US govt vs. Wells Fargo Civil Suit (legal, attorney, Obama)
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WELLS FARGO concealed 6,320 of these improperly certified loans. WELLS FARGO also failed to conduct reviews of all early payment defaults, as required, and failed to report loans that had been referred to its fraud risk management department (“FRM”), including those loans for which FRM conducted a “deep dive” review – reviews which, according to a former WELLS FARGO FRM manager, exposed a “dirty underbelly of bad loan officers.”
WELLS FARGO aggravated its widespread underwriting violations by: hiring temporary staff to churn out and approve an ever-increasing quantity of FHA loans; failing to provide its inexperienced staff with proper training; paying improper bonuses to its underwriters to incentivize them to approve as many FHA loans as possible; and applying pressure on loan officers and underwriters to originate and approve more and more FHA loans as quickly as possible
And where are the bank regulators in all this ?
Were they watching porn on their office computers like the SEC was ?
Actually that's one of the problems, the SEC in many cases BOA, JPM, CitiBank were not just regulating these companies, they were inside the building while all this was going on around them. That is one reason why there have been very few managers sent off to jail, if the SEC wasn't aware why would you expect the company to know.
Still there have been some civil lawsuits, but not nearly enough but criminal, intent is difficult to prove.
There is nothing going to become of any of this. The government is poring billions into these banks and then they will fine them a small portion of what they are giving them and will say that they have addressed the fraud.
It's what has been done so far and what will happen here. We will then be on the hook for all of this. Just look at Obama's new Treasury Secretary. Just another shill for the banks.
UNFORTUNATELY, this is just window dressing.... the government and their masters (the banks) are throwing this out there to give the impression that they are going after them. Some nobody will get convicted, the Demicans and Republicrats will crow about how they are in the average Americans corner..... and status quo will continue unfortunately
What will happen ? The banks settle with the DOJ for several billion dollars and walk away.
The government is getting money from them..a nice quick shot of money to fill their coffers.
After all these years and suits..who's in jail here..Madoff. A small fry who really meant nothing in the scheme of things.
There is nothing going to become of any of this. The government is poringbillions into these banks and then they will fine them a small portion of what they are giving them and will say that they have addressed the fraud.
It's what has been done so far and what will happen here. We will then be on the hook for all of this. Just look at Obama's new Treasury Secretary. Just another shill for the banks.
How do you figure the government is pouring $ billions into the banks?
What are we on the hook for?
Would you suggest an Art teacher run the central bank of the U.S.?
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