Wells Fargo All About Serving Customers? Not So Much, Mr. Stumpf
If you’ve done business with wells fargo in the beyond 10 years or so – specifically in case you’ve had a loan or different loan “serviced” with the aid of wf – what a large line of bs john stumpf is feeding cnbc’s infotainment “investment analyst” jim cramer in this clip.
The previous wall street hedge fund supervisor has to be in particular blind and deaf if he believes that wells fargo hasn’t taken element in the same listing of ethically-reprehensible sports designed to defraud customers and make money for the financial institution: robosigning, forging foreclosure files, predatory mortgage lending in minority groups, manipulating debit card transaction to generate overdrafts, and forcing mortgage debtors into price-gouging domestic coverage wells fargo mortgage customer service.
The company even gets complaints for its dealing with of pupil loans and paid to settle a lawsuit regarding its debt-collection techniques by using harassing consumers, who are normally covered through specific debt-collection law. How cramer can look like this sort of cheerleader for stumpf & co. In light of all this is beyond me, but he truely seems to take the whole thing the ceo says as absolute reality.
Clearly stumpf wasn’t being absolutely straightforward when he told cramer that the best and noble wells fargo wasn’t making all those doubtful “liar loans” like different mortgage banks. Reputedly they misplaced a lot money resisting the temptation to create all sorts of mortgages people were not likely to ever pay returned that when the financial system went bust they might purchase out every other financial institution of approximately identical size. Hmmm.
“So there was times between 2000 and 2008 where other mortgage lenders,
as an example, were making loans with nothing down, no verification – the so-called liar loans. And we didn’t participate in most of that.
So we gave up billions of originations, hundreds of millions of profibut then when everything came apart, we were able to use out capital to buy out Wachovia.”
~John Stumpf, Wells Fargo
Wellsubprimeactual records fail to support the image of stumpf on a white steed, riding above the greed-fest that turned into the mortgage commercial enterprise within the years before the crash. Data compiled with the aid of the middle for accountable lending in a 2004 document show subprime lending going gangbusters at wells fargo through 2003. Among 2005 and 2007, the financial institution made the subprime manufacturers’ top 10 listing.
The patron economic protection bureau definitely knows wells fargo isn’t any angel in relation to treatment of clients. Its september monthly criticism reports locations wf inside the top three banks purchasers throughout the united states of america have troubles with concerning each mortgages and the top two regarding debt collection.
And here’s a list of consumer complaint web sites, in which you could quite an awful lot plug in “wells fargo” with anything subject matter you want to locate human beings the bank has jerked round.
So, quite certain that stumpf the sanctimonious and his faithful sidekick cramer the credulous are telling a blatantly fictional story approximately the all-powerful but beautifully benevolant wells fargo bank. Do your self a big want and don’t pay attention to both this sort of men. And, via all way, do not do enterprise with or put money into this mendacity, dishonest financial institution.