Big banks hold great sway in Washington these days, far more than troubled homeowners do. But outside the Beltway, many people remain caught in the maw of the financial giants, which is why it is heartening when some judges step into the fray.
Consider two opinions involving Wells Fargo, a bank that enjoys a somewhat better reputation than many of its peers. On Monday, a judge in a state court in Missouri ordered Wells to pay over $3 million in punitive damages and other costs for abusing a borrower. Then, on Thursday, a judge in Federal Bankruptcy Court in suburban New York ruled on behalf of another borrower, concluding that there was substantial evidence Wells Fargo forged documents when it foreclosed on a property. Continue reading →
[Editors’ note: Please do not read this if you are a junior banker at Goldman Sachs.]
Sit back and enjoy eating your children’s Halloween candy. Looking ahead to next week, we face possible settlements for JPMorgan Chase and Steven Cohen’s hedge fund as well as Twitter’s initial public offering. Continue reading →