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Summary Of Don T Like Your Mortgage Servicer By Wells Fargo

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The article in the New York Times, “Don't Like Your Mortgage Servicer? Good Luck Trying to Switch” by Lieber R, discusses the banking system and more specifically, the mortgage servicer aspect. The article begins to talk about the “sins that Wells Fargo committed against consumers” (Para 1). Wells Fargo has charged customers with unnecessary auto insurance to increase the loan that’s borrowed. There have also been unauthorized changes to customers mortgages. Also, Wells Fargo employees has also created fake accounts “numbering in seven figures” (Para 2). The article then talks about the difficulties and frustration of getting out of a mortgage with Wells Fargo if you have an existing mortgage. Furthermore, It then talks about the effects …show more content…

During Great Depression when the banks failed people stop believing in the banking system. The banking system of Wells Fargo has failed on its customer by lying and charging them with unnecessary auto insurance load, mortgage fees, and making fake accounts under their customers. For those who don’t have any type of loans with Wells Fargo has left and moved to other banks, but those who have mortgagees and loans with Wells Fargo can’t just leave the bank without paying the loans off. Even trying to refinance would just add more charges. Not just the Wells Fargo’s customers are worry about the money and their accounts, but this also open eyes of many others who bank with different branches. Once again people are worried about putting their money in Banks. Wells Forgo banking system might even fail, because of customers trust has been lost. People want to take their money out and put it safer places or just bank with different banks. This would cause the many customer of Well Forge to take their money out causing a shortage of money. Well Forge might not even be able to afford to give back their customers the money. Wells Fargo is the largest leaders the country. If people give up on them they might be in a big trouble. This could lead them to go out of business no customers equal no money. Banks need money from their customer so they could use that money to give out loans and use it as investment for the bank

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