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Thursday, August 10, 2017

Wells Fargo to pay US government $108M for veterans' loans

Wells Fargo & Co will pay the US government $108 million to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees.

The third-largest US bank on Friday said the accord resolved claims that its Interest Rate Reduction Refinance Loans should have been ineligible for guarantees under a US Department of Veterans Affairs loan guaranty program.

Such claims were raised in a lawsuit filed in 2006 and made public in 2011, in which Georgia mortgage brokers Victor Bibby and Brian Donnelly sought to recoup losses that the government, and by extension taxpayers, suffered on guaranteed loans that went into default.



Gary said...

Why is this going to the government? Shouldn't it be returned to the veterans they stole it from?

lmclain said...


Does the Mafia ever give any money back they take from their protection rackets??

The vets could lose their house and their family sleeps in the streets. Their "leaders" are too busy setting up taxpayer funded amnesty and help and legal assistance for criminals who swam or climbed into the country.
There is only so much money to go around and if your "leaders" have to choose between funding a vet program or paying lawyers to advise criminals on how to continue being a criminal, well, they have priorities.
The government doesn't give a crap about whether or not veterans got the shaft in a mortgage deal. They just saw an opportunity to cash in.
They wouldn't care if they had to count the money on the back of a dead veteran, as long as they wiped the blood off his shirt first.
Keep cheering.

Anonymous said...

Definitely, 7:12.

Anonymous said...

Sad but true