This “Too Big to Fail” Bank Is Going Down
By Shah Gilani
Mar 17th, 2014
Last week I told you about “The Coming Curse of Zombie Foreclosures.”
I described how folks – who thought they were foreclosed on – are suddenly finding out they are actually still on the hook for mortgage payments, taxes, and all kinds of maintenance on abandoned homes.
What I didn’t tell you is that the nation’s largest mortgage-issuing bank – and the most profitable bank in 2013 – may have been bitten itself by the very zombie foreclosures it breeds.
And now it could be a dead bank walking.
The bank I’m talking about is Wells Fargo.
The New York Post’s Catherine Curan dropped that bombshell last Wednesday when she was the first to report that bankruptcy attorney Linda Tirelli had unearthed a Wells Fargo “how-to” document that instructs bank attorneys essentially how to commit fraud.