Wells Fargo National Bank, the fourth largest bank in the United States, is facing multiple multibillion dollar class action lawsuits for what could be the largest mortgage fraud scheme in American history.
A widespread pattern of deception and fraud has been noted by this writer, http://www.examiner.com/x-33820-Long-Island-Libertarian-Examiner~y2010m1d8-Obamas-mortgage-modification-fraud and in other places. It is alleged that Wells Fargo utilizes "switch-and-bait" and other deceptive lending practices in its mortgage modification unit. In the process of telling customers to take a temporary lower mortgage payment, Wells Fargo collects billions of dollars in stimulus money and then turns around and unilaterally increases the rates. It is further alleged that Wells Fargo misled customers and told them that modification would not effect their credit and, in reality, Wells Fargo destroys the homeowners credit by reporting them as delinquent even though all payments were made.
Wells Fargo and other banks are collecting billions of dollars from the Federal Government for the modification program but they are not helping many homeowners. "More than 650,000 borrowers have been placed in trial modifications, but as of September, fewer than 2,000 had become permanent." http://www.time.com/time/business/article/0,8599,1945176,00.html Wells Fargo does not even notify borrowers that they have a trial period and use any excuse to increase the rate for any reason at any time.
Customers have complained that Wells Fargo is committing fraud against the Federal Government, its customers, and has violated RICO, TILA and the Fair Debt and Collections Act. Wells Fargo has been put on notice that a multibillion dollar lawsuit is pending and that it faces criminal investigations. Dozens of faxes and calls to Wells Fargo for comment were not returned.
This class action lawsuit could make Wells Fargo the next AIG or Bear Stearns.
TO FILE A COMPLAINT
AGAINST WELLS FARGO
GO TO THE
OFFICE OF THE
COMPTROLLER OF THE CURRENCY:
http://www.helpwithmybank.gov/complaints/index.html
http://www.helpwithmybank.gov/complaints/index.html
Class action lawsuits will be filed in each state; first up:
In addition to filing a complaint with OCC and class action lawsuit; you can file a lawsuit on your own.
This is happenning to over 100,000 homeowners - this is intentional and it is criminal.
Authors Note:
TO FILE A COMPLAINT AGAINST WELLS FARGO GO TO THE OFFICE OF THE COMPTROLLER OF THE CURRENCY AND FILE AN ONLINE COMPLAINT:
Complaining to Wells Fargo directly is pointless. They are digging their own grave. I have warned them repeatedly of the consequences of their actions. They are fully aware that they are committing crimes and violating various state and federal laws. Several class action lawsuits are being pursued you need not have to do anything to be part of them but you can file your own which I encourage. People are, in fact, losing their homes, jobs, reputations, etc... as a direct result of Wells Fargo continued and intentional abuse of its customers. Wells Fargo is collecting Federal money, basically, to pull a scam on homeowners. They trick them into a modification or other Federally funded program, and then automatically begin foreclosure proceedings. If your house is foreclosed on, you can use their false representations and fraud as a defense. More and more homeowners are getting their mortages erased.
This is a shameful example of how a corporation acts when given public money. This is what happens when we bail out banks and corporations.
Comments
defunct mortgage companies or lenders with no ownership of the note are being filed in Civil Court and Bankruptcy Courts. Some people suffer irreversible reprisals because of opposing
ILLEGAL property confiscation, and thousands are UNLAWFULLY homeless despite ABSOLUTELY NULL foreclosures. If homeowners sue for "Unfair Debt Collection Practices," lawyers make additional $$ through protracted litigation. Also, Wells Fargo files false IRS form 1099-A’s to receive illegal tax advantages. See more facts & proof on Wells Fargo, unfair activities:
Illegal Foreclosures & Evictions, Appalling Lender / Lawyer Abuses...
newsblaze.com/story/20091011141440lawg.nb/topstory
Lack of Legal Help: One More Way the Deck Is Stacked Against Homeowners
www.huffingtonpost.com/arianna-huffington/lack-of-legal-help-one-mo_b_31
California, USA
Credit destroyed because:
1) We couldn't afford to pay any other bills while trying to make $4,000 timely forbearance payments for 5 months. Credit cards went past due.
2) Wells Fargo/ASC reporting unpaid mortgage payments.
3) Wells Fargo/ASC continue reporting unpaid mortgage payments during and after mod since 10/2008. We will not make payment till our loan terms are corrected.
4) Wells Fargo/ASC placed us into foreclosure while they were "having a printing issue" and delayed delivery of our modification documents, although we were assured foreclosure would not be taken.
Credit destroyed because:
1) We couldn't afford to pay any other bills while trying to make $4,000 timely forbearance payments for 5 months. Credit cards went past due.
2) Wells Fargo/ASC reporting unpaid mortgage payments.
3) Wells Fargo/ASC continue reporting unpaid mortgage payments during and after mod since 10/2008. We will not make payment till our loan terms are corrected.
4) Wells Fargo/ASC placed us into foreclosure while they were "having a printing issue" and delayed delivery of our modification documents, although we were assured foreclosure would not be taken.
PLEASE SEND ME A UPDATED EMAIL ON WHAT IS CURRENTLY HAPPENING.
JOHNSLOANS@AOL.COM
We too complained to the OCC showing the banks refusal to obey FDCPA, etc. and the OCC replied that Wachovia has done all they are required to do, blah, blah, blah. Wachovia went as far as to electronically withdraw funds from our SunTrust account to cover 'interest' on a loan payment; we were unaware of the transaction for several weeks. Wachovia obtained our checking account number and routing number from a paper check written for a loan payment. This brings new meaning to 'right of offset'. Believe me, this is only the tip of the iceberg showing their unbelievable ethics, standards, & practices.
Long story short, Wachovia foreclosed & sued on the loan. We filed a countersuit, as well as suits against others involved in the mortgage fraud.
Wish us luck.... we have a long, tough road ahead of us.