal court in support of the city of Baltimore's lawsuit against Wells Fargo for pushing high-interest, subprime loans onto African Americans in Baltimore and the Maryland suburbs, leading hundreds into foreclosure. Ref. Source 9
Wells Fargo posts record profits:
Wells Fargo, the nation's largest home mortgage lender, agreed to pay $175 million to resolve allegations that it charged African-American and Hispanic borrowers higher fees and interest rates than whites, the Justice Department said Thursday. Ref. Source 9
Wells Fargo To Foreclose On Dying Cancer Patient
Battling cancer is difficult enough without your mortgage lender deciding to foreclose on your home just weeks after saying it was trying to help. Yet that appears to be what's happening to Cindi Davis, a North Carolina woman diagnosed with terminal breast cancer. Ref. Source 7
U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud:
Wells Fargo got as much as $36 billion in federal aid after the crash and got a massive push from the government to help it buy up the dying crash-era megabank Wachovia for $12.7 billion, a shotgun wedding that created the second-biggest bank in America Ref. Source 9
Wells Fargo fined $185M for 'widespread illegal practices':
Wells Fargo will pay $185 million to settle allegations of "Widespread illegal practices" in which employees secretly opened accounts to meet sales targets and receive bonuses, federal regulators announced Thursday Ref. Source 6a.
While Wells Fargo has been caught doing this I think many other banks do the same thing. I wonder how many of them will scramble to cook their books and have numerous accounts suddenly get closed and omitted?