A former Wells Fargo banker has filed a lawsuit against the banking giant, accusing it of firing him in retaliation for standing up against an alleged practice of defrauding borrowers by blaming them for delays in processing mortgage applications that were the bank’s fault, then hitting them with the resulting fees. According to the Los Angeles Times, Mauricio Alaniz, a former banker at a Wells Fargo Beverly Hills unit, alleges in his federal lawsuit that the bank’s mortgage-processing and underwriting division was understaffed, resulting in chronic delays that weren’t the borrowers’ fault. Borrowers applying for mortgages are typically locked into ... Read More
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