Posted by John Schenk on 9/10/09 11:51pm
Msg #303491
New Class Action Accuses Wells Fargo of Home Loan Fraud
A new class action filed today challenges Wells Fargo Banks mass suspension of HELOC accounts and credit limit reductions.
According to the lawsuit, which comes on the heels of another class action filed recently in Illinois, claims Wells Fargo fraudulently froze millions of dollars in home loans by falsely claiming that its customers finances had materially changed.
The suit further alleges that Wells Fargo suspended accounts based on disputed derogatory items on its borrowers credit reports in violation of the Truth in Lending Act.
The suit is filed on behalf of Marika Hamilton, of Fort Wayne, Ind. who claims that Wells Fargo pulled her credit report only to turn around and suspend her HELOC account due to a supposed derogatory credit item.
In reality, Ms. Hamilton, who owns and runs her own small business, enjoys a stellar credit history. To make matters worse, the lone derogatory item Wells Fargo used to support its suspension of her account a $25 late charge that she vigorously disputed was actually caused by Wells Fargo in the first place.
To download a copy of the lawsuit:
http://www.prnewschannel.com/pdf/Marika_Hamilton_v_Wells_Fargo_Complaint.pdf
THIS POST FROM http://www.lawcash.com/class-actions/wells-fargo-lawsuit/5562
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