• Banks

    Wells Fargo, Just Like Every Other Bank, Will Be Settling Mortgage Lawsuits Until End Of Time

    Wells Fargo hoped it would help it avoid a very costly sit-down with Preet Bharara, but a federal appeals panel didn’t buy the “we’re just an old-timey stagecoach company that didn’t know we were saddling the government with the bill for all of the bad loans we were making, and oh yea didn’t we already […]

    / Jun 11, 2014 at 4:48 PM
  • John Stumpf is, like, in the stagecoach or whatever.

    Banks, News

    Wells Fargo Managed To Sell Bad Mortgages Without Sending Embarrassing Obscenity-Filled Emails About It

    Ooh so Wells Fargo screwed the government out of hundreds of millions of dollars of mortgage insurance by fraudulent underwriting, allegedly. We’ve all heard big-bank mortgage fraud stories by now and they’re usually pretty juicy and smoking-gun-tastic: “shit breathers,” etc. And the government claims that WFC submitted somewhere between 6,000 and 50,000 bad loans, while […]

    / Oct 9, 2012 at 7:19 PM
  • News

    The Next Mortgage Mess

    If the mortgage market blows up again, the FHA told you so. Faced with record high demand for government backed home loans, the FHA is concerned that it can’t properly handle the additional volume and is going to get picked off. “FHA will be challenged to handle its expanded workload or new programs that require […]

    / Jun 18, 2009 at 2:04 PM

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