Wells Fargo has shown over the past couple of years, what unregulated, untethered, fully empowered greed will do for consumers. Fraud. Lots and lots of fraud. According to CNN, Wells Fargo made a little “regulatory filing” this past week explaining it had set aside $8 million for “customers affected by the glitch.” What’s that “glitch?” Oh, nothing really, just people losing their homes.
About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, the customers were ultimately foreclosed upon.
Wells Fargo said in a statement that it was "very sorry that this error occurred" and said it was "providing remediation" to the affected customers.
When you consider that Wells Fargo seems to have perpetrated fraud across virtually every aspect of their lending operation; it’s hard to imagine what Wells Fargo’s business model is except perpetrating frauds on consumers. And since our current administration runs its own fraudulent operation, Trump’s “Consumer Protections” has been making sure to take the teeth out of any and all settlements against the big bank.