Readers resond: Wells sued over 'blueprint for fraud' foreclosure manual

by MPA29 Mar 2014
This week Wells Fargo has been adding to its collection of comments decrying its behavior. The bank was recently sued for allegedly producing a manual that tells its employees how to produce missing documents in order to foreclose on homeowners.

There have certainly been some willing to defend the big bank's right to a presumption of innocence, but there's also plenty of vitriol aimed at its business practices.

"Why would anyone ever do business with a Too Big Too Fail Bank?" asked MPA reader Cary Michael. "Crony-Capitalism and their fraud is what's killing this country's economy."

"Are you kidding me?" reader Geo Loans posted. "Why is this not being splashed over every business section of every newspaper in the US?? Because Wells has power over them, they will negotiate a fine, which will be much less than they profited off their illegal program, they will pay it and move along to another crooked program that they will try to keep deeper under cover!! That's how they roll!"

"After they killed off the mortgage brokers eliminating all competition the too big to fail banks have been caught doing everything from price collusion on what they charge for a mortgage, to Robo-signers who forged signatures on countless loans," reader Steve Harkness added. "The fact that they would have the gall to produce a manual on how to commit loan fraud is no surprise."

What do you think? Let us know in the comments below.


Should CFPB have more supervision over credit agencies?