Sunday, February 01, 2015

Posting some good news


In the Great Mortgage Fraud and its spinoff, the Great Mortgage Foreclosure Fraud, it is a good feeling to be able to post some good news.
Big banks hold great sway in Washington these days, far more than troubled homeowners do. But outside the Beltway, many people remain caught in the maw of the financial giants, which is why it is heartening when some judges step into the fray.

Consider two opinions involving Wells Fargo, a bank that enjoys a somewhat better reputation than many of its peers. On Monday, a judge in a state court in Missouri ordered Wells to pay over $3 million in punitive damages and other costs for abusing a borrower. Then, on Thursday, a judge in Federal Bankruptcy Court in suburban New York ruled on behalf of another borrower, concluding that there was substantial evidence Wells Fargo forged documents when it foreclosed on a property.
In both instances the Bank was working on the ancient fiduciary principle of "screw the customer and maximize the profit". And two judges said, in their best judicialese, WTF! Appeals may diminish the judgements but the recognition of the fraud involved is good to see.

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