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In an article published by Housingwire, author Ben Lane, Wells Fargo announced that it will pay $108 million to the federal government to settle allegations that the bank overcharged military veterans for refinance loans.

Wells Fargo

Once again Wells Fargo proves that you can get away with stealing – if you have enough money.

Specifically, the issue relates to a lawsuit from 2006 that claimed some Department of Veterans Affairs Interest Rate Reduction Refinance Loans originated by Wells Fargo should not have been eligible for VA guarantees due to the bank allegedly collecting unauthorized fees with the loans.

Wells Fargo agrees to pay $108 million dollars but denies any wrongdoing.  REALLY?  What nine-year old is going to believe, based on the revelations over the last year*, that Wells did nothing wrong?

Under the agreement, Wells Fargo denies the allegations in the lawsuit but will pay $108 million to the government to resolve the claims, the bank said in a statement issued Friday. Where exactly this penalty will be paid to, the VA or some other branch of the Federal government, is not yet clarified. Wells Fargo

WHAT IS THE COST TO THOSE THAT WELLS FARGO CHEATED OR ROBBED?

Will Wells Fargo’s management ever pay? No – instead they get large bonuses for the increased income. If Wells must pay fines or penalties it comes out of the pockets of their investors (who had nothing to do with this fraud) and bank customers in higher fees.

What is the cost to those Wells Fargo cheated or robbed?

Wells FargoTheir bad credit (created by Wells Fargo’s actions) will mean:

  • their security clearance is affected
  • they may lose their job or the opportunity for a new job
  • they cannot buy a home or rent an apartment
  • their insurance premiums increase
  • interest rates increase so purchasing a vehicle is more expensive

But – the good news for Wells Fargo’s management  – they received millions in bonuses.

* FRAUD AND DECEIT – BELOW ARE JUST A FEW OF THE CONS WELLS FARGO HAS BEEN INVOLVED IN, THAT WE KNOW OF THUS FAR.

The Wells Fargo Fake Account Scandal: A Timeline – Forbes

On September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles city and federal regulators to settle allegations that its …
Jul 31, 2017 – Analysts are angry over the latest Wells Fargo scandal where hundreds of thousands of customers were required to buy auto insurance they …

The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on …

2 days ago – Beginning in at least in 2009, Wells Fargo teamed up with a home warranty firm to foist a product on unsuspecting mortgage customers, …
2 days ago – It’s been a whole day since we learned about another example of systematic, widespread fraud by America’s largest bank Wells Fargo (ripping …
Jul 21, 2017 – OSHA orders Wells Fargo to reinstate and pay a whistleblower $577000 in the fake-account scandal.

Wells Fargo, Awash in Scandal, Faces Violations Over Car Insurance …

Aug 7, 2017 – Wells Fargo, the scandal-plagued bank, is facing new regulatory scrutiny for not refunding insurance money owed to people who paid off their …

8 hours ago – One of the world’s largest hedge funds made a huge bet that scandal-plagued Wells Fargo‘s worst days are behind it. Viking Global, a $30 …

How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove …

But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud …

Wells Fargo Opened a Couple Million Fake Accounts – Bloomberg

Really that’s just one principle: You get what you measure, but only exactly what you measure. There’s no guarantee that you’ll get the more …

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Diane L. Drain

Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.

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