Daily Archives: October 8, 2017

Wells Fargo wrongly hit homebuyers with fees to lock in mortgage rates

Wells Fargo is in trouble once again — this time for fees charged to customers trying to nail down a mortgage.

The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo’s fault.

Wells Fargo said it will reach out to all 110,000 customers who were charged “mortgage rate lock extension fees” between September 2013 and this February. The bank promised to refund customers “who believe they shouldn’t have paid those fees.”

Read on.

Wells Fargo accused of lying to Congress about auto insurance scandal

Wells Fargo was just accused of lying to Congress last year by failing to disclose a brewing scandal in the bank’s auto insurance business.

The startling allegation came from Senator Sherrod Brown on Tuesday during a Senate hearing on Wells Fargo’s various scandals.

“The company pure and simple lied to this committee — and lied to the public,” said Brown, the ranking Democrat on the Senate Banking Committee.

In July, Wells Fargo admitted that it forced auto insurance on as many as 570,000 borrowers who didn’t need it. About 20,000 of those customers had their cars wrongfully repossessed in part due to these unwanted insurance charges.

Read on.