The city of Baltimore claims that they have lost tax revenue because Wells Fargo put buyers into subprime loans that should not have qualified for a loan, and that Wells encouraged loan officers, through compensation packages, to give subprime loans to borrowers even if they could get better loans. All of the foreclosures have taken away property tax revenue and Baltimore want to be paid. Two former loan officers have made statements to support that Wells Fargo encouraged this sort of steering clients into subprime loans. I am curious to find out the results of this. If Wells Fargo is found liable for this, what do you think should be the penalty? Comment below.
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Concord, CA Contra Costa County
