Tag: Wells Fargo

Ortiz: Ocasio-Cortez Again Proves She’s Clueless on Economics

Alfredo Ortiz writes for Fox News that if Ocasio-Cortez had her way and lenders were held liable for their borrowers’ business decisions, access to credit would dry up, undermining entrepreneurship and economic growth. Rep. Alexandria Ocasio-Cortez, D-N.Y., exposed her economic ignorance again this week when she argued that bankers should be liable for borrowers’ mistakes. During Capitol Hill […]

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Alexandria Ocasio-Cortez Attacks Wells Fargo CEO for Funding the Dakota Access Pipeline

Wells Fargo has been accused of many illegal and fraudulent activities over the past few years, but on Tuesday its chief executive came under fire on Capitol Hill for lending to legal projects unpopular with left-wing Democrats. Rep. Alexandria Ocasio-Cortez (D-N.Y.) grilled Wells Fargo CEO Tim Sloan over the bank’s financing of the Dakota Access […]

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Wells Fargo blames “computer glitch” for its improper foreclosure on 545 homes

According to Wells Fargo, a “computer glitch” caused the improper denial of 870 loan modification requests, which led to 545 foreclosures in which Wells Fargo customers lost their homes; the bank is now offering those former homeowners — some of whom saw the breakup of their marriages as the result of the stress of […]

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In 2019, Maxine Waters Is Taking on Big Banks—and Trump’s Corrupt Coins

Photo: AP Images It’s a question that arose early on election night last week, as a nationwide Democratic surge propelled the party back into power in the House of Representatives: What will Rep. Maxine Waters do now? The question was relevant for many reasons. Waters stands as one of the […]

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Wells Fargo: We can’t be sued for lying to shareholders because it was obvious we were lying

Wells Fargo has asked a court to block a shareholder lawsuit that seeks to punish the company for lying when it promised to promptly and completely disclose any new scandals; Wells Fargo claims that the promise was obvious “puffery,” a legal concept the FTC has allowed to develop in which companies can be excused […]

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Facebook Wants Banks to Hand Over Your Financial Information

Facebook has been asking banks in the United States for their customers’ financial data, including account balances and transactions, according to a report. The Wall Street Journal revealed that the social network has been asking major banks to “share detailed financial information about their customers, including card transactions and checking account balances, as part of […]

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Wells Fargo: Computer Glitch Denied Loan Modifications To Hundreds Of Homeowners

LOS ANGELES (CBSLA/AP) — Wells Fargo says a computer glitch contributed to hundreds of foreclosures because it miscalculated customers’ eligibility for mortgage modifications. The bank said in a filing the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 of the […]

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Wells Fargo: we stole houses and we’re being investigated for dirty low-income housing credits

In its latest round of shareholder disclosures, Wells Fargo admitted that it “unnecessarily foreclosed” on 400-odd householders (that is, stole their houses) and failed to grant loan modifications to 625 qualified borrowers (this is just the latest revelation about Wells Fargo stealing houses); it’s also being investigated for its practice of purchasing low-income housing […]

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Chatbots like Citibank’s could usher in a new era of mobile banking

Citibank recently announced plans to roll out its Messenger chatbot in Hong Kong by the end of 2018. The bank chose Singapore as the first market to get the new bot last year and is now extending the service to Hong Kong, a move that will provide five million additional Facebook users with access. Citi’s […]

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Investment advisory software developer SigFig raises $50 million

SigFig, the developer of an automated wealth management toolkit, has raised $50 million in a new round of funding. The company said the new money would be used to continue its research and development. The new funding was led by General Atlantic and included participation from existing investors like Bain Capital Ventures, DCM Ventures, Eaton […]

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