Spokesman Alfredo Padillo said Thursday that the San Francisco-based bank is cutting jobs in the mortgage department because fewer people than it expected are refinancing their mortgages. The jobs are in locations across the country.
A financial advisor who formerly worked for Morgan Stanley & Co. and then Wells Fargo Advisors has admitted in federal court in San Francisco to forging an elderly widow’s name to $1.8 million worth of checks, prosecutors announced Tuesday.
A federal judge in San Francisco sided with the City of Richmond in its effort to take over mortgages from hundreds of struggling homeowners by denying a request from banks for a preliminary injunction because it’s too premature to decide.
The Richmond City Council voted 4 to 3 early Wednesday morning to continue pursuing the controversial plan, which could use the city’s power of eminent domain to force bondholders to sell underwater loans.
The Richmond City Council Tuesday evening will consider scrapping the city’s controversial plan to buy struggling homeowners’ underwater mortgages.
Wells Fargo is laying off workers from its mortgage unit, the latest sign that the mortgage refinancing boom has cooled.
The mayor of a financially struggling East Bay city and several supporters showed up unannounced Thursday at Wells Fargo Bank’s headquarters to demand it drop a lawsuit fighting a novel plan to refinance hundreds of “underwater” mortgages.
Two banks are suing the city of Richmond over its plan to invoke eminent domain to help struggling homeowners refinance into new mortgages in line with their homes’ current value.
A Wells Fargo bank in Burlingame was robbed Saturday afternoon. The suspect is described as a white male, approximately 35 to 45 years old, standing 6 feet tall and weighing 175 pounds.
Lower expenses and fewer bad loans helped lift Wells Fargo’s second-quarter profit by 20 percent, the company reported Friday.