Showing posts with label Chief financial officer. Show all posts

Wednesday, March 9, 2011

Wells Fargo CEO Bashes Bank Rules, As If!

Wells Fargo CEO Bashes Bank Rules

MINNEAPOLIS (TheStreet) -- Wells Fargo (WFC_) CEO John Stumpf issued perhaps his bluntest criticism of new bank regulations in a speech and Q&A session on Tuesday in his native state of Minnesota, saying "government price controls" have put an undue burden on his industry.

Wells Fargo CEO John Stumpf.
Who raised you? You ought to be absolutely ashamed of yourself. How do you shave in the morning?

Stumpf, who leads the country's fourth-largest bank and second-largest mortgage servicer, also issued grim predictions for the housing market and income inequality if lawmakers don't set better policies going forward.

He was particularly critical of new rules related to debit and credit cards that will hinder banks' ability to charge fees, raise interest rates and manage risk. A proposal by the Federal Reserve related to debit-card interchange fees that banks charge merchants will cut it a level of to 12 cents per swipe, down 72% from the typical 44 cent per swipe fee they now charge, according to research firm R.K. Hammer.

"We have government price controls [in banking] for the first time," Stumpf said during a luncheon at the Economic Club of Minnesota, according to a report in the Minneapolis newspaper Star Tribune. "As I talk to senators, I ask them, 'What is the next product you want to manage and control?' ... Should we regulate the cost of computers?"

Stumpf also reiterated support for a government backstop of the mortgage market, a position he has expressed in the past. Congress is now starting to debate the future of housing finance and how to overhaul Fannie Mae (FNMA.OB ), Freddie Mac (FMCC.OB ) and other government-sponsored enterprises that have become enormously costly for taxpayers due to the housing market collapse. Fannie and Freddie provide guarantees on mortgage bonds that give investors peace of mind, while other GSEs provide additional funding for affordable housing.

According to a report in a Minnesota business publication, Stumpf said that the banking industry simply doesn't have enough capital to support the nearly $11 trillion U.S. mortgage market on its own. And, without government backstops, investors would be less willing to buy mortgage bonds.

"Without that, we'd return to the practice of rationing home mortgages," Stumpf said, according to Finance and Commerce. "We don't want to go back to that."

[Editor's Note: Mr. Stumpf: Do you suggest, instead, the nation continue to allow Wells Fargo to sell toxic loans to innocent homeowners; so you can bundle, securitize, separate into tranches, and finally house thousands of homeowners mortgage loans Wells originated in some "Trust" at the end of every month; so then you can then sell $25,000 certificates with various risks and returns, to thousands of investors; you then keep the loans in trusts specifically because they are easily manipulated and so misunderstood, and tax free if you foreclose on time!! Mortgage loans can be added and removed and exchanged after the master pooling and servicing date (without much notice); all the investors are "in" on the fact that these loans will most likely default, after all, they were created especially with default in mind.

WELLS can't modify a homeowners loan because you illegally securitized it. You breached the contract agreement to the homeowner if you can't modify their mortgage loan. You've misrepresented what you can do for a homeowner and if you can't modify; how can you foreclose? In what world is it OK to steal a home after you've collected billions of dollars in a Trust for these homeowners homes? The homes in these trusts have been paid for in full many times over with the billions of dollars the investors paid you to buy the certificates of trust (residential mortgage backed assets.) Bailouts, insurance payments, and the Good Lord only knows what all else you make money on. And you won't consider a principal reduction?

THAT is what we don't want to go back to. Get it?]

He also noted that the U.S. job market is out of whack, particularly for the middle class, due to vanishing manufacturing jobs. Since new job creation is going toward low-paying service jobs and top-dollar jobs in areas that require high levels of education and talent, many of the middle-class workers who were laid off will find it difficult to make a living.

Monday, February 14, 2011

IN THE COURT OF APPEALS OF THE STATE OF KANSAS WELLS FARGO BANK, N.A., et al., Appellees, v. PHYLLIS M. EASTHAM, et al., Appellants.

IN THE COURT OF APPEALS OF THE STATE OF KANSAS WELLS FARGO BANK, N.A., et al., Appellees, v. PHYLLIS M. ...

Friday, February 11, 2011

WELLS FARGO FACES MULTI-MILLION DOLLAR CLASS ACTION LAWSUIT

By Michael Patrick Schmitt

February 11th, 2010 3:45 am ET

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

Class action lawsuits will be filed in each state; first up:

http://www.housingwatch.com/2010/03/16/sue-your-lender-save-your-home/

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:

http://www.helpwithmybank.gov/complaints/index.html

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

Barbara Ann Jackson 12 months ago
?Additionally, Wells Fargo is involved with unscrupulous debt buyers / collection lawyers in acquiring real estate from defaulted borrowers FRAUDULENTLY. False foreclosures via
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
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7marco 12 months ago
Same exact problems, I have done a lot of research on this, here is the short form deal.
The people behind this is gov. agency's Freddie, Fannie, treasury, the hamp program was designed to recover the toxic mortgages with out having to pay for them, catching a lot of us that bought legitimately with 20% down normal loans. This was designed with the banks to make foreclosures more affective, and quicker for banks to do. we stay in the house taking care of it while they do there appraisals and get the foreclosures attorneys involved while we are still making payments, and then when they are ready, they deny modification and immediately foreclose and sell within 30 days. It makes it quick and easy for the banks, and does not cost them as nearly as much money as old foreclosure days. It was designed this way from the beginning of the announcement of HAMP program. For any attorneys, I have info to prove all of this. sawhomes1@aol.com sorry spell check not working, do not have time to c
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mad mama 5 months ago
This whole scheme of Wells Fargo's is so well planned and thought out which makes it . .even more digusting. They probably have an entire separate staff that exclusively works on illegal activity. Pretty soon these felons whill be doing some different kinds of activiThties in prison. They better hope they don't drop their soap in the shower!
Tom 2 weeks ago
I have been screwed the same as all of you and I have gone to help with my bank and all they did was write back to the bank and the bank lied back to them and they bought it and that was that. They are all in it together. I just got my 1099 when I had 3 different short sales one that was $100,000 less then the mortage owed and they turned everyone down. While one of them was all done as far as paperwork and awaiting the banks approval they put it up for auction and bought it back for $148,000 when the last shortsale was for $225,000. Now they sent me the 1099 for the $148k they bought it for and the $400k of the loan. They are crooks and I wish everyone would get together and file a civil lawsuit against them. If there is one how do I get on board? My email is tducksoup1@yahoo.com
7marco 11 months ago
Here is how mine all happened, after my 7th trial period payment on Dec. 1st 2009, I knew something was wrong, they had quit responding to me. We put into motion the bankruptcy 7 and I wanted my lawyer to have it ready to file end of Dec. We filled Dec 30th, she said that would stop foreclosure and we would just reaffirm home loan.
We final had a little piece, for a few a days, then all of a sudden my lawyer received on about Jan. 7th a relief of stay motion it was filed by a law firm off of Fannie retained attorney list, she had never seen this happen so fast before. This was through the holidays, so in reality the had all this paper work done in a few working days from when we filed. They already had everything ready to go. I knew right then this is all planned out, they know what they are doing and they are very efficient, so don't believe that they are stupid or don't now what they are doing, they know exactly what they are doing, the American people just did not know.
My law
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7marco 11 months ago
lawyer said there was nothing she could do to stop them because it was a chapter 7. She said the only thing we could do is re file as a Chapter 13 if we qualified. I said no I want to fight this and she said I was crazy, but like everyone else, I have had it and I am going to fight back. I spent a week looking up information to send to my lawyer to come up with something to try and stop it.
We sent a reply with our arguments about 4 days before court date (if we did not respond it would have been automatic). Within 24 hours Wells Fargo (Fannie Mae) sent a request to judge to move the court date 60 days. My lawyer said this was really un heard of so the court date was moved to end of March. I think there is something in our response that they do not want in court.
I will probably be out of bankruptcy by the time new trial date comes, so I am really in uncharted territory now. Will the judge reaffirm or will they start up foreclosure again after i am released from bankruptcy. I don
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7marco 11 months ago
don't know but I am going to have to stay on top of it and gather any info I can. I do not know if many people have been in this exact situation (have not seen it on blogs) so I am kind of on my own. So any Attorney that wants to fight for the American family and has any suggestions for me I would love to here from you or anybody else. Contact me at sawhomes1@aol.com
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Dave 11 months ago
I went through 2 modifications the frist one i would call once a week and ask if there was anything they neede and they would say no we have everything we need.Then i get a letter telling me i was disquilfied because i refused to send paperwork in. when i informed them that i never refused anything they told me i was a lier and that the employees put it in the computer and when i informed him that i had the time,date and name of person i spoke with he hung up on me. i call the next day and the lady was really helpful.and we started the loan mod. again and another 6 months went by payed like i was asked to and when i was approved the payment was higher then it was to start. and now the house is worth alot less then what the mortage is for. and they wont work with me anylonger so only thing left to do is walk away from it. and start over again. WELLS FARGO IS THE BIGGEST RIP OFF EVERY and i would join any lawsuite against them!!!!!!!!
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Tom 2 weeks ago
Dave they did that to me 3 different times with 3 different realtors. If you get this please contact me at tducksoup1@yahoo.com
Mojito 11 months ago
This has happened to me as well! Many other fraudulent thing's please help us and give us contact info to write and whom to call, in the media. I would be more than willing to tell them all my story.
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Laura 11 months ago
Does anyone one have information on joining the class action law suit this. This is exactly what happed to me. Please help
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Michael Schmitt 11 months ago
I am compiling a list of victims of Wells Fargo's modification fraud. If you have applied for a modification, I encourage you to check your credit report to see if they have done damage to your credit, reputation and career. They will place you in foreclosure without you even knowing it and your job will have grounds to terminate your employment. email michaellovesnyc@aol.com
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Henri. Free 5 months ago
Michael:
Has the Class Action lawsuit against Wells Fargo been filed yet? I am interested to know, beacuse Wells Afrgo has committed egregous, unethical and illegal acts against our family home mortgage, checking and savings account.
Please advise if such suit has been filed.
kind regards,
Henri
California, USA
SG-Carolyn 11 months ago
PLEASE tell us who to contact to be included in this class action suit against Wells Fargo!!! *Told us Home Affordability not available for non FSA/HUD. *Charged 5 months of excessive forbearance payments to qualify for mod but payments not applied to principal/interest, disappeared. *8 months to negotiate mod, received mod papers after they were due and "investor" tried to change terms after docs were presented. *Placed in forclosure while awaiting mod docs & charged for this. *Wells Fargo will not disclose who "investor" is that hired them to administer. *Principal inflated by $40k+/$50k+ yet they avoid any credible explanation of this. *Incorrect invoices since mod, terms of loan on invoices differ from terms of mod. *Money applied towards escrow missing. *Multiple "corrected" Mortgage Interest Statements with wrong amounts. *Harassing calls, reps banging on door and breaking into mailbox, people driving by taking pictures, unreturned calls, no responses/answers/corrections.
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SG-Carolyn 11 months ago
Also - We were told by Wells Fargo/Americas Servicing Company that to be considered for a modification we must show hardship. Since our loan was paid each month, we were showing we could afford our payments, therefore no mod. Rep also told us they are dealing with people in the 11th hour of foreclosure and if we want a modification we have to stop paying and let house go into foreclosure like the others.
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.
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SG-Carolyn 11 months ago
Also - We were told by Wells Fargo/Americas Servicing Company that to be considered for a modification we must show hardship. Since our loan was paid each month, we were showing we could afford our payments, therefore no mod. Rep also told us they are dealing with people in the 11th hour of foreclosure and if we want a modification we have to stop paying and let house go into foreclosure like the others.
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.
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Tom 2 weeks ago
OMG every comment I read on here is exactly what I went through and it was over a 3 year period working with the bank. I paid on time for 2 of those years and asked for help and they told me I have to go into default to get help and when I did they did nothing even though I did all the correct paper work for deed in lieu and short sale. If all you on here can somehow get a call list going so we can start a lawsuite going we can find many more people like us that got screwed by these crooks. my email is tducksoup1@yahoo.com
Connie 11 months ago
Same happend to me. After 3 trys, I got a Mod approved 12/30/09. Thought everything was fine, 2/13/10 got foreclosure papers from attorney, and I have been fighting Wells Fargo every since. Please tell me how to get info on class action suit I have had enough of Wells Fargo please send information to smowjo2001@yahoo.com. Lets stop this bank!
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Gale Best, Illinois 5 months ago
Connie, if interested you can contact me at afwings@comcast.net. Am part of class action suit against Wells and also have Lawyer filing on my behalf also. Wells has backed off and stopped my foreclosure and are stating to to discuss a settlement with me. Perhaps I can get you info you need or at least point you in right direction. Take care and I hope all works out for you.. Gale Best
Kathie 11 months ago
Wow, this is frightening when you read something and it is the mirror image of what has just happened to you. Wells sent me a loan modification agreement on January 6 that was effective Jan 1. I started paying my lower payment amount but became concerned when I never received any final docs back. Every time I called in I was told I had a balance due, the interest rate was still my old (higher rate) and that the modification was still being processed. But they told me not to worry, it wouldn't affect my credit and once the paperwork went through the system all the past due balance would be credited and everything would be fine. Out of the blue I get a notice that I was denied a loan mod b/c I didn't meet investor guidelines. When I call WF they tell me it was b/c they messed up on their end and didn't get paperwork to me on time. Now we have to start all over again. I'm waiting but think it's just a stall...how do I join class action...been working on loan mod since Jan 2009
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Bruce 11 months ago
Wells Fargo sent me two rejection letters the same day. One said that my financial situation was so bad I couldn't meet any proposed modification payment. The other, sent the same day, said that I had been so successful in meeting my present payment schedule that there was no need to modify. This is evidence of bad faith per se. Please let me know how to join the class action. I( am an attorney and would llike to help.
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Michael Schmitt 11 months ago
Hello all; I can not believe the response I have been getting from readers here and in private. I think there is definitely a class action suit going on. I want to do one on my own and join in. Any attorneys please email me michaellovesnyc@aol.com.
This will not help homeowners in the short run, Here is what I am reccommending. Continue paying the lower modification agreement and contact their "escalation department" and write to their written correspondence department. Mention this article and send them the link. There are tens of thousands of people who fell for this. These mortgages will be thrown out. Justice Spinner of Suffolk County, New York has set a precedent for this type of behavior.
Also contact your State Attorney General and file a complaint. This is a CRIMINAL matter.
I will get back to as many individuals as I can as I find out more information. You are not alone, you are not insane. Wells Fargo will pay for what they have done to people
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jstillmank@gmail.com 5 months ago
HELP. HELP HELP! 414-304-8431
krisi 4 months ago
WOW, I’m not alone. I have been fighting with Wells Fargo for the past 2 years and have been denied 3 times for loan modification even after the trial period was completed for various reasons, income is too high, too low, don't have your phone # on file; payment sent to the wrong address, missing information and etc. Wells Fargo told me in order to qualify for the home affordable program I need to reinstate my unpaid balances. I was told if I don’t pay $5000 before Dec. 24 they wouldn’t work with me on any kind of modification, so I did it. Then, the after 9 month of making trial payments I got a notice that I don't qualify. Finally, I contacted a lawyer to file action against Wells Fargo for breach of contract and fraud. I’m really hoping to take to a class action.
Steven R Taylor 11 months ago
Wells Fargo forclosed on me in October 2008.Same old story,lost my job after 31 years.My 974.00 a month retirement kicked in got the house back.Come April 22,2009 get a letter saying your loan is current and we have now taken you off the loan modification list.May 11,2009 I get a loan modification sent to me.I could save a whopping six dollars a month if I sign it and send it in.At first it looked like I was going to save almost $125.00 but after reading they didn't add in what they needed in escrow, $123.00 a month.Somewhere down the line they would want thier $2000.00 for forecloseing on me.To top it all off,in order for this to be approved I would have to send in $134.55 for doing the paper work.But to give them credit they would knock my intrest rate down to 8% from 9%.I decided not to sign it and let FHA do what they want to do.So far nothing,Wells Fargo now wants all thier foreclosure money and past due payments.Anybody got some good rope,I could put it to good use.
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Michael Schmitt 11 months ago
To file a complaint against Wells Fargo go to the office of the comptroller of the currency - link above
Class action lawyers please email me: michaellovesnyc@aol.com
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Adam 10 months ago
How do we get involved with this lawsuit? Their screwing us to, and from what I am reading their doing it to everyone.
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Rose 10 months ago
If there's a class action suit against Wells Fargo going on in Illinois, count me in. These criminals ruined my credit and royally screwed me. email herrsugarbeet@aol.com.
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Ekin Cem 9 months ago
Wells Fargo misrepresented my take home income by $1,400 a month more than it actually is and used that data for more than two years to avoid working out a solution with me. The house is foreclosed on January 2010. I have a signed letter from Wells Fargo stating this false information as a response requested by the Comptroller, led by a complaint I filed. Any lawyer interested in this case, please email me at: ekincem@gmail.com
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moebot 9 months ago
Wells Fargo is Trying to keep everyone on the Trial payment plan as long as they can so no body forecloses and they collect money at the same time!
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lindac_041902@hotmail.com 9 months ago
My name is Linda Coombs and I live in Sanford, NC. I am a mother of 4 children. My youngest son Ethan is a burn survivor. I don't even know where to begin but your story that you wrote on Wells Fargo is a mirror for what they have done to me except they have done this to my family at a family's weakest moment. Imagine watching your 12 month old baby being burned hearing his screams not knowing he was going to survive and then be manipulated and lied to and stolen from by a rich mortgage company preying on innocent people this is my story! My son Ethan received 2nd and 3rd degree burns over a large majority of his body and was in intensive care at the unc burn center when wells fargo contacted us on a Loan modification. It sounded like an answer to our prayers when we were at a lowest point in our life. My baby who was 12 months old was fighting for his life and they gave us a story of hope but come to find out it was all a lie. I have pictures of my baby and proof of everything I am sa
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Curt klaus 8 months ago
Same wells Fargo horror stories for me too. We've been turned down for mortgage modifications twice since august, 2009 as well as once for the home equity loan. We also had our income information underreported which caused our modification application to be denied. I definately want to sue but I'm having a hard time finding an attorney. I would recommend that we hit this on several fronts. Legal, media, and good old fashioned picketting. I'm planning on setting up two days in June to be in front of my local wells Fargo bank with friends family, and sympathetic strangers to picket all day. I'm planning on notifying the media so that there is some television and newspaper coverage as well. If others wanted to do the same thing in their cities, I'm sure we could get even more attention! I'll have my croud if people carrying signs and will have flyers to hand out asking people to switch ttheir business to a local community bank. I've got a lot of great slogans for signs To share.
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Curt klaus 8 months ago
Just had to share a couple of slogans for signs. Wells Fargo: Where the customer is the casuality. Wells Fargo: Where modification is a dirty word. Wells Fargo: Working harder to bring respectability to the profession of Loan Shark. Wells Fargo: Where taking your home is their business. If anyone wants to contact me, my email address is: hazenheretic@yahoo.com
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Deana 8 months ago
The same old story. I am so done with Wells Fargo! I have lost so much sleep and am under so much stress because of this. I do not want my house foreclosed on. I am wanting more information on any class action law suit. PLEASE RESPOND SOMEONE!!! Dated: May 23, 2010.
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Victoria 8 months ago
I'm going thru the same-thing.. I want to join this class action.. I'm so desperated, I'm loosing my sleep and under alot of stress of losing my home.. please help.
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Angry Voter 8 months ago
Anybody who uses a bank is a fool.
Join a Credit Union instead!
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LAURIE MENDOZA 8 months ago
Hi Mike, Wachovia is just as much to blame as Wells Fargo. The class action should include both banks. with my loan, which started with World Savings, then went to Wachovia, neither banks recorded at the county recorders office there assignmet or successor of interest. When I got my notice of default frome Wachovia and Wells Fargo the Deed of Trust and Note was still recorded in World Savings as benificary. Neither banks can record there interset after the notice of default is recorded. Now that the trustee sale is over in which my house did not sell I get a three day notice to get out from a Bankruptcy attorny who says he is representing Wells Fargo. I did not move out. My father built my house and I am not moving out. a notice of default was served on me. I filed an answer three weeks ago requesting a trial by jury. tThe attorney still has not srequested a hearing date. Every step of the way Wachovia and Wells Fargo commited fraud. Including appointing a substitute trustee .
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JOHN SCIRIGIONE 3 months ago
LAURIE MENDOZA - YOUR STORY SOUNDS VERY SIMILAR TO MINE.
PLEASE SEND ME A UPDATED EMAIL ON WHAT IS CURRENTLY HAPPENING.
JOHNSLOANS@AOL.COM
LAURIE MENDOZA 8 months ago
sorry im long winded. A Wells Fargo attorney in Texas, I live in California, told me that Wachovia did not buy World Savings and Wells Fargo did not buy Wachovia. The attorney stated that it was a mear name change for both banks. When a bank buys another bank and takes over loans ther is suppose to be a recordation where the property is located in the county recorders office. We people are at the mercy of these banks. Something has to be done to regulate these banks. Wells Fargo can record notice of defaults and trustee sales quickly but to record there interest they dont even bother even though here in California in order to have a power to sell you have to have a recorded interest. I encourage all readers to check there states requirement for recording a assignment or successor of interest in order for Wells Fargo or Wachovia to foreclose on there homes. bet you 10 to 1 there is no recording before any modification was done.
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LAURIE MENDOZA 8 months ago
Lastly i did file a complaint with the OCC. I requested Wachovia to send me the complete payment history form the time i started my loan wit World to present. The first payment history I got did not include World Savings but only Wachovia. I complained to Wachovia and the OCC. It took me 3 months to get the World payment history but in the mean time Wachovia replied too OCC that the complied. I complained to OCC again. OCC sent me a letter saying that they feel Wachovia did comply with my request and If i feel anything is missing go to my bank and request all the checks from 2005 and 2006 and submit the checks to Wachovia and Wachovia would make it right. Do you know how much the bank would have charged me for 2 years worth of morgage payments to prove my point whe Wanchoviaa should have already in there there system my payment history. OCC is a joke.
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Rose 8 months ago
Complaining to OCC is ABSOLUTELY POINTLESS and a waste of time. We really need a multi-billion dollar class action suit. Somewhere there's a lawyer out there who will see the potential for huge profit and sue the Wells Fargo liars and cheats.
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Tammy 8 months ago
Ditto, ditto, ditto.... the actions taken by Wachovia have ruined us financially.
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.
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Broken 7 months ago
Our WF agent changed our original rate of 5.5% to 7.625% and told us it would only be a few months to cover late extensions while building our home after a few months it would go back to 5.5% - LIE. We tried to get them to change it and were put in modification for two years. Then they told us we were approved for 3.3785% & I was also approved by our CU at that time for 4.875% their agent told us to cancel the CU offer and go with them as they were sending the new loan papers(which never came) Finally they set our rate at 5.75% not the 3.875 promised. We wrote REJECT on the papers and sent them back. They went ahead and changed our loan without our approval. I have every conversation recorded I have had with WF and am planning to take them to court but I am too broke to pay court costs & our attorney suggest we let them foreclose and walk away. I'm not about to let these a-holes ruin my life. Where do I sign up for the class action law suit? I have recordings of their broken promises.
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A. Inman 7 months ago
Something must be done; we can't let them continue to do this...they're ruining the lives of my family members (who may possibly lose their home due to Well's Fargo's crooked "business" routines and why the hell are they so EVIL!?!)...not to mention everyone else who's been a victim of them.... I have nothing appropriate to say about them further!
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Christopher 7 months ago
Email me too for class actoin lawsuit for deceptive practices. chrisparkercpa@gmail.com
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J.M. 3 months ago
Email me as well please for information on joining a class action lawsuit against WF. What WF has done to all of you has and continues to be done to me. jungjung@comcast.net.
Charlene Sebring,FL. 7 months ago
Wow i must say I was scammed by wells Fargo I was given a repayment plan that i had to put money down 3,000 and 4 monthly payments of $1,580 which was very steep but we were willing to commit to the plan in order to get a modification that suited our financial situation. Sounded great we made our payments on time every month sent it UPS so we had tracking and get a phone call that because we didn't answer their call promptly, 3 days according to WF, to update our monthly expenses which hadn't changed we were put back into foreclosure status before the final payment was due which they received a day early according to my tracking number. Now WF wants 4,600 plus 3 payments at 1600 so they can do the same exact thing again to us and never modify our loan. Class Action law suit I am so going to take them down at all possible. Anything for Florida please let me know. Thanks!!!
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Bob 6 months ago
Same thing happened to my family, we were on the trial modification and made all the payments, The after the trial was up we were turned down for a modification because with their fuzzy math they said we did not make enough, which was not true and I finally proved it to them, but of course Wells always last resort is that it would not be in the best interest of the investor. I finally gave up with dealing with them, they foreclosed on us last week. I wish I had filed bankruptcy, but just got worn out with these fools. I also contact all my elected officials and they were no help also. Lots of lip service, but my senators office pretty much said the lender can do what they want. I want to join this class action suit, any lawyer can contact me at homes@bobagent21.com
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Kim 6 months ago
Wow... I'm on the same page as everyone above. All the lie has been told to me..Wow...
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TEH 6 months ago
The same thing has happened to me. I have to come up with 10, 159.00 by tomorrow Friday July 30th to save my home. I have never missed a modified payment and been on three trail periods and still ended up in a fourclousre status. Thank God for my retirement to cover it. How do you find a class action lawyer?

ARE YOU A VICTIM OF WELLS FARGO'S PAIN?

Wednesday, March 9, 2011