DEBT RELIEF LAW CENTER
Attorney N. James Turner Can Help
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No American bank has a more storied history than Wells Fargo & Company. Founded in 1852 by Henry Wells and William Fargo, the bank became synonymous with the opening of the American West. After establishing its first office in San Francisco, Wells Fargo soon opened branches in other gold-rush boom towns and mining camps. Wells Fargo has emerged as a national giant, becoming the country’s largest home mortgage lender. In April 2012, Wells Fargo reported strong revenue growth in home loans and corporate loans. Revenue at Wells Fargo rose 6 percent, to $21.64 billion, the highest level in more than two years. Until now, the bank’s revenue had steadily declined for several quarters. In the first quarter of 2011, for instance, the bank’s revenue dipped 5 percent.
Wells Fargo was probably less hurt by the mortgage crisis that unfolded in 2008 than any other major bank, because of its more conservative approach to homeowner lending. Its difficulties in recent years stemmed from the opportunity that crisis afforded, when in October 2008 it wrested the failing Wachovia Corporation from Citigroup. The deal further concentrated Americans’ bank deposits in the hands of three banks: Bank of America, JPMorgan Chase and Wells Fargo.
Wells Fargo in October 2012 reported $4.9 billion in profit for the third quarter, a 22 percent jump largely led by a booming mortgage business. Wells Fargo recorded $21.2 billion in revenue, which surpassed the $19.6 billion figure from a year earlier but was slightly below expectations. The bank’s lending division led the growth, as consumers refinanced their mortgages to take advantage of record low interest rates. Wells Fargo, the nation’s largest mortgage lender, snared $188 billion in home mortgage applications, an 11 percent jump from the third quarter of 2011.
In October 2012, United States prosecutors sued Wells Fargo, accusing it of lying about the quality of the mortgages it handled under a federal housing program. It was the latest in a series of lawsuits related to banks’ lending practices during the housing boom. In a lawsuit filed in Federal District Court in Manhattan, the prosecutors accused Wells Fargo, the country’s largest originator of home loans, of defrauding the government for more than a decade. The bank recklessly issued mortgages and then made false certifications about their condition to the Federal Housing Administration, a government agency that insured them, the complaint said.
Wells Fargo Corporation (Wells Fargo) is a bank and financial holding company. Wells Fargo is a financial institution, serving individual consumers, small and middle market businesses, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and services. It is headquartered in Charlotte, North Carolina.
Are you being sued or harassed by Wells Fargo?
If you are being sued by Wells Fargo, or are suffering debt collection abuse or harassment at the hands of Wells Fargo, contact me at (888) 877-5103 for a free consultation.
STARTED SINCE 1990
Orlando Consumer Rights Lawyer - providing aggressive and affordable professional services to consumers who have been victims of debt collection harassment by debt collectors and Credit Repair, to residents in Orlando, Kissimmee, and throughout the Central Florida Area.