Wells Fargo: Too Big to Jail?
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Everyone wants the economy to bounce back, and the President’s not wrong to believe that the way to revive things is to boost confidence.
But if mass confidence is what it’s gong to take, the people at the bottom of our economic pyramid need hope -- not only that they’ll have jobs again and homes to keep – but protection against mortgage crooks – and restitution if they’ve been scammed.
The city of Baltimore is currently pursuing a suit against Wells Fargo.
Wells Fargo stands accused of disproportionately denying minority consumers favorable loans while targeting them for subprime ones with high interest rates, mandatory arbitration clauses and punitive prepayment penalties.