Posted To: Pipeline Press

Yes, the change in FICO scores garnered some attention, but much of the focus is on Wells Fargo which just can’t stay out of the spotlight… for all the wrong reasons. Ten days ago we learned that the Bank had $2.9 billion of income in the fourth quarter in 2019 (and $60 billion of residential origination) but income didn’t meet expectations and the stock sank. Yesterday came news that ex-Wells Fargo leaders are personally facing $59 million in fines. Former CEO John Stumpf agreed to pay a $17.5-million penalty and is banned from the industry . Carrie Tolstedt, who led Wells Fargo’s community bank for a decade, faces a $25-million penalty that the Office of the Comptroller of the Currency said could climb higher. The news wasn’t a surprise, but analysts were quick…(read more)

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Source: Mortgage News Daily