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Actions speak louder than words.
02:00 PM on 03/25/2012
This can't end well for WF..oh well. Whatever the feds do to them won't be enough.
01:39 PM on 03/25/2012
When Toxic mortgages began to leak with investors understanding the inaccuracies of their supposed value of their investments. Created by speculative techniques of over-inflating the value of real estate to create more equity to strip from and build profits for investors. Yet the faulty appraisals continued to overinflate the housing market creating bullish returns. While homeowners were duped into seeing real value increase between 2005-2007. The banks then sold those MBS repeatedly to other banks even the Federal Reserve could not keep up with the transfer of sales. The more sales the muddier the waters, the trails of the origin of the note, and to get out while you can mentality of toxic created debts. Lenders did not notify a person when the loan was sold either as much of the process was done unknown to the homeowner. Hopefully the FEDS will look at this overinflated equity created for profit bubble and how MBS were shuffled into other packages to hide their toxicity knowing full well that there was no true value of the worth in real estate traded. why so many homes are lost, underwater, businesses closing, layoffs, the burst of false worth exploded...but the banks profited repeatedly until exposed creating quagmire to find origins.
02:31 PM on 03/25/2012
Are the FEDs the government or the FED , or the bank of all banks in the world( less China),which in fact sponsored the gratest scam in the human history....By the way , Mrs. Yellen, the new appointee to FED RES board, is from San Francisco Branch of the FED. RES private banking system and WF is from San Francisco, as well as a lot of influential politicians of today( Nancy Pellosi).
03:35 PM on 03/25/2012
Sad truth of it all is that our government provided immunity from further prosecution to the banks...Criminal actions called "wrongdoings" Their crimes will never be forgotten, but henceforth our country government/politicians/legislature ...the whole lot of them... has decided to sell out the homeowners, investors just to appease their..... KINGS
Share the kibble.
01:31 PM on 03/25/2012
People (corporations are still people, right?) with nothing to hide, tend not to hide anything.
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Wouldn't it be nice if everyone stayed on topic?
12:47 PM on 03/25/2012
You don't get to pick and choose what subpoenas you will comply with.
If you think they are unwarranted, have your lawyers go before a judge and argue to get them quashed. Failing that, you turn over the materials.
The word 'subpoena' is Latin for 'under penalty'. Time to make that a reality.
How about asking the judge to sanction WF $1mil per day until they comply?
¿Y read backwards?
03:16 PM on 03/25/2012
WFS would pay $1 million a day and not even notice.
Druid Priest
Food Stamp Nation Shouldn't Vote
12:42 PM on 03/25/2012
Wells Fargo is one of the largest criminal enterprises on the globe.
¿Y read backwards?
03:17 PM on 03/25/2012
BoA, Citi and MS give them a run for their money.
12:39 PM on 03/25/2012
My friend had a home that he thought BofA owned the mortgage but where he refinanced it he found out that Wells Fargo owned it. And that is was in a mortgage Securities pool. More investigation was that they stalled the refi because Wells Fargo didn't own the mortgage either.
It was sold so many times that they could not give an accurate ownership record to my friend. You see they where afraid that it would be discovered what they actually did. So they had a company Buy the Loan and then refi it??? Or that is what they said. Who knows all the FRAUD that went on????
12:39 PM on 03/25/2012
Scofflaw. Time to break up the big banks and reinstitute Glass Stegall. The madness of financial institutions has corrupted our political and judicial systems to the point that we think corporations have the same freedom as people but without the consequences of their actions.
Truth is stranger than fiction
12:51 PM on 03/25/2012
I agree. However, there is one huge problem. The banks are broke, and if they are investigated or broken up, that truth will be evident to everyone. About 3 months ago, there was a deal floated to save the Euro from the Greece, Portugal and Spain fallout. One of the conditions was that all the banks would have to have 9cents on deposit for every dollar they claimed on their asset spreadsheet. The banks would have had to borrow the money to have the 9cents on deposit. The deal did not fly.

Wonder how long you and I could run our bank accounts with a 91% margin rate before the law stepped in. Average leveraging today is 1000:1. Standard practice is to take $100 million and leverage it to $100 Billion. Totally insane.
JoAnn Kennedy
02:47 PM on 03/25/2012
Should have let them go broke in the first place, never ever should have bailed them out in 2008
Finding Fraudster
12:36 PM on 03/25/2012
When the entire mortgage assets trust is all Negative Amortization loans rated AAA, then I'd think you'd be lucky to find just one of those loans meeting underwriting standards.
12:08 PM on 03/25/2012
These banksters are probably stallling to give them more time to put more money into the right politicians campaign fund, which will find that there is no reason to investigate the bank.
Ian OFull
Left Independent. Pro-Solutions/Anti-Fear.
12:05 PM on 03/25/2012
So let me get this straight. If a group of folks are caught with their hands in the proverbial cookie jar and you are standing with them at the time, then it is not appropriate to do a forensic analysis of your fingers for cookie crumb traces to exclude you?

This sounds like the argument that ate theirs before the others were busted. Likely with chocolate chip on the fingers still.
12:00 PM on 03/25/2012
Wells Fargo is note rested in one thing, profit.
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11:54 AM on 03/25/2012
"...Wells Fargo also said the SEC inaccurately described its conduct involving mortgage-backed securities and that no enforcement action by the agency is warranted...."

Then they should turn over the requested documents to prove that point.
If there was nothing to hide then they would turn over the documents and be done with it.
This smells like a tuna...