Skip to comments.Wells Fargo Pays $1 Billion to Federal Regulators
Posted on 04/20/2018 9:18:30 PM PDT by catnipman
Wells Fargo will pay two federal regulators a total of $1 billion to settle an array of investigations into its mortgage and auto-lending practices.
Customers were forced to pay for extending the length of so-called interest rate locks on mortgage applications even when the bank was responsible for delays in the application process.
Thousands of customers who bought cars with loans from Wells Fargo were forced to buy unnecessary insurance policies from the bank with premiums that topped a $1,000 a year. The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting on their loans.
(Excerpt) Read more at nytimes.com ...
Who suffers as a result of this payment? Corporations, including banks, have no money. They have stockholders. It’s the stockholders who pay when the value of their investment in the corporation goes down.
You’d think the stockholders would be up in arms about this.
Use PayPal or ApplePay or some other service.
The goal is no cash at all and it is coming as sure as the sun comes up in he morning.
Wells Fargo is a participant in Zelle. If you can get the lienholder to enroll their account (it’s free), you can make the payment to them online.
Article source is a tabloid of lies. First off, if cars are repossessed, you can bet, most were legitimate. Banks don’t make money off repos, the deadbeats, moochers, and unqualified loan applicants are often tied to race. Regs and lawyers have forced banks to make bad loans based on race since the housing market collapsed a decade ago. This was once part of Obama’s race hustle that forced lending agencies to make loans to unqualified minorities that they knew would fail. I’m not buying anything the NYTimes markets as truth.
about we make Wells Fargo buy each of those customers a new car and give it to them, free and clear? That seems more equitable to me, and the Feds can fine them another $1 Billion to keep them from doing it again. And maybe a few years in the clink for the top figures in this scam. Oh, yeah, and clear up””
Don’t be suckered by the this tabloid of lies. The unqualified people that bought these cars never intended to pay for them. They got the new cars and drove them mostly for free before they had to be repossessed. Most of the loans were race-based forcing lending agents to make loans to people that never intended to pay, just like the housing market collapse of a decade ago.
suffers as a result of this payment? Corporations, including banks, have no money. They have stockholders. Its the stockholders who pay when the value of their investment in the corporation goes down.
Youd think the stockholders would be up in arms about this.”
Let’s remember the source here, NYSlimes, then remember we heard this same narrative by the old media when the housing market collapsed because of the race-based loans agencies were forced to make to unqualified borrowers most of whom never intended to pay up. The secondary beneficiaries in this suit, maybe the primary, are the lawyers.
And Federal Regulators screw America AGAIN by taking $1 Billion from Wells Fargo thus making the feds $1 Billion richer and the rest of us poorer as prices get forced up because of the feds AGAIN.
Silly Freeper, ‘laws’ are for pleebs
The Constitution is the Supteme Law of the land over the feds and over federal law (U.S. Const., Art. VI, Cl. 2).
What is silly is not distinguishing constitutional federal law from unconstitutional. Most federal law is not constitutionally supportable and is thus invalid and illegal.
And what is also most silly is standing by while the corrupt and greedy feds take $1 billion from the marketplace to line their own pockets and beef up their own fiefdoms in their lust of self-aggrandizement and power.
The greatest threat to our livelihoods and freedoms is the mostly unconstitutional $4 trillion federal government.
So who REALLY gets the money?
Yeah. 33% of which went to the law firms involved. What’s that? 330 million dollars that can be funneled to demonicRAT campaigns this year?
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