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Wells Fargo is on the front page AGAIN – this time for “allegedly” over charging military veterans for refinance loans.

Wells Fargo

Wells Fargo in trouble again, again and again.

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.

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


* 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

https://www.forbes.com/pictures/ejhj45fjij/where-wells-went-wrong/
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 …

Wall Street is livid over Wells Fargo’s latest scandal: ‘Here we go again’

https://www.cnbc.com/…/wall-street-is-livid-over-wells-fargos-latest-scandal-here-we-…
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 …

Wells Fargo account fraud scandal – Wikipedia

https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal

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

There’s a New Wells Fargo Scandal: This Time It’s the TruCoat

https://theintercept.com/…/theres-a-new-wells-fargo-scandal-this-time-its-the-trucoat/
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, …

24 hours later, ANOTHER massive Wells Fargo fraud scandal / Boing …

https://boingboing.net/2017/08/12/american-home-shield.html
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 …

OSHA orders Wells Fargo to reinstate, pay whistleblower in fake …

https://www.usatoday.com/story/money/2017/…/wells-fargo…scandal/500996001/
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 …

https://www.nytimes.com/2017/08/07/business/wells-fargo-insurance.html

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 …

Viking Global just made a big bet on scandal-plagued Wells Fargo …

www.businessinsider.com/viking-global-just-made-a-big-bet-on-scandal-plagued-well…
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 …

https://www.vanityfair.com/news/2017/05/wells-fargo-corporate-culture-fraud

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

https://www.bloomberg.com/view/…/wells-fargo-opened-a-couple-million-fake-accounts

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 …

What is the cost to those who will never be reimbursed?

About the Author:

Diane L. DrainDiane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.

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