Wells Fargo’s “Reprehensible” Foreclosure Abuses Prove Incompetence and Collusion of OCC

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Wells Fargo’s “Reprehensible” Foreclosure Abuses Prove Incompetence and Collusion of OCC

Wells Fargo’s “Reprehensible” Foreclosure Abuses Prove Incompetence and Collusion of OCC

Related post – In re Jones (ED La. 4-5-12) Wells Fargo sanctioned over $3M in punitives for mortgage accounting stay violation

 

Naked Cap-

Two bankruptcy cases in Louisiana that have revealed systematic, persistent foreclosure abuses by Wells Fargo have gotten enough media attention that it is inconceivable that banking regulators don’t know about them. The lack of any intervention, or even so much as a throat-clearing by the Office of the Comptroller of the Currency is yet another proof of how the regulator apparently sees its role as fronting for banks rather than enforcing rules.

This story is back in the news thanks to an appeals court smackdown of Wells, which has engaged in a long-standing war of attrition with one of the plaintiffs, a Michael Jones. The reason for the appeal was that the bank was fighting the judge’s imposition of punitive damages of $3.1 million for Wells’ “reprehensible” conduct.

[NAKED CAPITALISM]

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