"There’s nothing like a bank (Wells Fargo) being shown to be a liar" ....

[RedEarth]

.......via nakedcapitalism.....

Wells Fargo Outed as Member of Robo Signer Club

There’s nothing like a bank being shown to be a liar.

I was told yesterday that Wells Fargo has been making the rounds among policy types in DC this week to tell its story that (of course) the foreclosure crisis is overblown. Moreover, Wells reportedly said that it was not like the other major servicers, that it ran a tight shop and hadn’t engaged in the bad practices of other firms, particularly the use of improper affidavits, aka robo signers.

This was a particularly stupid claim to make, since there are depositions which attest to the Wells’ use of robo signers. And in an interesting bit of synchronicity, the Financial Times got hold of one and made it the subject of its lead article today.

The FT story confirms the account we got, that Wells has been maintaining that it didn’t have serious procedural lapses. Hhm, does that mean its legal department is so out to lunch as to not be aware of the damaging deposition, and/or to have failed to do adequate internal checks once the robo signer issue came to the fore? Or more likely, does Wells operate in parallel universe in which the submission of improper affidavits (and more serious lapses that they are probably designed to cure), which is a fraud on the court, is no big deal?

Note also that Wells’ robo signer reports to have signed up to 500 documents a day. This level is coming to look like an industry norm.

From the Financial Times:

.....more....

http://www.nakedcapitalism.com/2010/10/wells-fargo-outed-as-member-of-robo-signer-club.html

[aquart]

1. I want the big bonus boys to spend every dime of it in legal fees.

Then put their mansions up for collateral. Then I want every one of them in jail.

[LaPera]

2. I quit banking at Wells Fargo over two month's ago to move to a local smaller bank

and Wells Fargo is still bugging the shit out of me.