WELLS FARGO USURY EXAMINES DANGERS OF TO BIG TOO FAIL BANKS Why Tax Deductible Fines Fail To Stop Fraud Money Laundering And Deception In Banking Business

“Wells Fargo Usury” was created on September 1, 2013 by the Maverick Artist Victor-Hugo Vaca II. Wall Street banks made billions on securitized subprime mortgages. When the bubble burst 99% of the world population was negatively impacted by the ripple effects. The main culprits have escaped punishment, not one top executive-level banker has been personally punished or lost their job. Tax deductible fines are levied against banks for criminal acts, not prosecutions. The lesson learned is, crime pays for the 1%.

VOODOO ECONOMICS

While lame stream media distracts people by feeding them bread and circus, disguised as news and information, banks labeled, “too-big-to-fail”, are stealing money from customers with impunity, because they can.

Banks steal billions of dollars but only pay millions in fines that are usually tax deductible. So the lesson learned is: crime pays, if you are a corporate entity protected by a corrupt, “pay for play”, government.

BANKS ARE ABOVE THE LAW: TOO-BIG-TO FAIL MEANS TOO-BIG-TO-JAIL AND THAT TRANSLATES INTO FISCAL ANARCHY THAT ENABLES ECONOMIC TERRORISM.

Wells Fargo, the largest mortgage lender in the United States, admitted to deceiving the U.S. government into insuring thousands of risky mortgages and agreed to pay $1.2 billion to put to rest claims that it engaged in reckless lending under a Federal Housing Administration program that left a taxpayer subsidized, government insurance fund to clean up the mess.

Wells Fargo engaged in a reckless trifecta of poor training, deficient loan underwriting and poor disclosure in the government-backed loan program.

ECONOMIC TERRORISM DEFINED IN MODERN-ART-GONZO-JOURNALISM.

Wells Fargo was fined $3.6 million because the bank acted illegally by charging on-time payers with late fees, failed to inform borrowers of steps they could take to minimize fees and left credit report errors uncorrected, which resulted in some misled student loan borrowers paying unnecessary fees.

“Wells Fargo hit borrowers with illegal fees and deprived others of critical information needed to effectively manage their student loan accounts. Consumers should be able to rely on their servicer to process and credit payments correctly and to provide accurate and timely information.”- Richard Cordray, Director Of Consumer Financial Protection Bureau.

CONTEMPORARY ART MEME

The Consumer Financial Protection Bureau assessed nearly $36 million in penalties against Wells Fargo for the banks’ role in a “mortgage kickback” scheme. The financial regulator charged Wells Fargo bank employees with entering into an illegal arrangement with a now-defunct Maryland mortgage title company, under which the title company gave cash, marketing materials and consumer information in exchange for bank business. The CFPB determined in its investigation that more than 100 Wells Fargo loan officers in Maryland and Virginia entered into the illegal arrangement,

“These banks allowed their loan officers to focus on their own illegal financial gain rather than on treating consumers fairly.” – Richard Cordray, Consumer Financial Protection Bureau Director.

CONTEMPORARY ART MEME

Wells Fargo was fined $81.6 million for failing to provide  bankrupt homeowners with legally required notices of mortgage payment increases which denied homeowners the opportunity to challenge the accuracy of mortgage payment increases. By failing to properly notify homeowners, Wells Fargo violated federal bankruptcy rules that took effect in December 2011 that imposed more detailed disclosure requirements to ensure proper accounting of fees and charges on homeowners in bankruptcy.

CONTEMPORARY ART MEME

Wells Fargo, agreed to pay $85 million to settle charges that it falsified loan documents of its borrowers and pushed borrowers into higher interest subprime mortgages even though they qualified for a mortgage with lower interest rates. Over 10,000 borrowers were steered into more expensive subprime mortgages with higher interest rates or had their loan paperwork falsified by Wells Fargo personnel. Wells Fargo personnel were driven to the fraudulent activity in order to meet their company goals required for consideration to receive bonuses.

CONTEMPORARY ART MEME

Wells Fargo agreed to pay a $70 million penalty to settle legal claims over improper activity including the robo-signing of foreclosure documents, faulty payment-change notices filed in bankruptcy courts and faulty escrow calculations. Wells Fargo employees acted as robo-signers to speed up the foreclosure process with falsified or inadequate underlying documentation.

CONTEMPORARY ART MEME

“One would assume the most valuable tool for an artist is in his hands, in reality, however, it is the mind of the artist which serves to create.”-  Maverick Artist Victor-Hugo Vaca II