A Wells Fargo customer who had a mortgage with Wells Fargo shot himself today, after being on the edge of foreclosure of his home.
The Wall Street banks continue to turf out homeowners caught in the deceptive trading that caused the financial meltdown and continue four years later to be thrown out on the street. It is not an isolated case of Banks taking people out of their homes, and throwing them to the wolves without shelter. The case of Norman and Oriane Rousseau in Newbury Park, California, were deceived by the bank in what is called a predatory mortgage.
The US employes Predatory lending practices which is a term for an unfair, deceptive loan and fraud practiced by US banks. The FDIC calls it “an imposition of an abusive loan term on borrowers”. The process is an illegal activity in the US loan and mortgage industry fully needing to be regulated and abolished however it still continues at Wells Fargo. Predatory lending specifically entraps homeowners into an impossible situation while the bank continues in violating the terms of the mortgage agreement.
In the Rousseau case th bank claimed the Rousseau’s never made their payments although Wells Fargo mistakenly applied their payment incorrectly. A banking error that cost Mr. Rousseau his life and an excuse to foreclose on his home and applying additional fees. The Rousseau’s were facing an eviction notice yesterday, but Norman Rousseau killed himself on Sunday. The couple even hired a lawyer that failed to clear up the matter with the predatory bank, and Mrs. Rousseau doesn’t even have the money to bury her husband. If you wish to contribute: contact their attorney Chris Gardas : [email protected]
The Move Your Money Campaign against Wells Fargo began in 2009
NB: Wells Fargo will continue with the eviction of Mrs. Rousseau regardless of the suicide of her husband.
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Alternet : Wells Fargo has Blood on its Hands