Page Body

Page Main

Post Main

Post Article

Cory Doctorow:

A class action suit against Wells Fargo alleges that the bank – which is still embroiled in a scandal over creating literally millions of fraudulent accounts and firing and blacklisting low-level employees who blew the whistle or simply refused to break the law – silently altered the mortgages of borrowers who were in bankruptcy to extend their repayment schedules by decades, so that they would pay tens – or hundreds – of thousands of extra dollars in interest.

The mortgage modifications lowered the borrowers’ monthly payments, making them seem like a good deal at the time. The modifications were undertaken without court approval, without borrower approval, and with fraudulent representations about both.

Wells Fargo Is Accused of Making Improper Changes to Mortgages

Paul Ciano

Enjoyed this post?

Let me know you appreciate it by signing up for my newsletter.