Wells Fargo Accused Of Deception In Loan Modifications

Law360, New York (December 23, 2011, 4:14 PM EST) -- Wells Fargo Bank N.A. was hit with a proposed class action Wednesday accusing the bank of bilking homeowners out of millions of dollars by falsely promising to modify problem mortgages and then foreclosing on properties anyway.

Missouri couple Vicki and Richard Sutcliffe filed a complaint in the U.S. District Court of the Northern District of California alleging Wells Fargo and its affiliates promised modifications to mortgage holders facing foreclosure — knowing they would be outright denied or given terms similar enough to the original loan “as...
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