Tag Archives: banks

Wells Fargo Accused Of Fabricating Foreclosure Documents

Wells Fargo Accused Of Fabricating Foreclosure Documents

Wells Fargo Accused Of Fabricating Foreclosure Documents

Will Someone Go To Jail This Time?

With foreclosures not exactly making front page news anymore, a recent internal report states the Justice Department massively overstated its successes in targeting mortgage fraud while in fact ranking it as a low priority for investigation. Sound familiar? Our government overstating successes?

And talk about mortgage fraud, this report comes at a time when a recently revealed internal Wells Fargo document appears to guide lawyers step by step on how to fabricate missing documents to foreclose on homeowners. Wasn’t it bad enough to falsify signatures with robosigning? Imagine a bank creating missing documents in order to foreclose on homeowners.

The Justice Department’s inspector general says despite playing a key role in the nation’s financial crisis, mortgage fraud was deemed either a low priority or not a priority at all.

Sounds Like An Inside Job

This attitude seems eerily familiar to what documentary filmmakers Charles Ferguson highlighted in the Academy Award winning documentary Inside Job. He spotlighted how during and after the serious mortgage scandal and meltdown that no one lending executive has gone to jail.

Now with this recent Wells Fargo scandal we shall see is that fact remains true.

For those who wish to read the whole report and transcript then click on the link –

http://www.democracynow.org/2014/3/21/as_wells_fargo_is_accused_of

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Filed under Banks, Foreclosure

Money For Underwater Homeowners Languishing In Bank Accounts – TV Interview

Keith Rockmael of Bay Area Resource

Keith Rockmael of Bay Area Resource

Tom Vacar, KTVU/Fox 2’s Consumer Editor, interviewed Keith Rockmael one one of the Bay Area Resource coalition members.

See link for video which aired yesterday on the 5 o’clock news here in the San Francisco Bay Area.

http://m.ktvu.com/videos/news/berkeley-money-for-underwater-homeowners/vCG4Qm/

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October 30, 2013 · 7:43 pm

CA Homeowners Have More Power Against Banks Thanks To Homeowner Bill Of Rights

CA Homeowners Have More Power Against Banks Thanks To Homeowners Bill Of Rights

CA Homeowners Have More Power Against Banks Thanks To Homeowners Bill Of Rights

Homeowner Take On Banks In Court For Dual Tracking And Foreclosing

When the California Homeowner Bill of Rights came into effect in January of this year, many advocates cheered, and of course the banks were not so pleased. Even though the law took effect few people saw any immediate effects. We heard from several non-profit counselors and homeowners that banks continued to dual track homeowners, offer multiple points of contact and break the terms of the law.

The California Homeowner Bill of Rights offers protection for the homeowners but what options do homeowners have if the banks don’t comply? Take it to the courts. In the past, homeowners didn’t have many options if banks dual tracked then foreclosed. Even if you could find an attorney to take the case, many judges would throw the case out. One of our attorney colleagues mentioned recently that in the past Contra Costa judges had been particularly reticent to halt foreclosures or entertain dual tracking cases but with the new law things have changed.

One story (see link) tells the story of a San Luis Obispo County couple who came out victorious in a million-dollar-plus settlement against OneWest Bank, IndyMac Mortgage Services, U.S. Bank and GSR Loan Mortgage Trust after the servicer foreclosed on their home and a rental property while the couple negotiated a loan settlement with the servicer. People often refer to this practice as “dual tracking”.

Attorney Specializing in CA Homeowner Bill of Rights Will Speak at the San Francisco Housing Expo

This case and a few others will now doubt offer homeowners a better opportunity to take on the banks for wrongdoings as part of the Homeowner Bill of Rights.

One attorney specializing in the California Homeowner Bill of Rights will be speaking at the San Francisco Housing Expo October 26.

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Filed under Banks, California, Events, Foreclosure, Loan Modifications, San Francisco

2013 San Francisco Housing Expo Coming In October

housing sf flyer-1For anyone out there who thinks:

A: It’s impossible to buy a home in San Francisco unless you work at Google or Facebook or

B: That foreclosures and foreclosure prevention does not exist anymore in San Francisco,

might consider attending the HomeownershipSF FREE RESOURCE FAIR FOR CURRENT AND FUTURE HOME BUYERS

For those wishing to purchase a home in San Francisco we have listed a number of items that will be included in the free event

Find out about down-payment assistance programs

Tour available Below Market Rate (BMR) properties

Learn about special products and services for Veterans, persons with disabilities, and Union members

For CURRENT HOMEOWNERS who may be having difficulty dealing with their servicer, making mortgage payments, trying to save their home or finding out of the box solutions may wish to attend as well.

The expo will include:

Negotiate directly with servicers to modify your home loan

Meet with a certified Keep Your Home CA counselor

Find out about grants and low interest loans for needed home repairs

Connect with resources to support your financial well being

Those wishing info before the event can feel free to contact us for assistance and information.

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Filed under Banks, California, Events, Foreclosure, Loan Modifications, Mortgages, pre-foreclosure, San Francisco

Have You Had Bad Experiences With Any Of These Loan Servicers?

Have You Had Bad Experieneces With This List Of Loan Servicers?

Have You Had Bad Experiences With This List Of Loan Servicers?

Have you had any bad experiences with one or more of these loan servicers?

  • Sun Trust
  • HSBC
  • Litton (owned by Goldman Sachs)
  • Saxon (owned by Morgan Stanley)
  • GMAC
  • EMC (owned by JP Morgan Chase)

If you have had bad experiences with one or more of the servicers listed above, please let us know which servicer, how many cases you have had, and what the issues are. There may be an opportunity to communicate concerns directly with federal examiners who are examining bank compliance with foreclosure laws and rules.

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HOW TO KEEP AUCTION.com out of your Short Sale

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August 8, 2013 · 4:20 pm

Richmond May Use Eminent Domain To Help Upside Down Homeowners

Richmond May Use Eminent Domain To Help Underwater Homeowners

Richmond May Use Eminent Domain To Help Upside Down Homeowners

Richmond Seeking Proactive Solution For Distressed Homeowners

Anyone in the San Francisco Bay Area who thinks that the real estate crises and underwater homes are “so 2012” might consider a trip over to nearby Richmond. Just across the Bay, Richmond city officials have taken a serious step toward actually using the eminent domain tactic to rescue underwater homeowners from their distressed homes.

While homeowners in San Francisco, San Mateo and many other nearby cities enjoy healthy appreciation in their homes, Richmond residents continue to struggle with options to fix their situations.

This week the city of Richmond sent letters to 32 banks and other mortgage holders offering to buy 624 underwater mortgages at discounts to their homes’ current value. If the banks fail to cooperate with the city, then Richmond may use what some cities have threatened in the past, to use their power of eminent domain to condemn the mortgages, and seize them using court determined fair market value.

Them the city would assist homeowners to refinance info the mortgages in line with their current value.

Richmond’s goal is to help stabilize the community by eliminating the numerous distressed homes that remain.

Of course the banks and Wall Street investors don’t think highly of this idea. They claim that the tactic is unconstitutional and if the city does move forward you can bet your mortgage that lawsuits will be flying around the city of Richmond.

Richmond Underwater Homes By The Numbers

624 Loans Richmond has made offers on

444 Loans current on payments

180 Loans delinquent on payments

32 Servicers for those loans

$241.98 million Total face value of those 624 mortgages

$177.16 million Total current market value of the 624 homes

$68.82 million Negative equity in the homes

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Filed under Banks, California, Mortgages