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Friday, October 29, 2010

Wells Fargo in the crosshairs

Here is an example of the difference between the State perspective on the fraud committed by the mortgage banks and the federal one. Ohio Attorney General Richard Cordray is clearly not buying the "technical error" line of defense:
"The big mortgage servicers and financial firms continue to demonstrate their belief that they do not need to play by the same rules as everyone else who uses our court system. The suggestion by Wells Fargo and its colleagues at several other national firms that they can cure fraudulent testimony by simply refiling new affidavits and continuing to proceed toward foreclosures shows they do not recognize the seriousness of the problem they have created. There is no simple 'do-over' for false testimony that will be likely to avoid sanctions and penalties imposed by the courts. Their brazen efforts to minimize their financial exposure by sweeping these problems under the rug are an insult to the justice system in this country. These disclosures by Wells Fargo will now become the focus for a new prong of our on-going investigation."
That giant crack in the wall keeps growing....

UPDATE: I'm not generally a fan of politicians, but I find that I LIKE this guy. A lot. He appears to be about as focused as The Terminator. Here's hoping he isn't merely angling for a revenue-enhancing settlement, but actually intends to pursue the fraud to its core.

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