County will yank $3.8M from Wells Fargo over 'aggressive' foreclosures

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County will yank $3.8M from Wells Fargo over ‘aggressive’ foreclosures

County will yank $3.8M from Wells Fargo over ‘aggressive’ foreclosures

NJ-

Essex County is severing its relationship with Wells Fargo and pulling $3.8 million from its accounts, citing the bank’s “malicious and insensitive” treatment of people and “aggressive” foreclosure practices.

“The predatory lending schemes and aggressive foreclosure proceedings practiced by Wells Fargo destabilizes neighborhoods and has a negative impact on families and the community,” County Executive Joseph DiVincenzo Jr. said in a statement on Wednesday.

He said the county began yanking its accounts with Wells Fargo in mid-June.

“We were surprised and disappointed to learn of the county’s decision in the press,” Wells Fargo said in a statement. “We have reached out to the county and look forward to discussing their concerns.”

[NJ]

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