Horrifying story about Wells Fargo HERE. Just a sample:
The Rousseaus hired a lawyer. From the lawyer the Rousseaus learned that the loan they received was not the loan they were promised, including, “the 7.2% interest rate for the … loan was actually higher than the 2006 loan and greater than the 6.8% quoted,” had enormous fees, and the bank had increased the income the Rousseau had stated, from $76,000 to $136,800.
In other words, the lender had scammed them to get those fees, which was a widespread practice at the time.
This continues, with the bank scamming, lying, obfuscating, ignoring, contradicting, even producing signatures it claimed were the Rousseau’s but were not, every step of the way. And, of course, adding late fees to the amount it claimed was due.
In addition to all of this, Wells Fargo messed up their own paperwork and falsely determined that the Rousseau's had missed a payment, and through this mistake were able to successfully charge horrendous fees on the Rousseaus and foreclose on the house.
The first most horrifying thing is that this lead to Mr. Rousseau's suicide, and the third most horrifying thing is how widespread these practices were under the Bush economy. The second most horrifying thing is that there seems to be no chance that the rent-seeking companies who do these kinds of things will be held accountable in any way.
I don't know; I'm still hoping that the good guys will win. . . maybe that's naive.
Recent Comments