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Tue Oct 9, 2012, 03:53 PM

U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo

Source: Bloomberg

Wells Fargo & Co. (WFC) was sued by the U.S. government over claims the bank committed fraud by making reckless mortgage loans, according to a complaint filed in Manhattan federal court.

The government seeks damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 for alleged misconduct spanning more than a decade related to the San Francisco- based bank’s participation in a Federal Housing Administration program, according to a statement from U.S. Attorney Preet Bharara in Manhattan.

Read more: http://www.bloomberg.com/news/2012-10-09/u-s-files-civil-mortgage-fraud-suit-against-wells-fargo.html

12 replies, 2360 views

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Arrow 12 replies Author Time Post
Reply U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo (Original post)
WilliamPitt Oct 2012 OP
msongs Oct 2012 #1
DURHAM D Oct 2012 #2
Wellstone ruled Oct 2012 #3
byeya Oct 2012 #7
ailsagirl Oct 2012 #4
azurnoir Oct 2012 #5
underthematrix Oct 2012 #6
dixiegrrrrl Oct 2012 #8
prairierose Oct 2012 #9
GeorgeGist Oct 2012 #10
prairierose Oct 2012 #12
Poll_Blind Oct 2012 #11

Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 03:57 PM

1. looks like no jail time for the nation's financial enemies

fraud is not a crime when you are a rich white banker

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 04:03 PM

2. about damn time

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 04:11 PM

3. This gut doesn't

lose. Ny AG will be there,watch. Can't imagine the dollars,this is going to be huge. Jury trials never go in favor of lenders under these laws. Wouldn't want to be holding Wells stock,there isn't a jury who will go easy because of all the people affected. Everyone knows someone that has been screwed by a Bankster.

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Response to Wellstone ruled (Reply #3)

Tue Oct 9, 2012, 06:02 PM

7. Yeah, but then on appeal, the Appeals Court will lower the judgment to

 

next to nothing.

One indictment of one bankster would do more good than all these civil suits strung together.

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 04:45 PM

4. Good to hear

Thanks for posting!

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 05:01 PM

5. Great stuff K&R n/t

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 05:03 PM

6. finally. gladd to see

some action against this banking giant. makes you wonder y peeps r still banking with these American traitors.

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 06:54 PM

8. NOW the Gov looks at fraud....just before the election.

I will predict that somewhere down the road, Wells will pay a "fine" equal to 10% of the money it stole, and that will be that.
OR
the Gov't will announce dropping the case for lack of evidence.

This will happen, of course, in the spring to early summer, and be announced on a Friday night.

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 07:52 PM

9. Why is this a civil suit and not a criminal....

action? All of the mortgage fraud at every level was deliberate and every charge should be criminal and not civil. The original mortgage fraud was criminal and many of the foreclosures in the last few years were also fraudulent.

I don't understand.

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Response to prairierose (Reply #9)

Tue Oct 9, 2012, 09:09 PM

10. If you don't understand ...

you haven't been paying attention. SERIOUSLY!

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Response to GeorgeGist (Reply #10)

Wed Oct 10, 2012, 12:06 PM

12. I guess I should have....

used the sarcasm thingie .... but I thought it was obvious........

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Response to WilliamPitt (Original post)

Tue Oct 9, 2012, 10:29 PM

11. And AFTER the election? Settled out of court. nt

PB

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