September 30, 2016

TOO BIG TO FAIL, JUST NOT TOO BIG TO FAIL ITS CUSTOMERS: Wells Fargo Troubles Mount With Penalty for Soldiers’ Loans.

The bank has previously been accused of not adhering to the military lending law, which Congress approved decades ago to protect soldiers from legal hassles while they’re on active duty. Wells Fargo agreed to compensate borrowers as one of five mortgage servicers sanctioned for improper home foreclosures, paying $28 million for so-called non-judicial foreclosures that didn’t pass through courts and $59 million for those handled in the judicial system, according to statements issued by the Justice Department last year. The bank didn’t admit or deny the allegations.

In the Santander case, the Justice Department was tipped off by the U.S. Army’s legal assistance program that vehicles might have been repossessed illegally.

Charming.

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