Liars, and Lenders, and Bears - Oh My!
What would Jebster do?
Posted on 04/29/2017 7:27:55 PM PDT by Theoria
Wells Fargo branches across the country deliberately targeted “undocumented immigrants” to open savings and checking accounts in order to meet aggressive sales goals, according to court documents.
In sworn declarations obtained by Burlingame plaintiff’s attorney Joseph Cotchett, former employees describe a scheme in which Spanish-speaking colleagues would visit places they knew were frequented by immigrants (including construction sites and a 7-Eleven), drive them to a branch and persuade them to open an account. Some employees would give the immigrants $10 apiece to start an account. The events described in the declaration go back a decade.
“The conduct we have come up with is scandalous,” Cotchett said. “It’s outrageous to think that regulators let the bank get away with this.”
The alleged scheme appears consistent with earlier reports of a runaway sales culture at Wells Fargo, where branch employees faced pressure to meet high sales quotas. But it raises fresh questions about whether bank employees merely deceived customers by opening accounts in their names — or further crossed a line.
(Excerpt) Read more at sfchronicle.com ...
Why on Earth would the San Francisco Chronicle be upset about this? I would think they would celebrate it.
there. fixed it.
“....didn’t verify their identity when opening accounts.”
I was doing a remodel job for a guy many years ago and he banked at WF. When he wrote me my first check, I went to his bank, Wells Fargo, to cash it. They told me they wouldn’t cash it, even though I had plenty of identification. They wanted me to either open an account with them, or they wanted to finger print me to keep that on file, which I absolutely wouldn’t do, just out of principle. I wasn’t going to be treated like a criminal just to cash a paycheck.
So... the next week the home owner who wrote me the check went with me to the same bank, now with a second paycheck in hand. The banker still said they would not cash the checks, even though the account holder, the guy who wrote the check, was standing there saying “yes, I wrote these checks to him.” The checks weren’t even for all that much money.
I absolutely LOATHE Wells Fargo, and to now here that they don’t require ID from illegal aliens, known law breakers, makes me hate that bank all the more. I sincerely hope they get destroyed by this crap.
Well one of the investment banks was caught laundering money for drug cartels, now this.
But a corporation isn’t a person so no one goes to prison.
Investment banks have been very good to me when I worked for them.
But someone always needs to be keeping an eye on them.
Back when I had an account at BoA here in northern Virginia, my small branch had over half its workers speak essentially Spanish only, so as to make their illegal alien clients comfortable. I often had to wait until the English-speaking clerk, usually from the sub-continent, was free so that I could be sure she understood my questions and that she would have the correct vocabulary to answer.
BoA didn’t care if the customer was an illegal, as long as he had an IRS ITN.
They want the illegals to win money in a settlement.
Freaking incredible man.
Cartels, banks, RINOs, dems, msm, hollywood and more.
Enemies abound.
bttt
And yet. The “management “that jammed these ridiculous sales goals down on the struggling line employees get big bonuses while they he little guys get dumped.
Not verifying Identity is violation of Money Laundering laws ... the US Patriot Act.
And Wachovia bought out First Union, which issued the first Mortgage Backed Securities in the 1990s, which were a key contributor to the 2007-2008 financial crash.
First Union, Bear, Stearns Price Securities Offering Backed By Affordable Mortgages (1997)
http://www.freerepublic.com/focus/news/2090118/posts
Liars, and Lenders, and Bears - Oh My!
What would Jebster do?
Sounds predatory, doesn't it.
Just imagine the mounds of A$$paper that could be generated if a Mortgage originator (Like Ameriquest/Argent Mortgage) used a population like that to generate Liar loans... and fabricated FICO scores.
It's easy to imagine if you try...
.
..and know SQL!
"Those people are here illegally. They're uneducated, ignorant, and they DESERVE to be taken advantage of"
--Manager of Application Support, Argent Mortgage,
--Circa March 2007
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