Fed hits Wells Fargo with $85 million fine

[Steely Dan]

http://money.cnn.com/2011/07/20/news/companies/wells_fargo_fined/index.htm?hpt=hp_t2

Fed hits Wells Fargo with $85 million fine
By Ben Rooney @CNNMoney July 20, 2011: 5:21 PM ET

NEW YORK (CNNMoney) -- The Federal Reserve announced a record $85 million fine Wednesday against Wells Fargo for allegedly pushing borrowers with good credit into expensive mortgages and falsifying loan applications.

The Fed accused the nation's fourth largest bank by assets of steering potential borrowers who could have qualified for prime rates into more expensive subprime loans....

 

[mywarmbluefleece]

My parents were victims of this. Thank you for the article.

 

[Quiche]

Much better than a bail out.

 

[deelytful1]

HA! Figures! My Wachovia was just bought by Wells Fargo! There goes my bank fees! Sigh. I'm so sick of Big Corporations especially the banking industry. Thanks for the article...

 

[Linda7NJ]

HA! Figures! My Wachovia was just bought by Wells Fargo! There goes my bank fees! Sigh. I'm so sick of Big Corporations especially the banking industry. Thanks for the article...

ditto! Now I have to watch my accounts like a hawk cause banks tend to change the rules without ever telling ya and sneaking in new fees & rules

 

[ohiogirl]

Hm, 85 million, 25 billion, wonder who won?

http://www.cbsnews.com/stories/2009/02/09/eveningnews/main4788018.shtml

thanks congress