MFI-Miami Blog

Lawsuit Claims Wells Fargo Shuffled and Played Favorites With Paycheck Protection Program Applications A California-based company filed a class-action lawsuit against Wells Fargo. The lawsuit cites unfair actions with businesses applying for the Paycheck Protection Program. The Treasury Department announced the $349 billion forgivable loan program last month. The government set up the loan program for small businesses to pay employees during the ongoing COVID-19 crisis. The fund  ran out of money on Friday . The lawsuit alleges that Wells Fargo unfairly prioritized businesses seeking large loan amounts. However, the Small Business Administration said that PPP loan applications would be processed on a first-come, first-served basis. The lawsuit also states Wells Fargo did this so the bank would receive millions of more dollars in processing fees by  prioritizing the applications that would make the bank the most money. Read more at MFI-Miami

Wells Fargo Warning! Can Wells Fargo Home Mortgage Validate Your Mortgage Debt? Probably Not! Steve Dibert, CEO of internationally-renowned mortgage fraud investigation firm  MFI-Miami , announced today that  MFI-Miami  has discovered serious flaws in the way Wells Fargo  Home Mortgage  validates debt owed by homeowners. As a result, MFI-Miami has issued a Wells Fargo Warning to homeowners.  MFI-Miami CEO Steve Dibert: Homeowners need to request their complete mortgage transaction histories from Wells Fargo Home Mortgage and review them. If there is missing information or if something doesn’t look right, they need to contact a lawyer or a properly trained mortgage fraud expert immediately! MFI-Miami  has examined nearly 200 transaction histories from mortgage loans currently serviced by Wells Fargo Home Mortgage since 2016. Nearly 175 of these contained serious accounting flaws in the transaction histories. These flaws would call into ques...

The OCC Has Personally Fined Former Wells Fargo CEO John Stumpf $17.5 Million For Fake Accounts Fiasco Wells Fargo indicated  just over a week ago  that the fallout from its fake account scandal was far from over. The bank is disclosing that it has at least $3.1 billion set aside for expected litigation payouts. In addition, former Wells Fargo CEO John Stumpf will have to pay $17.5 million in fines to regulators. Wells Fargo executives are feeling the fallout for failing to prevent the fake account scandal. The Office of the Comptroller of the Currency announced it is dropping the hammer on several of the bank’s former executives. Wells Fargo CEO John Stumpf Oversaw Massive Scam The trouble all began in 2016, when the CFPB, the OCC, and the City and County of Los Angeles  fined the bank $185 million. More than 5,000 of the bank’s former employees opened nearly 2 million fake accounts. As a result of the scandal, former Wells Fargo CEO John Stumpf...

Embattled Wells Fargo Bank Busted For Overcharging Monthly Service Fees To Account Holders It seems as if embattled  Wells Fargo  Bank never learns. The embattled bank expects to refund some customers for monthly account  service fees  due to “confusion” over how to qualify to have the fees waived.  The  bank  hasn’t disclosed how many customers might be affected by the issue. They also have not disclosed how much money will be refunded. However, the company mentioned the potential refunds to rebuild customer trust. Wells Fargo has been beset by a series of embarrassing and costly scandals. Representative Katie Porter (D-CA) publicly shared a letter to Wells Fargo CEO Charles Scharf. She asked the company to share the extent of the service fee problem. Porter says the bank may have collected hundreds of millions of dollars in service fees on its Everyday Checking accounts. Read more at MFI-Miami

Wells Fargo CEO Tim Sloan Dons His Grinch Costume Announces Mass Wells Fargo Firings For The Holidays Mass Wells Fargo firings have announced just in time for the holidays. Wells Fargo informed 1,000 employees their jobs will be eliminated. The bank’s consumer lending divisions will see the biggest hit. employees in those divisions will see 900 people lose their jobs. Wells Fargo also plans to cut the bank’s workforce by as much as 10% over the next three years. The mass Wells Fargo firings reflect the ongoing decreases in the number of Wells Fargo customers in default. It is also the result of the  declines in mortgage application volume . As a result, mass Wells Fargo firings will begin at Wells Fargo’s Des Moines, Iowa and Fort Mill, South Carolina facilities. The layoffs span Wells Fargo’s Consumer Lending and Payments, Virtual Solutions and Innovations groups. Employees at those facilities received “pre-notices,” on November 15th.  Read more at MFI-M...

Rising Interest Rates And Stiff Competition Are Causing Wells Fargo Mortgage Originations To Plummet Wells Fargo mortgage originations continue to plummet as interest rates  have risen  over the last several months. Wells Fargo says that it originated $46 billion in mortgages in the third quarter. This is down 22% from last year’s total of $59 billion during the same time period. The overall total isn’t the lowest in recent memory for Wells Fargo though. Wells Fargo mortgage originations were $43 billion in mortgages in the first quarter of this year. This is not good news for Wells Fargo. This is the third quarter Wells Fargo mortgage originations have continued to heading south. There doesn’t appear to be much of a light on the horizon with the Federal Reserve raising interest rates to a  seven-year high. The bank says that first mortgage applications also fell by 22% in the third quarter, compared to last year. Read more at MFI-Miami

Detroit Foreclosure Mill Trott Law Accused Of Pocketing Money Meant For Wells Fargo And MBS Bond Holders Is Foreclosure Mill Trott Law playing a shell game with money meant for Wells Fargo and MBS bondholders? There is a clandestine shell game going on in Michigan between the mortgage servicers and Detroit Foreclosure Mill Trott Law. Congressman David Trott and his former law firm are masterminding this multi-million dollar shell game. Michigan homeowners are victims and Michigan judges are the unwilling patsies.  This secret  orgy of greed  has been going on right under the eyes of Michigan Attorney General Bill Schuette since 2010. Yet, Schuette has refused to do anything about it. Why? Two reasons. Trott’s wife works for Bill Schuette in the Michigan Attorney General’s office. Secondly, David Trott is one of Bill Schuette’s biggest campaign donors. A  foreclosure case in West Michigan  is lifting the lid on the cancer of greed has become embedded in ...

A New Wells Fargo Investigation Focuses On The Bank Committing Low-Income Housing Tax Credit Fraud A new Wells Fargo investigation is underway by the USDOJ in Miami. The DOJ has convened a grand jury. The DOJ is accusing Wells Fargo of colluding with affordable housing developers nationwide. The scheme involved driving down the prices of low-income tax credits. Wells Fargo potentially defrauding hundreds of millions of dollars from the federal program. Assistant U.S. Attorney Michael Sherwin declined to comment on Wells Fargo specifically. However, he did say that his investigation was continuing and that it was looking at the entire industry. Wells Fargo is the largest buyer of the tax credits under the program. The bank  said that it had invested $9 billion  into the program over the previous five years. Banks benefit by buying the tax credits through tax write-offs and credit under the  Community Reinvestment Act . Read more at MFI-Miami

Homeowners With Wells Fargo Mortgages Can Sue Wells Fargo If They Were Denied Permanent Loan Modifications Wells Fargo must face lawsuits by homeowners with Wells Fargo mortgages who claim the largest Wells Fargo refused to offer them permanent mortgage modifications for which they had qualified. The 9th U.S. Circuit Court of Appeals said  Wells Fargo  was required under the federal Home Affordable Modification Program to offer homeowners with Wells Fargo mortgages loan modifications who demonstrated their eligibility during a trial period. As a result, the Appellate Court reversed the dismissals by a San Francisco federal judge of two lawsuits seeking class-action status.  A federal appeals court in Chicago also reached a similar conclusion last year.  Wells Fargo  said it had $352 million of loans under HAMP in a trial modification period as of June 30. Read more at MFI-Miami

Wells Fargo Tellers Call Cops On Elderly Black Bank Manager From Another Bank For Attempting To Cash A Check It seems like white Wells Fargo tellers aren’t immune from calling police on black people for doing everyday things. This pandemic of white paranoia has even hit culturally diverse South Florida. An elderly black woman in Florida is suing Wells Fargo after  staff at one of its banks called the cops on her when she tried to cash a check . Barbara Carroll told the  Miami New-Times,  she went to a Wells Fargo location in Fort Lauderdale to cash a check for $140. Carroll said she was forced to wait two-and-a-half hours. She also claims Wells Fargo employees took and held both her check and her driver’s license. Apparently, the Wells Fargo tellers suspected she’d forged the check. Wells Fargo tellers questioned her about the check and refused to cash the check. In addition, the person who wrote of the check also confirmed that he’d actually done so. ...

Catty Wells Fargo Retaliation Against Critics Has A Long Cold & Calculated History That Goes Back Nearly A Decade Wells Fargo retaliation against their critics has been going on for a nearly a decade. The attempted retaliation is catty in its nature and shows how immature, egomaniacal, and/or narcissistic their executives are. Take your pick. Wells Fargo executives are also almost as entertaining as watching the catfights between  Joan Collins and Linda Evans on the old TV show, Dynast y.  It’s also ineffective and makes Wells Fargo look extremely bad because it usually blows up in their face. Financial Web Sites Were The First To Feel Wells Fargo Retaliation ML-Implode Feels The Wrath Of Wells Fargo Retaliation Wells Fargo retaliation against websites began in 2012. Alternative financial website ML-Implode posted stories by blogger Martin Andelman about Wells Fargo jerking around former Wells Fargo customer Norman Rousseau. The bank put Rousseau through ...

Clandestine Wells Fargo Shell Game Exposed In Michigan And Michigan Courts Are Turning A Blind Eye To It There is a clandestine Wells Fargo shell game going on in Michigan. This secret  orgy of greed and white-collar crime is out of control at Wells Fargo. Shareholders need to step up and demand accountability before they see their investments in the bank disappear. In the meantime, guess who’s paying for this latest round of corporate greed at Wells Fargo? It appears American taxpayers are picking up the tab. What makes it even worse is that Michigan judges are allowing it to happen right under their nose. A  foreclosure case in West Michigan  is showing the cancer of greed has become embedded in bones of Wells Fargo. The Molotky case also shows that Wells Fargo’s problems transcend a bunch of branch managers  setting up fake bank accounts  or bad accounting practices. The Wells Fargo Shell Game Has Been Going On For Over A Decade The Molotky ...