Wells Fargo Hit With $1 Billion In Fines

[sbenkoski]

    CROOKS need t be shut down !   

The Consumer Financial Protection Bureau is levying a $1 billion fine against Wells Fargo — a record for the agency — in punishment for the banking giant's actions in its mortgage and auto loan businesses.

The CFPB said some consumers were charged too much over mortgage interest rate-lock extensions. And Wells Fargo also ran a mandatory insurance program that added insurance costs and fees into some borrowers' auto loans.

Announcing the penalty on Friday, the CFPB said that it is part of a settlement with Wells Fargo, which has also pledged to repair the financial harm to consumers.


THEY repair nothing,    I know I been there and still am suffering from the last round of fraud they pulled on people !

[potluck6]

had our first mortgage with them. seemed like they wee overcharging maybe ill'l get some money back. cant understand how they could open accounts and people didn't know.

[MichelleHW101]

Never trusted Wells Fargo and when my grandmother passed leaving me a small amount in their hands, I withdrew it as fast as I could and put it into my own bank. 

[natashaspy]

It really scares me to read all this as this is the company we have our mortgage with. 

[mamatygress]

My kids have accts there.  We never had an issue.  I did get a class action settlement notice in my email.

[alina6]

they must have really done something wrong to get fined a billion dollars.

[rghvac69]

I've heard a lot of bad things about Wells Fargo. I'm glad I don't have any dealings with them.

[samanthahan]

It’s disgusting what some businesses do

[ktheodos]

Wow...crazy..thanks for sharing.

[mgint]

lucky I have never had any business with them big companies seem to scam anyone they can.

[dogsleash]

Good they need to be held accountable

[Tresbn00]

I have done a great many bank mortgage reviews and Wells Fargo was one of the cleanest operators out there. They bent over backwards to help consumers and I was disgusted by the masses of borrowers that took advantage of the system. People would string banks along for years without making a single payment. The record, found in my reviews, was a little over nine years without making a payment before they were evicted. Even at that point the people who were evicted tried to sue Wells Fargo. One person couldn't make a payment because their spouse had been deported after providing a fake social security number and stating that they were a United States Citizen. These are the same woe-is-me people that point at the bank for their own failure to read the documents they were signing (if they weren't fraudulently obtaining the loans to begin with). Bank of America was extremely clean, as well, until they were forced to take defunct Countrywide Home Loan portfolios. Wells got a bad reputation after the fake savings account debacle but every bank does it.

[vickysue]

We had  some problems with Wells Fargo about 20 years ago, they tripped us up about half way through a mortgage . We had signed an agreement with them on our  mobile for 15 years and about seven years into it we received a notice that we had to pay  all of it, as they were no longer going to handle mobile mortgages. Thank heavens I had been paying the payment plus another payment on the principle as we would have been in trouble since we working at that time.  We were spending most of out time  with my son as he was fighting cancer and the hospital was  200 miles away so one or the other of us was there or we were taking care of the grandson as he was in school.  My daughter in law was with my son as much as possible. So any way we marched in paid the  mortgage off in full pulled the savings and checking accounts and went down to another  bank and  put  everything  in there. Too heck with them. Oh we could have protested it with a lawyer but wasn't worth it too us. Now we have moved and I still won't use them,

[hawkeye3210]

I have clients that went through Wells Fargo and haven't had any issues with them. The bigger issue is people not paying attention.

[plennis]

I am Mobile Notary Certified Signing agent, I tell people if they do not understand something not to sign.  I have seen a lot of Wells Fargo loan that just did not look right.  I tell them to call and ask questions so that they know just what they are really signing, if it is on the up and up a day ot 2 on the loan will not make any difference.  Bank of America and a few others try to get away with anything they can, if you do not understand ASK questions until you do.   Part of my job is to make sure people know what they are signing before they sign,  make sure they are os sound mind etc.