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Thursday, June 14, 2012 9:53 PM

Wells Fargo Closes Business Checking Account of "Mortgage Lender Implode-O-Meter" Citing "Credit Risk"

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I received an email yesterday from Aaron Krowne, founder of the Mortgage Lender Implode-O-Meter site stating that Wells Fargo had closed a business checking account for ML-Implode citing "credit risk".

I asked Krowne if the account had a line of credit and Krowne answered "No".

So, how can an simple checking account with no credit capabilities be considered a "credit risk"? Even if such a thing is possible, one would think Wells Fargo would discuss the situation with ML-Implode.

Well, think again.

Krowne believes the account closing is more likely related to a recent series of articles by ML-Implode blogger Martin Andelman who "pulled no punches in criticizing Wells Fargo over its foreclosure practices." One of those posts was about a man who allegedly committed suicide following a lost mortgage payment.

You can read about the suicide and the rest of Aaron Krowne's story in his post ML-Implode Gets “Wikileaks Treatment” As Wells Fargo Freezes, Closes Business Account

Mike "Mish" Shedlock
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