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Wells Fargo has got to be fearing this foreclosure-linked lawsuit

On Behalf of | Dec 18, 2018 | bankruptcy, Firm News

Seemingly, it’s the bank that just keeps on giving to its customers.

Nightmares, that is. Heartache. Reportedly, even nervous breakdowns.

The financial entity that is one of the country’s largest lenders is in the news once again for a story that its executives undoubtedly wish would simply disappear, and now.

The details are emerging just as the harsh spotlight is receding somewhat on other harrowing tales involving the bank’s wanton and fraudulent treatment of customers over the years. Many readers of our blog at Robertson, Oswalt, Nony & Associates in Little Rock know about (with some perhaps even being personally affected by) fees collected on millions of fake accounts created by bank employees.

Wells Fargo has also been slapped with civil and criminal penalties for actions that include the wrongful imposition of mortgage fees on borrowers and unlawful collections related to insurance services never requested by policyholders.

And now there is this, namely, a harrowing story relating to the bank’s wrongful foreclosure actions taken against many hundreds of homeowners. Nearly 900 individuals and families nationally lost their properties owing to what bank officials say was a now-corrected “faulty calculation” in its assessment software.

The bank’s response in acknowledging its error years after it took aggressive actions to displace borrowers has been galling to many affected ex-homeowners. Wells Fargo has routinely been offering wrongly removed individuals and families small financial amounts ($15,000 has been cited), with an undetailed promise of further assistance to make things right.

The response has understandably been underwhelming. What the bank has received instead are court details related to a recently filed federal lawsuit. That complaint — which seeks class status — alleges among other things that the bank’s conduct was “immoral” and “unscrupulous.”

We will keep readers of our debt-relief posts at Robertson, Oswalt duly informed of material details that emerge in this matter.


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