Fucking New Yorkers. Trying to fuck poor Californians.
http://online.wsj.com/article/SB10000872396390444024204578046823657285356.html
U.S. Sues Wells Fargo in Mortgage Case
Preet Bharara, the super duper U.S. attorney for the Southern District of New York, alleges more than a decade of misconduct dating back to May 2001. The suit contends San Francisco-based Wells engaged in “regular practice of reckless origination and underwriting” of government-backed loans. The company said that more than 100,000 FHA loans met federal guidelines when they did not.
Etc. etc.
Comments section has some good stuff:
Matthew Rose Wrote: “Suckers. Many, if not all of the loans Wells Fargo got in trouble for originated at World Savings. Wachovia bought Golden West, World’s parent company, for something like $25B in 2008. The sellers (World was privately held) announced at the time (2008) that most of their windfall would go to fund left-wing political groups (http://www.sandlerfoundation.org/). Golden West went on to bring down Wachovia and trouble for Wells Fargo that obviously hasn’t ended yet but has been the gift that keeps on giving for the current administration.”