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Items Tagged with 'Wells Fargo'

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  • Wells Fargo to pay $13 million to settle claims of improperly modifying bankrupt borrowers’ mortgages

    Lawsuit accused bank of improperly filing mortgage payment change notices
    Wells Fargo will pay more than $13 million to settle a pending class-action lawsuit that accused the bank of “improperly” modifying the mortgages of borrowers who had declared bankruptcy. The complaint alleged that the bank engaged in “fraud, violations of bankruptcy rules and laws, and unfair and deceptive trade practices” by “improperly and unilaterally” modifying the mortgages of the bankrupt borrowers.
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  • Homebuilder confidence stabilizes, hinting at solid spring home buying season

    Builders say market is finding its footing following late 2018 slowdown
    Despite affordability and labor concerns, homebuilder confidence held steady at 62 points in March, according to the National Association of Home Builders/Wells Fargo Housing Market Index. In fact, NAHB Chairman Greg Ugalde said builders anticipate a solid spring home buying season.
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  • Wells Fargo CEO Tim Sloan lands $2 million bonus day after congressional beatdown

    Some members of Congress called for his firing, instead he got a raise
    Looks like Tim Sloan's week is looking up. On Tuesday, the Wells Fargo CEO received a brutal lashing from Congress during a four-hour hearing before the House Financial Services Committee, during which he was raked over the coals for the bank's numerous misdeeds. But just a day later, the board of directors gave Sloan a 5% raise, increasing his total pay to a whopping $18.4 million, which includes a $2 million bonus.
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  • Is Wells Fargo too big to manage? Congress grills CEO Tim Sloan

    House committee roasts Sloan over progress on bank's overhaul in hostile 4-hour hearing
    Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee on Tuesday to address questions regarding the bank's overhaul after a series of scandals rocked the big bank in recent years. In a tense four-hour hearing, Sloan was grilled about the steps he's taken during his two-year tenure as CEO to overhaul the bank, with the big question of the day being whether or not Wells Fargo is simply too big to manage.
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  • Construction spending retreats 0.6% in December

    December’s spending is 1.6% above the previous year's estimate of $1.27 trillion
    The U.S. Census Bureau announced that construction spending during December 2018 was estimated at a seasonally adjusted annual rate of $1.29 trillion, retreating 0.6% from the revised November estimate of $1.3 trillion. Notably, spending on private construction was at a seasonally adjusted annual rate of $991.2 billion, 0.6% below the revised November estimate of $997.1 billion.
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  • Wells Fargo inks new $240 million settlement over execs’ knowledge of fake accounts

    But this settlement will see the bank get paid
    Well, it’s been about two months since Wells Fargo reached a nine-figure settlement over its recent scandals, and that means it must be time for another one. The bank revealed recently that it agreed to a new $240 million settlement over claims that its executives did not do enough to address the issues that led to the bank’s fake accounts scandal. But unlike the bank’s previous settlements over the fake accounts, this settlement will see the bank get the money instead of paying it out.
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  • Wells Fargo apologizes (again), says widespread outage is nearly fixed

    Bank provides update on online, mobile banking outage
    Whether it was over fake accounts opened in customers’ names, unnecessary foreclosures caused by a software error, allegedly lying about its subprime lending activities in the run-up to the housing crisis, or a number of other issues, Wells Fargo has done a lot of apologizing in the last few years. And now, the bank is issuing another apology after its online and mobile banking systems were knocked offline for much of the day Thursday.
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  • Wells Fargo suffers widespread outage of online, mobile banking

    Says “system issues” are caused by smoke at bank facility
    Wells Fargo’s online and mobile banking systems are offline and inaccessible to many of the bank’s customers and have been for much of the day so far. A quick review of social media finds thousands of the bank's customers complaining that they cannot get access to their Wells Fargo banking information, use their debit cards, or pay their mortgages.
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  • Built Technologies welcomes two new directors

    Billy Olson and Natalie Myrick expected to deepen company's lending expertise
    Built Technologies, a HousingWire Tech100 winner, recently announced the addition of Billy Olson and Natalie Myrick to its lending team. Built CEO and Co-Founder Chase Gilbert said the pair are critical additions to the team, especially as they strive to better understand the lending perspective.
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