 |
| Wells Fargo logo |
US Attorney took out a little pocket change from Wells Fargo for following case..
"Manhattan U.S. Attorney Preet Bharara said: “Today, Wells Fargo, one of the biggest mortgage lenders in the world, has been held responsible for years of reckless underwriting, while relying on government insurance to deal with the damage. Wells Fargo has long taken advantage of the FHA mortgage insurance program, designed to help millions of Americans realize the dream of home ownership, to write thousands and thousands of faulty loans. Driven to maximize profits, Wells Fargo employed shoddy underwriting practices to drive up loan volume, at the expense of loan quality. Even though Wells Fargo identified through internal quality assurance reviews thousands of problematic loans, the Bank decided not to report them to HUD. As a result, while Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust. With today’s settlement, Wells Fargo has finally resolved the years-long litigation, adding to the list of large financial institutions against which this Office has successfully pursued civil fraud prosecutions.” See story here..https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-12-billion-settlement-its-claims-against-wells-fargo
When the little guys commit a crime, we do jail time, however when the bank does fraud, they just give back the government a few pennies....
To see what the little guys have to go through in America, see my prison story...http://www.amazon.com/PRISON-expect-Federal-Bureau-Prisons-ebook/dp/B011GTWLOG
No comments:
Post a Comment