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.
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?
Their 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.
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