Wells Fargo is facing charging for defrauding the government by issuing mortgage modifications without having proper qualifying criteria and using FHA Money to fund these loans. Wells Fargo has also mislead people into seeking a loan modification when they should have instead offered conventional refinance options. For instance on numerous occasions individuals were told by Wells Fargo employees to miss a loan payment in order to qualify for a modification, then sent a foreclosure letter followed by late fees and derogatory account info reported to the credit bureaus. Wells Fargo never advises about implications such as severe damage to credit report and contends. Where's consumer protection in that?
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