Then, over the weekend we learned America’s largest mortgage lender and until recently the largest bank by market capitalization, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior.
The lawsuit, asreported by Reuters, was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide. In the complaint, three plaintiffs said customers were hurt by “abusive and fraudulent tactics” used by employees who felt they had to “do whatever it takes,” including selling products they did not need or want, to meet sales quotas.
Wells Fargo is a member of NAMFS and sends field work to some of NAMFS member Mortgage Order Mills (MOMs). Wells Fargo is not the “PEOPLES BANK”. It’s best not to bank with them or perform low-fee mortgage inspections or property preservation for their MOMs. The lawsuit says that Wells Fargo is the home of fraud, greed and corruption. The mortgage segment is the home of 99.5% of the fraud, greed and corruption in the industry. It’s best to avoid Well Fargo and its MOMs. The mortgage segment is all about greed. It’s all about making money at the expense of the people working in the field. Foreclosurepedia writes about Well Farg0.