Warren forwarded the Wells Fargo responses Wednesday to Federal Reserve Board Chairman Jay Powell, one of the bank's main regulators, telling him that the forbearance actions were"a systemic practice at the institution and a direct result of the company's failure to have the appropriate internal controls in place."
A spokeswoman for Wells Fargo said the bank"continues to work diligently to provide relief to customers experiencing hardships due to the COVID-19 pandemic, including those who need a break in their mortgage payments.
Under the CARES Act, which provides help with loans backed by the government-sponsored companies Fannie Mae, Freddie Mac, Ginnie Mae and others, borrowers harmed by Covid-19 can ask to suspend their mortgage payments for up to a year. The amounts they owe during the period are either tacked onto the ends of the loans or paid off before. No additional fees, interest or penalties can accrue on the loans while they are in forbearance.
Thieves every last one
That should be illegal, someone should start a class action lawsuit because that is simply unethical
POTUS's grab'em by the 🐈 business model Again, why does anyone still bank with Wells Fargo?!
How is Wells Fargo still a bank? Setting up phony accounts wasn’t enough to get shut down, they aren’t too big to fail- they are too stupid to live or be a bank, corrupt evil hacks
Wells Fargo is NOT known for their honest banking practices.
Yeah I complain about banks a lot a whole lot but for someone to call and say you gave me some time to pay my mortgage and I’m upset tells me a lot about who really is being affected by this pandemic
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