Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Wells Fargo agrees to pay $50 million for overcharging homeowners in default

Notify me of new replies via email
Mortgage Professional America | 31 Oct 2016, 04:20 PM Agree 0
More bad news for the big bank: Wells Fargo has agreed to pay $50 million to settle claims it overcharged homeowners for appraisals
  • | | 31 Oct 2016, 04:57 PM Agree 0
    Far fetched but- here $50,000,000.00 LOL
  • vlj | | 31 Oct 2016, 05:04 PM Agree 0
    Wells Fargo is as scummy as they get ... the list of infractions against customers will be a very long laundry list. Of course how pathetically low the fines are .. 50 mill is nothing for them ... the whole crooked corporation needs to be shut down and burned.
  • gjh | | 31 Oct 2016, 05:19 PM Agree 0
    Couldn't agree more. Remember barney Frank gets a piece of the AMC business. Dianne Feinstein's husband got the contract from OBAMA to liquidate the Post Offices and no bids were ever taken. Any thoughts on the commissions?? Now Warren conveniently has law firm contributions made to her? Hillary of course should be indicted and the group locked up for lying to the FBI.(just for starters). Wasn't it that Washington was supposed to be our public servants not the other way around?
  • BJA | | 31 Oct 2016, 05:33 PM Agree 0
    How many Cease and Desist Orders does Wells Fargo get, before somebody actually does something about their defiant behavior? What a shame that their deceit affects all other banks by way of more burdensome regulation.
  • Regulations? | | 31 Oct 2016, 06:45 PM Agree 0
    With all the regulations, you'd think that this would not happen! What good are all these regulations? I got a mailing the other day from Quicken Loans stating they would beat any competitor's on interest rates and closing costs while the continuing education classes for the honest people let us know that we cannot do that, we have to charge everyone the same price, even our brother or sister. What good is the CFPB and all these regulations? The only thing I can see that all these new regulations have done is to raise more money for the government. The government now gets a bigger piece of the pie on every mortgage and the customer pays more. Who wins?
  • D. Cullington | | 01 Nov 2016, 07:40 AM Agree 0
    What started out as a "Helping Homeowner's" HAMP mortgage mod in 2009 by American Home Mortgage servicer, and Wells Fargo master servicer, has now exploded into a company as corrupt as Wells-Ocwen Loan Servicing-, hiring their mofia like attorneys to not only require us to sign a Non-Disclosure agreement(Gag Order), to get another mortgage mod, Ocwen's attorney is gouging and inflating our mortgages's principal balance by almost $90,000! In this financial raping of homeowners, Wells and Ocwen have added unspecified "Default Fees" that include Bank Placed Order's(BPO's to let them know what home is worth), monthly inspection fees(they don't inspect anything), Title searches($700), Attorney fees($unspecified), and other misc. charges totaling almost $6,000 now! These fees are illegal according to the CFPB. We've filed three complaints with them and the AG of Ca., but no one shuts them down. The Department of Business Oversight has threatened to in 2015, even placed another Monitor within, but what good is Monitoring if you don't enforce? Take away their licenses and that'll stop this egregious, fraudulent behavior. Put these crooked, wealth sucking CEO's in jail like Iceland does, and maybe, just maybe, we the people can take control of this great country from the rich, corrupted bankers and politicians. If this entire 2016 election and Wells Fargo thievery is not proof of a system gone sleazy, don't know what is. Warren and Sanders need to get much much tougher on the banking system, so does Congress.
Post a reply