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Gretchen Morgenson: Wells Fargo forced Unwanted Auto Insurance on Borrowers

Livinglies's Weblog

It is official.  Wells Fargo is a criminal enterprise and despite its crime sheet, not one person has been convicted on criminal charges.  Wells Fargo is  therefore emboldened to continue its fraudulent conduct.

By Gretchen Morgenson/NY Times

More than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank’s executives.

The expense of the unneeded insurance, which covered collision damage, pushed roughly 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions, according to the 60-page report, which was obtained by The New York Times. Among the Wells Fargo customers hurt by the practice were military service members on active duty.

Wells Fargo, one of the largest banks in the United States, is struggling to repair its image after…

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