On March 22, Mr. Brozzetti sent aletter to the bank requesting an exemption from the increase "due to the substantial burden" he expects the higher rate would have on his business.
They also quoted aletterfrom FSA chief Lord Turner saying the bank had left an impression with the regulator that "Barclays has a tendency continually to seek advantage from complex structures or favourable regulatory interpretations".
It is not easy to explain to a single mother who recently lost her job, or a veteran returning from serving our country, why their bank is sending them aletter offering to modify their loan one day and threatening them with eviction the next.
On Tuesday, after the Wall Street Journal contacted Wells Fargo, Mr. Brozzetti received a call from the bank, acknowledging his letter and offering to exempt him from the increase.