U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo
Source: Bloomberg
Wells Fargo & Co. (WFC) was sued by the U.S. government over claims the bank committed fraud by making reckless mortgage loans, according to a complaint filed in Manhattan federal court.
The government seeks damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 for alleged misconduct spanning more than a decade related to the San Francisco- based banks participation in a Federal Housing Administration program, according to a statement from U.S. Attorney Preet Bharara in Manhattan.
Read more: http://www.bloomberg.com/news/2012-10-09/u-s-files-civil-mortgage-fraud-suit-against-wells-fargo.html
msongs
(67,406 posts)fraud is not a crime when you are a rich white banker
DURHAM D
(32,610 posts)Wellstone ruled
(34,661 posts)lose. Ny AG will be there,watch. Can't imagine the dollars,this is going to be huge. Jury trials never go in favor of lenders under these laws. Wouldn't want to be holding Wells stock,there isn't a jury who will go easy because of all the people affected. Everyone knows someone that has been screwed by a Bankster.
byeya
(2,842 posts)next to nothing.
One indictment of one bankster would do more good than all these civil suits strung together.
ailsagirl
(22,897 posts)Thanks for posting!
azurnoir
(45,850 posts)underthematrix
(5,811 posts)some action against this banking giant. makes you wonder y peeps r still banking with these American traitors.
dixiegrrrrl
(60,010 posts)I will predict that somewhere down the road, Wells will pay a "fine" equal to 10% of the money it stole, and that will be that.
OR
the Gov't will announce dropping the case for lack of evidence.
This will happen, of course, in the spring to early summer, and be announced on a Friday night.
prairierose
(2,145 posts)action? All of the mortgage fraud at every level was deliberate and every charge should be criminal and not civil. The original mortgage fraud was criminal and many of the foreclosures in the last few years were also fraudulent.
I don't understand.
GeorgeGist
(25,321 posts)you haven't been paying attention. SERIOUSLY!
prairierose
(2,145 posts)used the sarcasm thingie .... but I thought it was obvious........
Poll_Blind
(23,864 posts)PB