Wells Fargo & Company is not as far above the ForeclosureGate fray as the lender would have you believe. While the bank has no intention of suspending foreclosures and remains adamant that it has “designed an appropriate process for the generation of foreclosure affidavits,” nevertheless, the lender will be submitting 55,000 supplemental affidavits on currently pending foreclosures and request extensions on those foreclosures in cases where it cannot get the paperwork in on time[1]. While the company insists that this move is simply made “out of an abundance of caution” and attributes the supplemental affidavits to the fact that “a final step in its processes related to the execution of the foreclosure affidavits…did not strictly adhere to the required procedures,” some attorneys general are still calling foul and have added the lender to their list of targets in ongoing foreclosure probes and investigations. The lender insists that any problems exist solely within the final review of the affidavit and notarization process, and do not impact the “quality of the customer and loan data.” The company does not believe that “any of these instances led to foreclosures which should not otherwise have occurred.
Ohio AG Richard Cordray, who has already filed a lawsuit against GMAC/Ally for issuing false affidavits, does not believe that Wells Fargo is taking the issue of potentially “fraudulent testimony” in its foreclosure cases seriously enough. “There is no simple ‘do-over’ for false testimony,” he said in a statement, calling the lender’s efforts to “minimize their financial exposure by sweeping these problems under the rug” both “brazen” and “an insult to the justice system in this country”[2]. Cordray has ordered that Wells Fargo become the focus of a “new prong in our on-going investigation.”
According to Wells Fargo Home Mortgage co-president Mike Heid, the company is simply behaving as any other lender would when all options have been exhausted. He reported that borrowers who completed the foreclosure process in September 2010 were an average of 16 months delinquent, and emphasized that while foreclosure is a “last resort” for Wells Fargo, “when all options have been exhausted, we believe foreclosures should not be delayed.”
Do you think that Wells Fargo needs its own foreclosure moratorium, or is it doing enough to deal with potential problems in its system without?
Thank you for reading! Your comments and questions are welcomed below
[1]http://nationalmortgageprofessional.com/news21483/wells-fargo-comments-foreclosure-affidavits-and-mortgage-securitizations
[2]http://nationalmortgageprofessional.com/news21497/ohio-ag-cordray-reacts-wells-fargos-plan-refile-affidavits-55000-foreclosures
Foreclosure Frauds, Wells Fargo-the Fox in Charge, and Victimization
“Wells Fargo’s announcement about refiling 55k foreclosures is probably because covering up wrongful foreclosures is no longer effective. Wells Fargo can’t trusted to fix its foreclosure wrongdoings, no more than an addict can be trusted to self-reform. . .
“Mortgage lenders are not required to know laws – attorneys are! The attorneys made severe errors – sometimes intentionally, since errors help keep the billable tab going, and commit the very frauds that provide basis, defenses, and reasons to attempt negotiating mortgage . .
Wells Fargo intentionally and wrongfully foreclosed home. I have proof.
Letter to Wells Fargo Spokeswpman Vickee Adams,
Dear Ms. Vickee Adams,
In your recent Wells Fargo’s press release, you declared that “”Our records show that Wells Fargo’s foreclosure affidavits are accurate, When the company finds employees that don’t follow procedure, it takes “corrective action.”
That’s a lie. I can say for a fact that Wells Fargo made us fraudulent mortgage loan and foreclosed my home based on hugely inflated and fraudulent appraisal and refused to correct its mortgage fraud.
Wells Fargo teamed up with its attorneys and spent last 4 years in Nevada courts defending its appraisal and mortgage fraud.
Wells Fargo and its attorneys knew it’s Category C Felony to make mortgage loan based on fraudulent appraisal.
Wells Fargo and its attorneys knew it’s Category C Felony to foreclose home based on fraudulent appraisal.
Wells Fargo chose to violate the law and chose to defraud us.
Hold Wells Fargo Accountable! Save American Dream! Restore banking integrity.