Wells Fargo improperly forecloses on 100s of homes

Tsk, tsk, Wells Fargo Bank is in the news again and, once again, for unpleasant reasons… Through a recently completed internal audit, it discovered that it “accidentally” foreclosed on 400 homes. Expenses from legal fees continue to mount as it defends itself from active lawsuits. Wells was slapped with $2 billion in regulatory fines for deceptive practices with consumer accounts and other violations. It is more bad news for the bank, but for consumers, it is disheartening that their experiences with a single multinational financial institution could have such far-reaching effect. Rival banks can’t get too excited about new negative disclosures about their competitors. For one, it’s bad business practices. And two, it reflects poorly on an entire industry. We all hope that people forced into the loss of their home will be compensated fairly and quickly, and those not given the opportunity to refinance can receive fair remediation. Fortune

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