From Elizabeth Warren facebook:

Elizabeth Warren

I was on a plane recently, waiting to get off when the guy in the row in front of me turned around and said, “You look a lot like Elizabeth Warren.” (I get that a lot.) He laughed when I told him I was, and he said he was a big fan (always nice to hear). But then he paused and said he didn’t think that I should be so angry with the big banks. I told him: “The truth is, I AM angry.” And then, because I’d just read it, I added: “And if you read David Dayen’s new book, you will be too.”

Chain of Title is a careful documentation of the mortgage fraud at the heart of the 2008 financial crisis, and the story of how three people fought back. If you’re looking for a…

Wells Fargo & Co.’s board was accused of breaching its duty to investors in a lawsuit that also names Carrie Tolstedt, the executive whose community banking unit created unauthorized customer accounts to reap extra fees.

The suit adds to the mounting pressure on Wells Fargo and Chief Executive Officer John Stumpf since the bank agreed Sept. 8 to pay $185 million in fines and penalties to resolve regulators’ allegations it created more than 2 million deposit and credit-card accounts without customers’ authorization. Analysts and congressional leaders have called for the bank to claw back Tolstedt’s compensation and for Stumpf to resign.

Board members’ refusal to scale back Tolstedt’s retirement benefits is “a breach of their fiduciary duties to shareholders,” according to the complaint, which may be the first such investor case. The suit, in which Stumpf is a defendant along with Tolstedt and the board, asks a San Francisco state…

NEP’s Bill Black appears on The Real News Network and explains why criminal prosecutions of executives time after time are not happening. The video is below and if you would like to view with a transcript, click here.

CNN Money:

Now CNNMoney is hearing from former Wells Fargo (WFC) workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired.

“They ruined my life,” Bill Bado, a former Wells Fargo banker in Pennsylvania, told CNNMoney.

Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.

Eight days after that email, a copy of which CNNMoney obtained, Bado was terminated. The stated reason? Tardiness.

Rebuild trust??? Stumpf wouldn’t know the word “trust” if it bit him in the butt. Will he give back all of the customers’ monies that they screwed,  will restore all screwed customers’ credit report, will he and all board members give back all of the stock and bonuses that they profitted for 5 years and will Stumpf and the entire board get clawback of their salaries??? Sorry Stumpf, don’t want to hear your sob story. Yer just got caught!

From Wells Fargo press release:

The Re-REMIC Gimmick at JPMorgan Chase

see http://www.nationalmortgagenews.com/news/secondary/jpmorgan-revives-the-re-remic-cmbs-style-1087036-1.html

Brian Kennedy was surprised when he logged onto the Wells Fargo website to pay his mortgage and discovered he had a checking account he never asked for.

And it had a negative balance of $60 for two months of fees and penalties.

Kennedy went to his local Wells Fargo branch to complain, and the account was promptly closed. But the bank charged him a $1 fee for the privilege. He reached into his pocket and handed the bank officer a dollar bill to close the account he never wanted.

“It really pissed me off,” said Kennedy, a retiree in Westminster, Maryland. “They expect people to not be paying attention and hope you don’t notice. I’ve got a high credit score and I want to keep it that way. As soon as rates drop enough I’m going to refinance out of their mortgage.”

Wells Fargo (WFC) has agreed to

Charlotte Observer:

Julie Miller was working in Pennsylvania for Wachovia when Wells Fargo took over the Charlotte bank in 2008 and began changing more than the name on its branches.

Miller said she watched with dismay as Wells Fargo increased her branch’s sales goals and lowered bonuses for meeting the new targets. The changes took place around 2011, when her branch converted to the Wells Fargo name, she said.

“It became a living nightmare,” said Miller, 52, who no longer works for Wells Fargo. “They almost doubled our goals and decreased our incentive pay. It drove me to drink.”

Miller said her health began deteriorating as she tried to meet daily requirements that her branch sell 42 products, like mortgages and lines of credit, and open seven checking accounts.

That’s when she also started noticing Wells Fargo customers complaining they were being signed up for products they never asked for.