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Wells Fargo exec in charge of phony accounts unit gets $125 million payday

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Mortgage Professional America | 15 Sep 2016, 08:15 AM Agree 0
Wells Fargo just agreed to pay the largest fine ever imposed by the CFPB. But there’s still a nine-figure payday in the offing for the exec whose unit’s misbehavior brought about the fine
  • Jeff | | 15 Sep 2016, 11:29 AM Agree 0
    She should be locked up‼️ No way she did not know about The sandbagging practice.
  • Tim | | 15 Sep 2016, 12:30 PM Agree 0
    What a bad policy to reward employees this way. But nothing compares to the blatant steering of business to companies who are the preferred lender (builders /real estate companies and mortgage lenders) who steer business to the preferred lender and then the client is charged higher rates and costs. Sad this so called legal buying of business is allowed. In the meantime thousands are getting screwed daily!
  • Jeffrey | | 15 Sep 2016, 07:09 PM Agree 0
    I've worked at Wells for a total of 14 years (I'm glad that am gone now) and the practice of opening up these ghost accounts were a common and everyday occurrence until a recently fired manager (out of the Inglewood branch) went to the press and told them what was happening and then the Press took it to the LA City Attorney's office. The City then opened a investigation and then the City Sued Wells Fargo for these deceptive practices.

    Every Branch Manager, District Manager and Market President knew what was going on and how much pressure was placed on the Personal Banker to hit there goals (solutions) daily. You see, most of the Personal Bankers were youth adults and really didn't value their job (like they should) and relented to the pressure that management was putting on them. So they cheated in order to hit their numbers, when the customers discovered that these multiple accounts were opened, they would complain to the Store Manager and the fees/account were closed and the fees returned.

    These employee's that were fired should file a class action lawsuit to really go after management for put these unfair pressure on them to open these accounts.

    FYI...... A deeper dive into Wells Fargo Home Mortgage rate lock extension policy would uncover even more deceptive action from management.
  • Susan | | 19 Sep 2016, 02:07 PM Agree 0
    Why isn't this woman, Carrie Tolstedt in prison. This was fraud plain and simple. If I did something like this as a mortgage broker I would be fined and in jail/prison. She shouldn't get any package in leaving Wells Fargo are you kidding me...
  • Mortgage Savant | | 20 Sep 2016, 01:22 PM Agree 0
    What would have happened to Loan Originators for doing something like this?
    Firing squad, hanging, loss of license and a whole lot more.
    Do you think anyone is going to jail for this?
    2 big to fail, too big to jail
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