U.S. Sues Wells Fargo for Faulty Mortgages

This article by Wall Street Journal is the best expose of the banking industry of its kind. Not only did that write sub-prime mortgages but they bundled them and sold them as a derivative.

They made money at both ends of the deal and it was underwritten by the taxpayer. WSJ points out that; yes, they will have fines and legal expenses that may total about 10% of what they made but that is only a small part of the money made.

What the WSJ does not point out is the find will go to the regulatory agencies and no one in the bank will be punished and the tax payer is still on the hook. Of course no mention is made of lives uprooted and suffering generated. Good article nevertheless.

 

U.S. Sues Wells Fargo for Faulty Mortgages

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