Tag Archives: Wells Fargo

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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The $25 Billion AG Foreclosure Settlement Was A Big Dud

The $25 Billion AG Foreclosure Settlement Was A Big Dud

The $25 Billion AG Foreclosure Settlement Was A Big Dud

New Reports Conclude That The Banks Continue To Break The Terms Of The Settlement

Remember several months ago when people made a big deal about the $25 billion AG Bank Settlement for homeowners?

We’re talking about the National Mortgage Settlement, the $25 billion deal agreed upon a year ago between 49 state attorneys general, federal agencies like the Justice Department and the Department of Housing and Urban Development, and the five largest mortgage servicers: Bank of America, JPMorgan Chase, Wells Fargo, Citi and GMAC/Ally Bank.

Many homeowners and the general public had the impression that foreclosed and distressed homeowners would reap the benefits of the settlement. Homeowners would receive checks. The banks would chop away large amounts of principle. Banks would stop robo-signing. And money would grow on trees. As it turns out it may be more likely that money will grow on trees rather than the other items occurring.

What Happened To The Settlement Money?

It takes talent to make $25 billion seemingly disappear away from the homeowners who need it but that appears to be what has happened. One non profit counselor in San Francisco mentioned how the banks apply their principle reduction for the second lien which counts toward their settlement requirements however it does little to help the homeowner. It essence the banks are cherry picking in order to full their obligations.

According to new evidence disclosed by the Center for Investigative Reporting and NBC Bay Area and another recent article the banks continue to break the terms of the settlement without being punished. The story highlights brave county recoding clerks who have examined mortgage documents in their offices and found massive fraud. The story also mention one case of  a mechanical engineer who made a last-ditch effort to save his home, as he delivered a cashier’s check for $27,777.85 to Bank of America, which promptly lost the payment, and foreclosed anyway.

When the AGs made this settlement, they along wit numerous politicians stood up and said how this settlement would stop the abusive practices that have taken place against homeowners. Unfortunately, that doesn’t seem to be the case.

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

Foreclosure Settlement Money Three Months Away

Foreclosure Settlement Money Three Months Away

Foreclosure Settlement Money Three Months Away

Homeowners Will Be Contacted Within The Next Three Months After Monday’s $8.5 Billion Foreclosure-Abuse Settlement

A few days ago, we posted about the $8.5 billion settlement between 10 of the major banks and federal regulators. The money comes as a replacement for the recently scrapped Independent Foreclosure Review.

According to new info, nearly 4 million homeowners will be contacted within the next three months to receive payment. Homeowners who fell into the foreclosure process during 2009 and 2010 may receive payment even if they cannot prove any wrong doing. Eligible homeowners will receive payment even if they did not apply for a foreclosure review.

The settlement agreement states that banks will pay as much as $3.3 billion directly to 3.8 million affected borrowers. The deal also designates $5.2 billion for loan modifications and other assistance to borrowers.

The amounts paid to homeowners will vary between a few hundred dollars and $125,000.The amount of compensation will be determined by the wrong doing by the bank such as being denied a loan modification or being wrongly foreclosed upon.

Who is overseeing this distribution?

The distributions will be overseen by a yet-to-be-determined third-party firm that will be appointed jointly by 10 of the largest banks – including JPMorgan Chase, Bank of America, and Wells Fargo. – and overseen by regulators. Unfortunately, the recent Independent Foreclosure Review had a similar “third party” set-up and had many watchdog groups criticizing the review and process as not being truly independent.

Hopefully this “new and improved” program will actually be transparent and benefit homeowners.

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Mortgage Servicers New $8.5-Billion Settlement

Mortgage Servicers New $8.5-Billion Settlement

Mortgage Servicers New $8.5-Billion Settlement

New $8.5 Billion Settlement Replaces Independent Foreclosure Review

With the quick dismantling of the Independent Foreclosure Review, the ten nation’s largest mortgage sevicers agreed in its place to a new program that authorities say will distribute aid to homeowners “significantly more quickly.”

Maybe homeowners have heard this scenario before. Scrap one federal bank review program in favor of another. This structure of this “new and improved” settlement has ten of the nation’s largest mortgage servicers have agreed to an $8.5-billion settlement.

Some of the familiar banks names took part in the settlement including Bank of America, Wells Fargo, JPMorgan Chase and Citigroup.

The Office of the Comptroller of the Currency and the Federal Reserve announced specifics of the settlement breakdown which state that the mortgage companies will make $3.3 billion in direct payments to “eligible borrowers” whose foreclosures were handled improperly, and will make $5.2 billion available in other assistance to struggling borrowers, such as loan modifications.

Borrowers Can Receive Up To $125,000

Similar to the Independent Foreclosure Review, borrowers could receive as much as $125,000, depending on the type of problems with their foreclosures. Unfortunately, most borrowers did not qualify for payments of that magnitude. We don’t hold much confidence that homeowners will benefit greatly from this settlement.

Many watchdog groups criticized the Independent Foreclosure Review as not being truly independent. With the banks having some input into the review process, some compared it to the fox guarding the henhouse

This new settlement couldn’t be less effective than the Independent Foreclosure Review, so let’s see how this new program benefits homeowners.

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$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

Allocation Of Funds To Be Distributed December 7 and 8

Just in time for the holidays, Wells Fargo will provide $20,000 down-payment grants to help 250 low- and moderate-income families with buying homes in the East Bay as part of a fair-lending settlement.

The program  may seem magnanimous but Wells Fargo’ City LIFT program comes as part of its settlement  with the U.S. Department of Justice that charged the Wells allegedly steered black and Hispanic borrowers into high-cost sub prime mortgages. Wells will provide $50 million nationwide and $5 million here in the East Bay for the down-payment grants. Wells will also dole out another $125 million directly to borrowers believed by the Justice Department to have been adversely impacted.

The down payment allocations will be administered through Unity Council in Oakland. Reservations for the money will be allocated Dec. 7 and 8 during a home-buyer workshop at the Oakland Convention Center Marriott.

The down payment assistance will assist people buying homes in nine of the hardest hit areas of the Bay Area – Antioch, Bay Point, Brentwood, Concord, Pittsburg and Richmond as well as Fremont, Hayward and Oakland.

Buyers Must Not Earn More Than 120 Percent Median Income

To qualify, prospective buyers must not earn more than 120 percent median income (that equates to about 112,000 a year for a family of four) and be able to qualify for a mortgage. Buyers do not need to obtain their loan through Wells Fargo but they do need to take an eight hour educational workshop with HUD approved counselors.

To apply for grants, prospective homeowners should pre-register at http://www.wellsfargo.com/citylift or (866) 802-0456 for the Dec. 7-8 Oakland home-buyer event. Buyers should bring relevant financial information. Although walk-ins will be accepted those with reservations will be given priority.

Pre – Happy Holidays!

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

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Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Many Homeowner Complaints About Bank Practices In Past Six Months

Any distressed homeowners out there notice that the banks have become slightly more “user friendly”? One reason for this would be that today new restrictions on foreclosure practices goes into effect.

The national mortgage settlement that the states (including California) and the “big five” lenders – Bank of America, Wells Fargo, JPMorgan Chase, Citibank and Ally/GMAC bank – includes hundreds of banking and consumer reforms including a ban on “dual tracking.”  Dual tracking occurs when the banks simultaneously work on loan modification while actively continuing the foreclosures process.

In the past six months, the California monitor’s office has received 1,482 complaints and inquiries from California homeowners. According to the settlement, banks had six months to modify their practices to meet the terms of the settlement. Although many of the laws take effect on January 1, 2013, many of the bank practices have already altered their tactics according to the California monitors office.

Full Settlement Laws Take Effect January 1, 2013

At least 130,000 California families found themselves in the foreclosure process when the banks and states agreed on the settlement. So far the program has reviewed 373 cases which have given homeowners assistance or helped them receive a satisfactory response from the bank according to the monitor’s office.

Now homeowners just need to wait patiently for the California Homeowner Bill of Rights bill to kick in January 1.

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

Restrictions On Foreclosure Practices Begin October 3, 2012

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Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

After all of the Labor Day picnics, barbeques and festivities, don’t forget the upcoming San Mateo County Foreclosure Resource Fair this coming Saturday September 8. San Mateo Supervisor Rose Jacobs Gibson with her staff, several affinity groups and many volunteers created this fair that will offer homeowners the opportunity to meet one-on-one with HUD-approved counselors who can discuss foreclosure alternatives.

Those who wish to discuss their situation directly with their lender (Wells Fargo, Bank of America and Chase are expected to have representatives available). Also on the docket will be legal aid attorneys, loan officers to discuss HARP 2.0, and other professionals to assist with questions and options.

The event will also feature several panels and look for Bay Area Resource team members on some of the panels.

The panelists will discuss topics such as the correct way to do a short sale, info about bankruptcy, tax consequences of loan modifications and short sales, as well as numerous other related topics.

To be fully prepared, be sure to bring copies of all necessary mortgage and financial documents to the Foreclosure Resource Fair. Click HERE for a list of DOCUMENTS TO BRING to the Foreclosure Resource Fair.

Saturday, September 8

8:30 am – 1:30 pm Sobrato Center for Nonprofits

350 Twin Dolphin Drive, Redwood City

For any questions about the fair or anything else please feel free to drop a line – info@bayarearesource.com

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

Upcoming San Mateo County Foreclosure Resource Fair This Coming Saturday September 8

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Filed under Banks, California, Events, Foreclosure, Loan Modifications, Mortgages, San Mateo county