Lawsuits Claim Banks Failing to Honor Loan Modifications

Lawsuits Claim Banks Failing to Honor Loan Modifications Consumer lawyers in Western Washington say they are seeing increasing instances of banks failing to honor home loan modifications. “It scared the heck out of me. I pretty much lost it because I thought I was going to lose everything,” said Adella King of Enumclaw. King says her … Read more

Wells Fargo CEO John Stumpf Resigns From Fed Advisory Council

Wells Fargo CEO John Stumpf Resigns From Fed Advisory Council Wells Fargo CEO John Stumpf is no longer an advisor to the Federal Reserve. On Thursday, Stumpf handed his resignation into the Federal Advisory Council, a group of 12 bank executives that advise the Fed board, according to a statement from a San Francisco Fed … Read more

Renters Rise Up for National Day of Action

Renters Rise Up for National Day of Action What if I told you about 110 million Americans, the majority of them eligible voters, facing one of the country’s greatest challenges, who have never been formally organized on a mass scale? What if I told you that, if molded into a political force, they could swing … Read more

Miami Investors Win Access to Secret Documents in Fannie Mae Fight

Miami Investors Win Access to Secret Documents in Fannie Mae Fight But you won’t get to see them… A federal judge on Tuesday ordered the U.S. Treasury Department to release more than 50 documents it tried to keep secret in a lawsuit over government-backed mortgage giants Freddie Mac and Fannie Mae. The plaintiff is Miami-based … Read more

In Dramatic Twist, Wells Fargo Said To Retaliate, Fire Whistleblowers Who Exposed Bank’s Illegal Practices

In Dramatic Twist, Wells Fargo Said To Retaliate, Fire Whistleblowers Who Exposed Bank’s Illegal Practices While the recent congressional hearing targeting John Stumpf, in which Elizabeth Warren suggested he should resign and be criminally charged, was nothing more than a “kangaroo court” meant to refocus public anger on banks, with good reason, the reason why … Read more

Gretchen Morgenson: In Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses

In Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses John Stumpf, the chairman and chief executive of Wells Fargo, won a dubious achievement award from one of his interrogators during Tuesday’s scorching hearings on Capitol Hill. The bank’s yearslong practice of opening bogus accounts for customers and charging fees to do so, said Senator Jon … Read more

“YOU SHOULD RESIGN” Elizabeth Warren DESTROYS Wells Fargo CEO For Unauthorized Accounts

“YOU SHOULD RESIGN” Elizabeth Warren DESTROYS Wells Fargo CEO For Unauthorized Accounts Elizabeth Warren DESTROYS Wells Fargo CEO On unauthorized Accounts 9/20/16. Elizabeth Warren, D.-Mass., called on Wells Fargo CEO John Stumpf to step down on Tuesday in an intense examination of the CEO’s role in an unauthorized accounts scandal before the Senate Banking Committee. … Read more

Stumpf Prepared Remarks: ‘I am deeply sorry’ But Won’t Resign

Stumpf Prepared Remarks: ‘I am deeply sorry’ But Won’t Resign “I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members and to the American public. I accept full responsibility for all unethical sales practices in our retail banking business. I am fully committed to doing everything possible … Read more