Oct. 28 (Bloomberg) — Wells Fargo & Co. has become both a target of U.S. states investigating bank foreclosure practices and an example of how the mess might be cleaned up, as attorneys general from across the country begin to meet with lenders.
Ohio’s attorney general today criticized the bank’s plan to submit supplemental affidavits to courts in about 55,000 foreclosure proceedings after it found some statements “did not strictly adhere to the required procedures.” At the same time, Arizona’s top state lawyer held up Wells Fargo’s Oct. 6 agreement on loan modification procedures as a model remedy for a 50-state foreclosure probe.
“These people think they can play by a different set of rules,” Ohio Attorney General Richard Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
More oopsie!
