fargo

Wells Fargo: we stole houses and we're being investigated for dirty low-income housing credits

In its latest round of shareholder disclosures, Wells Fargo admitted that it "unnecessarily foreclosed" on 400-odd householders (that is, stole their houses) and failed to grant loan modifications to 625 qualified borrowers (this is just the latest revelation about Wells Fargo stealing houses); it's also being investigated for its practice of purchasing low-income housing credits. (via Naked Capitalism) Read the rest

An upcoming Supreme Court ruling could force all workers into forced arbitration, deprived of the right to class lawsuits

One of the cases that the Supreme Court heard this season was NLRB v. Murphy Oil USA, Inc. which rolls up several cases where employers are hoping to establish that they can force prospective employees to sign a mandatory arbitration waiver as a condition of employment; if they prevail, the majority of workplaces in America will likely adopt the practice. Read the rest

100 US Mayors sign a pledge to boycott ISPs that commit Net Neutrality violations

As states pass a wave of laws barred non-neutral ISPs from providing services to state agencies, more than 100 US mayors have pledged to disqualify non-neutral ISPs from getting city contracts as well. Read the rest

Trump's finance watchdog wants to make the taxpayer-funded database of crooked banks go dark

The Consumer Financial Protection Bureau is Elizabeth Warren's gift that keeps on giving -- one of the most effective US government agencies, handing out real punishment to banks that break the law, fighting loan-sharks that prey on poor people, and maintaining a database of vetted consumer complaints against banks that have ripped them off. Read the rest

Wells Fargo loses teachers' union business after it pledges its eternal loyalty to gun manufacturers

Last week, Wells Fargo defiantly announced that it would not follow its competitors' examples and cease lending to gun manufacturers; this week, the American Federation of Teachers dropped Wells Fargo as the preferred mortgage lender for its 1.7 million members. Read the rest

Wells Fargo fined $1B for stealing cars and jacking houses

Wells Fargo defrauded 800,000 car loan borrowers, forcing 274,000 of them into bankruptcy and stealing ("wrongfully repossessing") 25,000 cars; they also ripped off mortgage borrowers by failing to send them their paperwork until after the deadline for filing it and then fining them for not filing it on time. Read the rest

Wells Fargo: fyeah, we're going to lend money to gun manufacturers, now stfu before we shoot you

Wells Fargo, America's dirtiest bank, has proudly announced that it will continue to lend money to gun manufacturers, unlike its competitors at Citi and Bank of America. Read the rest

American banks' secret subprime exposure stretches into the billions

On paper, America's bailed-out banks learned their lessons from the crash of 2008 and got rid of their exposure to subprime debt, especially "deep subprime" loans to people who are so broke that it's basically impossible that they'll ever pay their loans back. Read the rest

Scammy phone company Centurylink: "No one can sue us because we don't have any customers"

Centurylink is a giant, scammy telco notorious for larding its customers' bills with fraudulent charges, and instructing its customer service reps to do everything possible not to waive those charges; they also open fake accounts in their customers' names, a la Wells Fargo, and then rack up charges against them. Read the rest

Wells Fargo accused of ripping off rich people, too

When you look at the list of people that Wells Fargo stole from -- ordinary depositors, struggling mortgage borrowers, 800,000 car loan borrowers, mom and pop businesses, medium businesses and home owners -- a commonality emerges: they're all poor people, or middle-class people, or slightly rich people. Read the rest

Wells Fargo gives its CEO a $4.6m raise on flat earnings and more scandals

Wells Fargo CEO Tim Sloan has only been on the job since October, but he's earned a 35%, $4.6m raise, despite flat earnings and a series of scandals since Sloan took over from the cartoonishly villainous John Stumpf. Read the rest

Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back

Wells Fargo has admitted wrongdoing in defrauding 110,000 mortgage borrowers, and to make good on it, they're sending out letters that look like junk-mail, containing a form that customers have to fill in to confirm that they want their stolen money back; if Wells doesn't get a reply, it will assume that those customers are donating their settlements back to the bank's shareholders. Read the rest

Wells Fargo's punishment for fake account scandal: no more growth until Fed is "satisfied"

The Federal Reserve has concluded its investigation into Wells Fargo's decades' long practice of pressuring employees to open fraudulent accounts in the names of its customers to inflate its quarterly figures and rack up service charges. Read the rest

Wells Fargo's CEO told Congress that he wouldn't enforce binding arbitration, so Wells is getting sued in Utah

A class action suit by some of the 3,500,000+ Wells Fargo customers defrauded in the company's fake account scam was foundering in Utah, thanks to the company's insistence that its binding arbitration clauses also applied to the accounts it fraudulently opened (that is, by agreeing not to sue the company for defrauding you over the accounts you opened, you were also agreeing not to sue them if it opened a bunch more accounts and forged your signature on the papers). Read the rest

Wells Fargo CEO promises to spend not one cent of the GOP tax gift on investment or wages

Wells Fargo CEO Tim Sloan -- who inherited the most scandal-haunted bank of them all this year -- reassured his investors in a CNN Money interview that not one dime of the tax savings the GOP will deliver to his company will be reinvested or used to increase wages: instead, it will all go to buy-backs and dividends. Read the rest

Wells Fargo execs sealed their bonuses by gouging the bank's business customers

Wells Fargo didn't limit its fraud to robbing 2,000,000 ordinary depositors, struggling mortgage borrowers, 800,000 car loan borrowers, mom and pop businesses, and home owners -- the bank's top foreign-exchange desk bankers robbed hundreds of the company's large business customers, in a move that inflated the Fargo execs' annual bonuses. Read the rest

Wall Street and Trump are about to kill the CFPB, the only government agency that effectively polices bank scams, crimes and frauds

The Consumer Financial Protection Bureau (previously) is practically the only US regulator we can be proud of -- founded by Elizabeth Warren before she ran for the Senate, the CFRB is a consumer protection agency that has been at the forefront of reining in criminal activities like Wells Fargo's nationwide frauds and Equifax's dox attack on the USA, as well as being the best defense Americans have against predatory loan-sharks masquerading as "payday lenders," abusive debt-collectors, racial discrimination in lending, and the student loan racket. Read the rest

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