WELLS FARGO   WE’RE SORRY

     Tomorrow's news used today. This is Headlines with a Voice.

     Our old friends at Wells Fargo, they’re involved in yet another banking scandal. This latest one, it's really bad, but before we get into the details let's take a look at Wells Fargo's recent history.

     Back in April, Wells Fargo was fined $1 billion for selling 570,000 clients auto insurance that they didn't need. Then charging mortgage borrowers erroneous fees.

   By the bank's own estimates as many as 20,000 of those clients may have had their cars repossessed. As a result of their inability to pay for the insurance that Wells Fargo illegally sold them.

     While I'm on the subject of repossessing vehicles, last November, Wells Fargo came under scrutiny for repossessing vehicles owned by members of the military.

   Then in October. Wells Fargo was grilled by federal regulators, after Wells Fargo recommended investment products that were highly likely to lose value.

     Wells Fargo also pushed tons of customers into higher fee retirement accounts that were bad for the customers but more lucrative for the bank. That same month, Wells Fargo confessed to erroneously charging late fees to more than 100,000 borrowers even though the delays with the bank's fault.

     In 2016 employees at some of Wells Fargo's California branches were caught selling lucrative customer information like Social Security numbers to identity thieves in late 2016 and throughout 2017.

     Wells Fargo had its notorious fake account scandal. Remember that Wells Fargo employees were opening up extra accounts for millions of customers so that they could hit their sales goals and earn a bonus.

     But this latest Wells Fargo scandal is really staggering this week. Wells Fargo said that a computer glitch caused 545 of its customers to lose their homes. The glitch, according to papers filed with the Securities and Exchange Commission, caused Wells Fargo to incorrectly deny 870 loan modifications, around 60% of which went into foreclosure. Basically, people asked Wells Fargo to change their mortgage to make it more affordable. Requests that should have been approved were not. The process took months before the borrower got the final NO, I'm serious. “Oh sorry about that”. Sorry you lost your home, your family, and your job resulting from a bad computer glitch. You know how it goes, real sorry.

     CBS interviewed one of the victims. A man named José Aguilar fell behind on his mortgage payments after trying to fix a mold problem in his home. Jose’ asked Wells Fargo to change the mortgage to lower his payments. While waiting for Wells to process his request, he fell further behind until the house ultimately went into foreclosure. He and his wife split up. He had to move into a friend's basement with his son and then three years later he gets a letter from Wells Fargo saying, wait for it.

“Dear José, we made a mistake. We are sorry”.

     I'm sure Aguilar was relieved that Wells Fargo was sorry after literally ruining his life. They did give him a $25,000 check which obviously doesn't come close to making up for their glitch.

     So, my question is why would anyone want to do business with Wells Fargo?

     It's not just Wells Fargo. Every major bank on the planet has been found guilty, at some point of fraud. People still trust these criminals with their money.

   The public has been institutionalized to believe that they have to hold their money with the BIG BANK. The reality is that we have many choices with just a little effort. You can take control of your retirement and take your money out of the hands of the major financial institutions.

From Headlines With The Voice. This has been Nancy Morgan Heart.

 

     https://www.youtube.com/watch?v=EOMbld8pFUk

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