Description: This passage is mainly about wellsfargo com activate. In this passage, the writer tells us a $1.2 billion mortgage fraud settlement by Wells Fargo which is the largest mortgage lender in history.
It is essentially important for weaponized news.com on April 9 2016 and as we continue to report about the economic slowdown recession depression collapse, here’s a report out of Zero Hedge about the criminal banking cartel, Wells Fargo admits deceiving US government to pay record 1.2 billion dollar settlement nearly a decade.
Since the housing bubble burst, the dirty skeleton still emerges from the closet and nobody goes to jail, in the latest example of how criminal Wall Street behavior leads to zero prison time and more slaps on the wrist overnight. Warren Buffett’s favorite bank Wells Fargo has admitted to deceiving the US government into insuring thousands of risky mortgages.
It’s punished a 1.2-billion-dollar settlement of a US Department of Justice lawsuit the highest ever levied in a housing related matter, the settlement with Wells Fargo which is the largest U.S. mortgage lender and third largest US bank by assets is filed on Friday in Manhattan federal court, it also resolves claims against Kirk Lowe Frano who is a former Wells Fargo vice president.
According to the settlement, Wells Fargo omits acknowledges and accepts responsibility for having from 2001 to 2008 falsely certified the many of its home loans qualified for Federal Housing Administration insurance.
According to Reuters, the San francisco-based lender also has admitted to having from 2002 to 2010 failed to file timely reports on several thousand loans that have material defects, or are badly under in a process which low Freneau is responsible for supervising.
According to the Justice Department, the shortfalls lead to substantial losses for taxpayers when the FHA is forced to pay insurance claimed as defective loans soured, so they defraud the taxpayers Wells Fargo, Wells Fargo is the latest bank in a long series of settlements which absolve banks of all their past bubble transact transgressions, there are numerous other lenders including Bank of America Citigroup, Deutsche Bank and JPMorgan Chase.
This should all be under the prison, Wells Fargo ever holds out perhaps due to concerns how such a settlement will impact its core mortgage origination loan recall, it is the biggest mortgage lender in the US, until yesterday its payment is the largest in FHA history, loan origination violations take credit for the record wrist slap is US Attorney Preet Bharara in Manhattan, who says in a statement that Friday settlement is a reproach for years of reckless underwriting at Wells Fargo.
Wells Fargo has enjoyed huge profits from its FHA loan business, the government is left holding the bag when the bad loans bust that, and also the record is resolved by federal prosecutors in California of alleged false loan servic Asians by American mortgage network LLC, which Wells Fargo has bought in 2009.
No one has been criminally charged in the probes and the Justice Department reserve the right to pursue criminal charges if it wishes, according to the statement, it will not for Wells the settlement which puts all of its unpleasant housing past behind, it is good news, Franklin Caudill president of Wells Fargo home lending in a statement has said that the settlement allows us to put the legal process behind us and focus our resources and energy on what we do, meet the needs of the nation’s homeowners committing fraud against taxpayers and homeowners.
He should have said continuing which may be a problem as we show recently, when it comes to the needs of the nation’s homeowners, they are declining in fact in the most recent quarter, Wells bread-and-butter mortgage origination applications and pipeline are declining dramatically, and you can see the graph here going down steadily.
In fact, unless the government steps in to lower lending standards again and makes it easier for banks such as Wells, the bank may find its revenue over the next few years declining dramatically, the government relents and unleashes speculative buying spree by ensuring low-quality mortgages, the US will promptly find itself back in the situation that Wells has to settle a record amount of money.
The next time all this happens, someone may even go to prison, they’re too big to fail and too big to jail, so there you have the largest settlement in history in a mortgage fraud cases 1.2 billion dollars by Wells Fargo, it’s truly disgusting, criminal fraud people should go to prison for a long time, they’re defrauding the taxpayers and the homeowners.
It’s truly disgusting, what these banks have done to our economy and the Justice Department for failing to criminally prosecute them, it literally is a slap on the wrist the cost of doing business, if you have money in any of these big banks, move it to a credit union, try to divest yourself from the system as much as possible.
Do your own research about banking fraud and mortgage fraud, the slowing economy, the recession depression collapse, the fractional reserve banking system, the debt based monetary system, all Americans need to know about this stuff because we’re going into a very bad economic future, subscribe to this channel and speak out and take actions.