Too Big To Jail: Another Bailed-Out Bank Accused of Fraud

Matt Taibbi writes:….”Wells Fargo is being sued by the State for vast fraud in the mortgage markets. The U.S. Attorney in the Southern District of New York, Preet Bharara, yesterday brought a case against WF seeking "hundreds of millions of dollars" in damages for what it says is a decade of fraudulent behavior, in which WF wrongfully certified more than 100,000 mortgages as being eligible for federal mortgage insurance. Basically, Wells Fargo screwed the FHA and HUD by mass-approving loans without regard for whether they were defective or not........ “When Wells Fargo discovered problems with the loans, it failed to notify HUD, which administers the FHA program, as required, the suit said. The action alleges more than 10 years of misconduct…..... Read all about it at http://www.rollingstone.com/politics/blogs/taibblog/u-s-sues-wells-fargo-yet-another-bailed-out-bank-accused-of-fraud-20121010