Wells Fargo (WFC) Enters Amended Consent Order with OCC, Issues Statement

I lifted this copy from StreetInsider.com

Wells Fargo (NYSE: WFC) has entered into an Amended Consent Order with the Office of the Comptroller of the Currency (OCC) regarding compliance with an April 2011 Consent Order.

“Wells Fargo has implemented significant changes to our mortgage servicing operations and achieved compliance with major elements of the original Consent Order,” said Mike Heid, president of Wells Fargo Home Mortgage. “We will continue to work with the OCC to address the remaining items, and we have in place an action plan to complete that work in the coming months.

“The Amended Consent Order will not impact our retail or correspondent origination activities, or our ability to service mortgage loans originated through those channels,” added Heid.

Overall, Wells Fargo is in compliance with 83 of the 98 items detailed in the April 2011 Consent Order and in full compliance with Articles V, VI, VII and X. Those Articles cover third-party management, MERS-related matters, the Independent Foreclosure Reviews and risk assessment practices. In addition, the company is in compliance with the vast majority of the remaining Articles.

Comment:  I know the news came out a couple days ago, but I’ve been to busy to post or even read any of this crap put out by ANY of the 4 sides reporting and spinning this story.  I’m going to sum it up for every body, okay? Readers Digest version.  So, let’s see, they’ve complied with 83 of the 98 items (THAT’S 98 ACTIVITIES THAT CONSTITUED OPERATIONAL AND INSTITUTIONALIZED LAW BREAKING).  The fifteen remaining things must be the ones that  I’ve encountered since the 2011 wrist slap:  1) forging assignments of mortgage before, during, or after foreclosure  2) forging notes before, during, and after foreclosure 3) bankruptcy fraud and, of course, 4) perjury 5) filing false documents in the public record 6) abuse of legal process 7) RICO 8)wire fraud 8) mail fraud 9) fraud on the market 10) continued predatory mortgage servicing 11) repleving violations 12) bribery and extortion 13)unauthorized practive of law 14) FDCPA violations 15)REMIC Tax Fraud


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