More scandals from Wells Fargo: extending mortgages without customer knowledge

A series of new legal allegations have been bought against the bank, once again regarding its improper handling of customer accounts. This time, light has been shed on the company’s mortgage business, in which unauthorized changes were made to the loan terms on the mortgages of customers in bankruptcy.

 

Wells Fargo, a major American Bank headquartered in San Francisco, has been plagued by scandals and bad publicity in the past year. On September 8 of 2016, it was forced to pay $185 million in fines for its activities in opening more than 1.5 million bank accounts without its customers’ consent. The company’s culture demands its managers and employees to reach incredibly high quotas and targets, and directives stems from the very highest levels of management. CEO John Stumpf encouraged employees to create as many accounts from each customer as they possibly can, his infamously motto being “eight is great”.

 

Clearly, the bank still hasn’t learned from its past mistakes. New class action lawsuits filed by multiple …

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