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Wells Fargo must fork over $2bn for misrepresenting subprime loan quality

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Paydayloans247 | 02 Aug 2018, 12:51 AM Agree 0
A large proportion of mortgages Wells Fargo sold prior to the financial crisis didn't meet the bank’s own quality standards, authorities say
  • Scott Schaller | | 02 Aug 2018, 11:59 AM Agree 0
    So dumb, EVERY. SINGLE. LENDER was doing that!!! that's why it was called stated so people could up their income to qualify for a mortgage. It had to make sense in order to qualify. A manager at Burger King couldn't say he made $20,000 a month salary, but if he "stated" $5000 that made sense. Maybe he made $3000 and had a small second job which put him at $5000? The lender would need two years history for that job, for it to be reported on his tax returns for two years, etc, etc. Way easier to go stated than go through all that. The secondary market (investors, inventors of the stated program, servicers, lenders, brokers) all new this. Wells Fargo didn't create this program, they just sold a product that investors created. I can't believe Wells Fargo got hit with this stupid fine.
  • Phil | | 13 Aug 2018, 06:26 PM Agree 0
    its simple math sell it for 100 billion as a bundle pay a 2 billion fine = we are rich the law is stupid !!!! show me one person who went to jail jail not money is the only way to stop them but you will never see it in your lifetime Holder and Schniederman said yes they could face criminal charges but thats for pacification of the public morons what a great game can i join ?????
  • Adam | | 13 Aug 2018, 07:31 PM Agree 0
    It's just piling on now. Every state is going to want a piece of the action. On the other hand it's not like Wells Fargo are good guys either.
  • Deb Bergman | | 15 Aug 2018, 01:10 PM Agree 0
    Wells deserves everything it gets hit with!
    They shouldn't even be open. Since when does being a big bank mean you can continue to operate fraudulently and out right steal from your own customers? If I had ONE of their infractions, I would be in Federal Prison! Some states do not allow them to operate within their borders, Ohio, Iowa, etc...All should follow suit!
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