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WELLS FARGO GETS POUNDED BY U.S. GOVT FOR $2.09-BILLION … WITH A “B” … FINE!

This is good news although the government should have asked for a more substantial penalty such as $10 billion or more. The amount of $2.09 billion seems enormous to the average person but compared to the profits that Wells Fargo makes it is very small.

Clouded Titles Blog

(BREAKING NEWS / OP-ED) — 

Why are we not surprised?

Wells Fargo Bank, N.A. has agreed to pay the United States $2.09-billion for purposefully misrepresenting the quality of loans it sold to 118 individual REMIC trusts.

See the Settlement Agreement here: Wells Fargo RMBS Settlement Agreement (August 1, 2018)

We caution you that when checking into your particular REMIC, if in fact one of these named entities shows up in your chain of title, to have any related assignments reviewed by competent counsel (we have one if you don’t) who can testify as to the false and misleading statements contained within said assignment in court, should you be facing foreclosure.  Any bank attorney making oral misrepresentations and false statements in court regarding any one of the named REMIC’s (given the fact we don’t yet know if the actual investors are being reimbursed out of these settlement funds and to what…

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