"From Jan. 1, 2002 through Dec. 31, 2010, Wells Fargo intentionally concealed the problems with 6,320 loans it had determined were "seriously deficient" from the Federal Housing Administration, which insured the loans, according to the complaint filed in Manhattan federal district court. The bank didn't report the problems with the loans even after its own risk department conducted reviews that according to one bank employee, unearthed "a dirty underbelly of bad loan officers," the lawsuit claims.
“As the complaint alleges, yet another major bank has engaged in a long standing and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance," said Manhattan U.S. Attorney Preet Bharara, who brought the case, in a statement."
More meaningless gestures pushed on us as "justice". If we had a real Justice Department, the Wells Fargo Executive Suite would have been raided and management perp-walked out of the building in handcuffs. – Wes
