FairShake.com
A class-action lawsuit filed against Wells Fargo argued that they sent more than 200,000 mortgage borrowers into forbearance during the pandemic unlawfully and without their consent. Wells Fargo agreed to pay $94 Million in order to settle the lawsuit. This decision by Wells Fargo damaged borrowers’ credit scores, making it more difficult for them to refinance their mortgages when rates were at their lowest levels in history and violated the CARES Act. Wells Fargo has denied any wrongdoing and said its underwriting practices are consistently applied regardless of the customer.