The nation’s largest home lender, Wells Fargo, is in deep water with the law and one of New York’s top Prosecutors, Eric Schneiderman, is prepared alongside others to take this bank down. Although Wells Fargo claims that they are being wrongly accused, the evidence shows differently that the bank is, in fact, not following the correct guidelines to help home owners throughout the foreclosure process. Although Wells Fargo representatives continue to defend the branch of multi-billion dollar banks, there is no doubt that this corporation will be out of the spotlight any time soon. Schneiderman has done his homework and found 210 separate violations involving the bank and 96 borrowers.
While this isn’t the first top bank in the country that Schneriderman has accused, they are the first bank to deny settling a matter like this before it is taken into litigation. In frustrating and devastating times like these borrowers are supposed to feel a sense relief but in this case, more stress is being added because of Wells Fargo’s undeniable disorganization and lack of professionalism. For the amount of complaints being filed against Wells Fargo, they should be highly prepared for any legal actions thrown their way and the consequences they may face.
Source: The New York Times