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Wells Fargo accused of forcing mortgage applicants to pay unwarranted fees

Wells Fargo, the controversy-battered big bank, has a new problem — this one directly affecting mortgage applicants. Last week, a first-time home buyer filed a class-action suit against the company, alleging widespread abuse of a procedure well known to most mortgage borrowers: interest-rate locks.

The suit alleges that Wells Fargo engaged in "a systematic effort" to charge unwarranted rate-lock extension fees — sometimes costing thousands of dollars each — to borrowers who should not have been required to pay them.

By Kenneth R. Harney

https://www.washingtonpost.com/realestate/wells-fargo-accused-of-forcing-mortgage-applicants-to-pay-unwarranted-fees/2017/09/05/2ed18eaa-925a-11e7-8754-d478688d23b4_story.html?utm_term=.90916c17903d

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Even as Wells Fargo scandal deepens, GOP lawmakers push bank deregulation

Far be it from me to see metaphors where none exist, but Wells Fargo’s good name was literally blown away when Hurricane Harvey roared into the Texas city of Corpus Christi last week.

As the local paper reported: “An ‘O’ came to rest near a fountain on the corner of Lower Broadway and Peoples streets. Near there an ‘F’ sat, positioned by the downtown murals of children swimming underwater. An ‘L’ was propped against a blue dumpster.”

David LazarusDavid Lazarus Los Angeles Times

http://www.chicagotribune.com/business/columnists/ct-lazarus-wells-fargo-bank-deregulation-20170905-story.html

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