Bank of America Corp (BAC), Wells Fargo & Co (WFC): Robo-Signing, ‘Sewer Service’

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The U.S. Census Bureau estimated that approximately 160 million citizens used credit cards last year, and Nerdwallet notes that indebted households chalked up over $15,000 of their overall debt to credit cards. Obviously, this type of problem has the potential to touch many more consumers than did the mortgage fraudclosure scheme.

Banks aren’t doing a very good job of regaining Americans’ trust, and this brewing scandal certainly won’t help. I would include investors in that group, as well, as many might feel increasing discomfort with the notion that some of their bank’s profits are acquired in this manner. I know I would.

The article A New, Slightly Different Robo-Signing Scandal originally appeared on Fool.com.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends American Express Company (NYSE:AXP) and Wells Fargo. The Motley Fool owns shares of Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), and Wells Fargo & Co (NYSE:WFC).

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