1/8/2024 0 Comments Wells fargo non qm loansWorst of all: When one of the largest mortgage lenders in the world exits the space, it eliminates a huge chunk of competition and that only results in higher rates for borrowers everywhere. I might be less concerned about that if I saw some evidence that the CFPB planned to share some of the fines they collect with consumers who were actually harmed, but I am not seeing any. The cost of the excess fines simply gets passed on to consumers in the form of higher fees or rates. And – it has already paid billions in fines, as I mentioned. ![]() Wells had already learned its lessons, as the bad publicity alone from all of its offenses in years past has cost it tens of billions. So – if this helped consumers, I would be all for it.īUT – it does not help anyone at this point. BUT – it now appears that the CFPB is just coming back to the table to extort funds and to make political hay.Īnd again – I have no love for Wells Fargo. Many of Wells’s offenses were unconscionable and very deserving of massive fines – to be clear. Wells Fargo has already been investigated to death for their various offenses, and they have already paid billions in fines. Wells Fargo recently announced that they are exiting the mortgage industry – and it is largely in response to the CFPB’s recent investigation and $3.7 billion fine imposed on Wells Fargo.īut, here’s the thing. Wells Fargo: Whipping Post of CFPB Exiting the Mortgage Industry So, there has never been any love lost between Wells Fargo and me – but I am going to defend them today. It was also not a merit-based culture, but one entirely dependent on attaching yourself to the right person above you. This culture consisted of incentives to open up bank accounts for everyone whether they wanted them or not and for finding ways to slap fees on anyone and everyone. Wells Has Been the Same for 30 YearsĮqually interesting, I worked for Wells Fargo out of law school in what was the most soul-sucking, stultifying environment you could possibly imagine.įor starters, they had implemented the very culture that brought the bank to its knees in recent years – and they openly bragged about it internally, as they thought they had discovered gold. My hatred for that fraudulent institution knew no bounds – but I am going to defend them today. ![]() This is because Wells honored all of the fraudulent checks signed by our bookkeeper, and they made it next to impossible to recover our funds or even do an investigation. It was a nightmare of unmitigated proportions – fostered almost entirely by Wells Fargo. To make matters worse, Wells refused to give us access to our old accounts after the fraud came to light – unless we submitted a formal subpoena and jumped through all kinds of hoops. ![]() It was completely unnecessary we later found out, but she did so because she got a bonus for every new account she opened and that was ALL that mattered to her. ![]() It was over $200,000 we knew for sure, but we never figured out the exact amount because of … Wells Fargo.Īs soon as we got suspicious of our bookkeeper, we went to Wells Fargo and our “banker” insisted that we immediately close all of our accounts and open new ones. In 2011, Heejin and I caught our bookkeeper embezzling money from us. Embessler Stole $300,000 From Me And Heejin
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |