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Gretchen Morgenson: In Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses

I have seen up close and personal what Wells Fargo will do when it wants to foreclose.They have no hesitation about using false documents and even forging the signature of a Texas notary on a document on one case I worked on several years ago. When the notary journal for the notary was reviewed there was no entry for any signature on any document on the date claimed by Wells Fargo. Wells Fargo is not making mistakes. Their actions are intentional.

Livinglies's Weblog

John Stumpf, the chairman and chief executive of Wells Fargo, won a dubious achievement award from one of his interrogators during Tuesday’s scorching hearings on Capitol Hill. The bank’s yearslong practice of opening bogus accounts for customers and charging fees to do so, said Senator Jon Tester, Democrat of Montana, had united the Senate Banking Committee on a major topic for the first time in a decade. “And not in a good way,” he added.

But this was not the first time problematic and pervasive activities at Wells Fargo succeeded in uniting a disparate group. After observing years of abusive mortgage loan servicing practices at the bank, an increasing number of judges hearing foreclosure cases after the financial crisis grew to understand that banks could not always be trusted in their pleadings.

This was a major shift: For decades, the nation’s courts had been largely pro-bank when hearing…

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