Target: United States Justice Department
Goal: Support the federal government’s stand against unethical banking practices
The U.S. government has sued Wells Fargo, the largest mortgage lender and one of the biggest banks in the United States, for misrepresenting the quality of loans it gives out in order to receive federally backed insurance. The Federal Housing Administration paid the bank millions of dollars on defaulted loans, many of which the government claims were not actually eligible for the FHA insurance.
Even more astounding is that Wells Fargo actually gave monetary incentives to employees who approved the most loans, regardless of whether or not the recipient would be likely to default. This case against Wells Fargo marks the fifth lawsuit brought on by the federal government against banks for unethical mortgage practices.
Banks cannot keep preying on consumers and lying to the government in order to receive federal aid. These kinds of practices contributed to the major financial downturn in 2008 and cannot continue to take place if our nation ever wants to make strides financially.
Please sign the petition below to support the U.S. government taking a stand against banks that practice unethical loaning. By lending your voice, you are taking a stand against the banks that lie and take advantage of the American people, and are interested only in making money by whatever means possible. Support the U.S. government in its mission to hold this bank accountable to the law and its customers.
Dear U.S. Attorney Preet Bharara and the U.S. Justice Department,
Thank you for taking a stand against unethical banking practices. Wells Fargo, and banks like it, should not be allowed to continue taking advantages of its customers and defrauding federal institutions set in place to protect the consumer.
These same practices led us to the financial crisis of 2008, and as a country, we are still feeling the damage. I, and many others, support your and your department’s decision to go after these institutions that harm the overall well-being of the American people.
Please know that the American people stand-by your actions and wish to see this bank and other institutions like it brought to justice.
[Your Name Here]
Photo Credit: dbking via Flickr