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Wells Fargo accused of lying to Congress about their auto insurance scandal

Wells Fargo was just accused of lying to Congress last year by failing to disclose a brewing scandal in the bank’s auto insurance business. The startling allegation came from Senator Sherrod Brown on Tuesday during a Senate hearing on Wells Fargo’s various scandals. “The company pure and simple lied to this committee — and lied to the […]

via Wells Fargo accused of lying to Congress about auto insurance scandal — Justice League

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Wells Fargo Bank admits to charging over 100,000 customers with inappropriate fees for locking in mortgage rates

Wells Fargo is in trouble once again — this time for fees charged to customers trying to nail down a mortgage. The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo’s fault. Wells Fargo said it will […]

via Wells Fargo wrongly hit homebuyers with fees to lock in mortgage rates — Justice League

 

California Legislature approves bill to stop arbitration measure spurred by the Wells Fargo scandal — Justice League

The California Legislature has approved a bill aimed at stopping banks from using arbitration clauses to shield themselves from lawsuits over sham accounts — a direct response to the Wells Fargo scandal. Senate Bill 33 passed the state Assembly on Tuesday and was approved by the Senate on Wednesday. It now goes to Gov. Jerry Brown’s desk. […]

via California Legislature approves to stop arbitration measure spurred by the Wells Fargo scandal — Justice League

That is great news for consumers that the California Legislature passed Senate Bill 33.  Hopefully Governor Jerry Brown will sign the bill. All consumers in California should contact the Governor’s office and ask that he sign Senate Bill 33 right away.

Wells Fargo appeals decision regarding class action lawsuit

How long is this knucklehead going to be CEO? Wells Fargo CEO Tim Sloane is continuing the bank’s history of dumb decisions — this time fighting a class-action suit that other banks have settled.Post photo composite Wells Fargo Chief Executive Tim Sloan has reassured customers he’s doing everything he can to make up for past […]

via Wells Fargo may have just made another boneheaded decision — Justice League

This could turn out to be a huge tactical error by Wells Fargo if the appeals court rules against them and decides to order that their decision be published.

 

10th Circuit refuses to apply Jesinoski decision

US Bank, rescission,

via 10th Circuit Challenges SCOTUS on TILA Rescission — Pohl v US Bank, “Trustee” — Livinglies’s Weblog

This is a bad decision that is made even worse by the fact that this decision is published which means that it is now binding authority in all Courts under the jurisdiction of the Tenth Circuit Court of Appeals.  The real danger is that Judges in other areas of the United States can still cite this case as persuasive authority.

California bill would allow consumers to sue banks for fraud

California took another step on Tuesday toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year’s Wells Fargo scandal passed a key Assembly committee. The bill has already passed the state Senate. The full Assembly, the legislature’s […]

via California moves forward on letting customers sue banks, inspired by Wells Fargo — Justice League

This bill would be a great help to consumers in California who are forced to accept arbitration clauses as a condition of purchasing goods or services.

Ally Financial getting back into mortgage business

Justice League

Say what???

It’s back.

Two years after being completely driven from the mortgage business due to the losses suffered by its former subsidiaries, GMAC Mortgage and Residential Capital, also known as ResCap, Ally Financial (ALLY) is getting back into mortgages.

According to a report from Bloomberg, Ally will “inch back” into direct home loan originations in 2016.

From Bloomberg:

Ally, whose defunct GMAC Mortgage unit was one of the biggest lenders of subprime mortgages in the run-up to the 2008 housing bust, will inch back into direct home loan originations next year, the bank’s Chief Executive Officer Jeffrey Brown said this week at a Goldman Sachs Group Inc. financial conference in New York.

“Don’t think of this as Ally going down the road of the old GMAC,” Brown said, referring to the home lending unit that brought Ally to the brink of collapse.

The bank…

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