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2018-08-06 07:00 by Karl Denninger
in Bank Reform , 257 references Ignore this thread
Shut This Crap Down -- And Burn Buffett
[Comments enabled]

There is only one answershut this outfit down, destroy it utterly, jail everyone who works for it and toss Warren in prison too.

PHILADELPHIA (CNN) – Hundreds of people had their homes foreclosed on because software used by Wells Fargo incorrectly denied them mortgage modifications.

The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch.

Glitch?

Nonsense.

Criminal malfeasance, maybe.  Intentional concealment, definitely and that's a problem since this was "corrected" back in 2015 yet we're just hearing about it now.

Further, $8 million?  That's a joke assuming the real number of people involved -- over 600 denied modifications and 400 resulting foreclosures.

Those 400 are owed a house -- free and clear courtesy of Uncle Warren, and the rest are due millions each for the outrageously flagrant destruction of their credit.

This is not a one-off or an accident; you will note that despite all the screwings that this firm has dealt out over the last decade or so never once has that been in the customer's favor.

The customer always gets ****ed, and that's not an accident.  Accidents and glitches have a normal distribution -- half the time they hurt one person and help another, and vice-versa.

EVERY ONE OF THESE "GLITCHES" ****ED THE CUSTOMER.  THOSE ARE NOT GLITCHES THEY ARE INTENTIONAL ACTS AND MUST BE CHARGED AS THE FELONIES THEY WOULD BE WERE YOU OR I TO PERPETRATE THE SAME SCAM AIMED AT THE COMPANY.

**** you Warren, **** you Wells and triple **** you to the FBI and every other government agency and pig force in the states that has utterly refused to arrest and charge anyone for these outrageous acts of theft.

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Themortgagedude
Posts: 10742
Incept: 2007-12-17

saint louis
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Take each instance and judge what the modification should have been done at. Then appraise the property currently. Whatever the equity position they were denied pay it out to the borrower. 3X

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I think its time we ask ourselves if we still know the freedoms that our founding fathers intended for us. Ronald Reagan 1964
Tickerguy
Posts: 153849
Incept: 2007-06-26
A True American Patriot!
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@Themortgagedude -- no, that's not enough.

You also must figure out the damage done to that person's credit, reverse it, and also pay them every nickel, plus punitive damages, for everything they paid more for.

Credit scores go into auto insurance, home insurance prices and virtually everything else these days. Plus there's the fact that the bang on their credit was an act of libel, which is a tort as well. Then, if they lost the house, you have intentional infliction of emotional distress plus all the harm they took there economically, compounded forward.

There's no way anyone who didn't get banged like this hasn't got $1 million coming to them, and most people have much more.

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Winding it down.
Bagbalm
Posts: 5478
Incept: 2009-03-19

Just North of Detroit
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All of which has been mentioned in the papers and news programs - if not in explicit detail - enough to know there is a problem. And yet, people still do business with them.
Tickerguy
Posts: 153849
Incept: 2007-06-26
A True American Patriot!
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Yep.

And you still do business with firms that bank with them too, I bet..... due to lack of inquiry and diligence, right?

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Winding it down.

Thelazer
Posts: 158
Incept: 2009-05-11

Davenport, Fl
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Wells is no more or less a crook than any other bank out there. All of em need to burn for what they've done.
Themortgagedude
Posts: 10742
Incept: 2007-12-17

saint louis
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I'd say a minimum of a quarter million to each. Actual damages to each of them has got to approach $83,333 wouldn't it? And for anyone who can document further damages let's document them and multiply it by 3.

Then you can tack on some punitive damages as well. What we're in agreement on is that the settlement sucks. After that we're just trying to find adequate restitution. And it needs to be far more than what was taken to make it punitive upon Lord Warren and his court.

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I think its time we ask ourselves if we still know the freedoms that our founding fathers intended for us. Ronald Reagan 1964
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