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Is Wells Fargo Selling Bad Loans to...Wells Fargo?

This is quite hilarious!

Wells Fargo is selling bad loans to themselves...how convenient, a loan is worthless, you sell it to yourself, then can hide the loss on the balance sheet. I mean it's not fraud if no one prosecutes you...right?

What kind of story will Wells Fargo make up to get around this one?

What will banks think of next?

Tony Toto

ISA

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Posted by Tony Toto Real Estate Investor Gurnee, IL on 09/18/2009 12:46 PM

Comments (7)

Mortgage Fraud in the ActiveRain Channel

wells fargo, mortgages, fraud

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7 Comments on Is Wells Fargo Selling Bad Loans to...Wells Fargo?

SEP

This is ridiculous -- but i am sure it is happening with more banks than one.

Hi Tony! This kind of looks like VooDoo Accounting doesn't it?

ToulaRosebrock,com

Hi Tony:

This is

Unreal!!!

SEP

Isn't that what they call "Cooking the Books!"

Wells Fargo is crooked all around. Their rates of loan mods and short sales is abysmal. Too bad they walked away with TARP money

SEP

Welcome to the world of banking, and bailouts paid for by Americans!

SEP

Thanks for bringing this to out attention Tony. Of course, some accountant probably got a big raise when he figured this out. Of course we are all paying for those worthless loans in the long run, but it doesn't seem to matter to most now that the economy is out of recession (or is it?). Haven't heard anything about new financial regulations in a long time. Guess everyone forgot about AIG.

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