Congress Wakes Up to Continuing Lies from Major Banks

The takeaway from this is that when Wells Fargo lies it is telling a whopper. The same is true for Chase, Citi and Bank of America. They tell lies that lead to ruin of working American families and they don’t care. Their only concern is protecting the fraudulent scheme that brought trillions of dollars in illicit revenue to them and then paying a “cost of doing business” fine or settlement that is literally a few cents on the dollars.

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see Wells Fargo Lies Wake Up Democrats

The latest in along chain of Wells Fargo scandals the recent admission by the bank that it “accidentally” foreclosed on hundreds (more likely thousands) of homes destroying the financial future of borrowers, in many cases leading to divorce, disease and death. And now WFB thinks it can escape by paying the foreclosed families $12,800 (down from $20,000 previously reported). Senator  Elizabeth Warren literally want the head of Wells Fargo — to resign. Congressman Schatz didn’t go that far but is asking some real questions.

The link to the above article provides a glimpse through the eyes of Brian Schatz, D-Hawaii, of what questions to ask, some of which can be borrowed to apply to discovery when defending foreclosures now, particularly those involving Wells Fargo Bank.

In his letter, Schatz said that he hopes that regulators take action against Wells Fargo over the issue, but Schatz also laid out the following lengthy list of questions for Wells Fargo and said that he expects answers by the end of the month:

• When was the error in Wells Fargo’s HAMP underwriting tool first discovered? What actions did Wells Fargo take when the error was first discovered? At that time, did Wells Fargo examine whether the error impacted any customers?

• What led Wells Fargo to examine the impact of the error on consumers who applied for a loan modification? When did that examination begin and end? When will Wells Fargo know the total number of impacted consumers, if the company does not yet know?

• Have the impacted customers been notified that they were harmed by Wells Fargo’s error? If so, through what medium? Can you confirm that they received this notification? If not, what steps will Wells Fargo take to ensure that impacted customers are aware that they were harmed?

• Has Wells Fargo notified impacted customers of the funds available to remediate the harm that they suffered? If so, through what medium? What will customers need to do to receive compensation?

• What methodology did Wells Fargo use to determine that $8 million should be accrued for remedying customers for the harms that resulted from this error?

• Please provide details on the specific types of harm that Wells Fargo plans to remediate for the impacted customers, and how Wells Fargo plans to make those determinations.

• What terms will Wells Fargo require impacted customers to agree to as a condition of accepting remediation from Wells Fargo? Will Wells Fargo ask an impacted customer to waive any legal rights?

• Through HAMP, the Treasury Department provided financial incentives to participating institutions who modified eligible troubled borrowers’ mortgages. Did Wells Fargo receive any incentives for the customers who were impacted by the underwriting tool error? If so, has Wells Fargo returned those financial incentives to the Treasury?

• Did Wells Fargo report the foreclosures or any missed payments that could be directly or indirectly related to Wells Fargo’s errors to credit reporting agencies? If so, will Wells Fargo commit to working with the credit reporting agencies to remove these entries from borrowers’ credit reports?

• Please provide information about the disposition of impacted customers’ foreclosed properties. Did Wells Fargo sell these properties? Does Wells Fargo plan to reconnect families to their homes?

• In the same quarterly report, Wells Fargo announced an increase in its common stock dividend of 10% and a plan to buy back $24.5 billion of stock. Please explain how the company made the decision to use these funds for shareholder returns ahead of other uses, such as increasing consumer remedies or investing in improving internal investigations and controls. How much is Wells Fargo currently investing or planning to invest in improving internal controls and consumer protection?

• At this moment, can Wells Fargo say with confidence that it has identified and disclosed all incidents of consumer harm across all of its business units? If not, why not?

• Should we conclude from the steady stream of news of consumer harm at Wells Fargo that the bank is too big to have meaningful internal controls or policies to prevent violations of law and consumer abuses?

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