Whistleblower: Wells Fargo Fabricated and Altered Mortgage Documents on a Mass Basis

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Whistleblower: Wells Fargo Fabricated and Altered Mortgage Documents on a Mass Basis

Whistleblower: Wells Fargo Fabricated and Altered Mortgage Documents on a Mass Basis

Naked Capitalism-

Description of Mortgage Doctoring Operations

The document fixing took place at 1000 Blue Gentian Road in Eagan, Minnesota, which the whistleblower described as an enormous facility, and ironically, one at which one of the 9/11 hijackers received flight training.

The whistleblower worked with a team of 50-60 temps, one of the two shifts involved in checking documents before and after the “corrections” were made. The temps came via agencies, were required to have a college degree and pass a security clearance, and were paid roughly $13.00 to $14.50 an hour for eight hours (seven hours of work + breaks). The whistleblower said very few people (under 20%) had prior experience with mortgage documentation. Since Wells has a long-standing practice of promoting temps into permanent positions, the workers had a strong incentive to perform well. Our source worked for the bank for nine months.

His unit would review mortgage documents of borrowers who were described as “in foreclosure” which he understood in practice meant they were delinquent but the foreclosure has not not been initiated. When our source arrived (spring 2011), they were in the process of doubling the work capacity of this effort. Wells Fargo beefed up in the wake of the state attorney general/Federal mortgage settlement of early 2012, evidently seeing it as a green light for more aggressive and systematic document fixing.

[NAKED CAPITALISM]

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2 Responses to “Whistleblower: Wells Fargo Fabricated and Altered Mortgage Documents on a Mass Basis”

  1. Sarah says:

    If people don’t speak up and out, we’ll never know. You tell a bunch of people who need a paycheck they’ll do something and they will generally do it — let’s not imply inexperience, they too are victims of management. Information technology makes the complicated quite simple, and is a very good way to hide criminogenics.
    If no one is whistle blowing, and no policeman is watching…

  2. TC says:

    Tip of the Iceberg – so much more to be revealed –

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