WELLS FARGO

wells-fargo-prospectus-supplement-for-armt-2007-1

dRSm6.u2Gk.htm

dRqWm.5h8y.htm

sec?s=WFC

h?s=WFC&t=2008-12-11T14:41:11-05:00

50 Responses

  1. usedkarguy, on November 19th, 2009 at 8:29 am Said:

    THE HITS JUST KEEP ON COMING!!!!

    Consumers Seek Class Cert. In Mortgages Suit
    A group of consumers is hoping to get a breach of contract and antitrust class action certified against American Home Mortgage Securities LLC, Deutsche Bank National Trust Co. and Wells Fargo Bank over securitized adjustable rate mortgages.

    Thanks again, Securities Law 360

  2. UsedKarGuy, on November 19th, 2009 at 8:26 am Said:

    That previous post regarding Wells Fargo came from Securities Law 360, not National Mortgage News. Sorry.

  3. USEDKARGUY, on November 19th, 2009 at 8:20 am Said:

    FROM NATIONAL MORTGAGE NEWS:
    Wells Fargo Agrees To Buy Back $1.3B In ARS
    Wells Fargo & Co. has reached agreements to buy back about $1.3 billion in auction rate securities and pay a $1.9 million penalty to the state regulators that investigated allegations the bank misled customers about the riskiness of the investment.

    I wonder if My Mortgage is in that steaming pile of poop?!

  4. Joyce Cauthen, on November 18th, 2009 at 11:13 pm Said:

    I also believe that the servicers will work with you now that we are three years into this demise. The regulatories, the congress and some state agencies are not doing what is required to assist the homeowners by assuring the servicers will be held liable for Negligent Loan Servicing of the loans. I don’t think class action lawsuits are the answer. The seven top banks should meet with those like the writer who have been on the front line to resolve all of the loan servicing issues, particularly for those loans that have been securitized.

  5. Joyce Cauthen, on November 18th, 2009 at 11:06 pm Said:

    First of all, I believe after reading all of the stories above, that the government needs to answer the question. Once the loans are in default or the servicer has foreclosed and any other reason that falls under the guise of a scheduled item, has the government purchased the individual loans based on 100% of its value, less of course any MI claims payments. They are not interested in modifying or anything else if they know that via taxpayer money that lender is going to list his scheduled item as a toxic asset and then the government may be purchasing those items from the various lenders to help their bottom line. I may be wrong on this count, but Timothy Geitner, when in control in New York, may have paid 100% to the lenders for their toxic assets: In otherwords, the lender cannot lose. Just a thought. 40 years in the business and I believe that there is a way around 80% of the problems that you are all espousing. I have found that some attorneys take the money, but do nothing about solving the person’s issue. The note and deed of trust are the answer to most of the problems. I have been helping homeowners for four years at no charge and will be happy to listen to what you have to say and advise you accordingly. Yes, the class action lawsuits are on the way, but you need to summarize exactly what your issue is and make sure it fits and that there is a benefit to putting yourself through it.

  6. usedkarguy, on November 16th, 2009 at 8:30 am Said:

    Let me say this again: anyone with fraudulent asset/income statements or other shenannegans in their origination package, I have an FBI guy for you to submit documents to.

  7. usedkarguy, on November 16th, 2009 at 8:26 am Said:

    Alan, where do you live, and what is the name of the trust foreclosing on you? e-mail me at usedkarguy@yahoo and let me know what the skinny is.

  8. steve, on November 12th, 2009 at 10:04 am Said:

    Hi folks,

    Our house in vermont is in foreclosure (judicial),i’ve been fighting with citi since may 09,judge hasn’t ruled on summary judgement yet,and recently deferred ruling on it based on two cases that were dismissed because of standing in rutland county vt.

    us bank national ass v wyman ,Doc.No 466-09 Rdcv

    mers v Johnston,el al,Doc.No. 420-6-09 Rdcv

    correction…One of them, judge vacated his previous decision and dismissed the case,second ordered plaintiff to clearly establish standing.

    Plaintiff has untill nov 28′th to clearly establish standing,so ordered by the court.
    Mers is named as a defendant along with me and my wife,it was the nominee for Mortgageit in original note and mortgage docs.

    If they come up with bogus assignments and judge decides acceptable and rules against us what is my next recourse….
    please help

    thanks

    steve

  9. alan, on November 11th, 2009 at 5:20 pm Said:

    i have been talking and yelling at wells fargo for 14 months to modify my loan,,now in forclosure,,i have for the 6th time prepared the documents such as financial statement,profit and loss[?],and now thru hope international,,[while on the line],the bibmo on the phone says they never recieved any dacs in the past,,LIARS,,LIARS,,LIARS!!!!!!!!!!!!!!!!!!!!,,,I THINK A CLAS ACTION SUIT IS WAY OVER DUE!!!! i only missed 3 payments when in default,,and now,,im hireing an attorney to kick they;re asses..i will never give up,,im asking for discover of instrument,,proof of debt,,on and on,,and if you tell them that they ae being recorded,,they will hang up,,lol,,,lets do this thing,,wells fargo is the WORST COMPANY IN THE WORLD!!!!!!!!

  10. usedkarguy, on November 10th, 2009 at 8:47 pm Said:

    Hello Ronda and welcome to the hell known as Wells Fargo. That’s right, they take your payments but there is no workout in sight. This is all a scam. I think the deceptive trade practices laws are a little stronger in California. Start reading up on what you can do to fight the foreclosure. I’ve said it before right here: Stop paying and start fighting!

  11. Rhonda, on November 9th, 2009 at 4:41 pm Said:

    I am currently sick to my stomach. This has all been happening to me in CA, as well. I was in the process of getting a lawyer, because it reeks of fraud!!! If there is a class action lawsuit being put together, I have more info to input and would DEFINATELY participate! I’ve done everything, above and beyond, required in the program, and have been given the run around, had lost payments, and been told to call back in a week so many times I’ve lost count. My payments have been taken for a program I was told I’m no longer in, because of mistakes made on Wells Fargo’s behalf, mistakes…? I think not. This had all been done in a caculated manner, and I am now in jeopardy of losing my home over it. I would be more than happy to provide more info. as my story is VERY much like the above…it’s all been a set up.

  13. usedkarguy, on September 11th, 2009 at 3:40 pm Said:

    RICO knows no bounds….Plenty of customers for that class action. Make it national.

    there is no real reason for them to
    1) MODIFY
    2) “WORK WITH YOU”
    3) MEET INVESTOR GUIDELINES (non existent)
    4) PROCESS YOUR PAYMENT ETHICALLY ( I lost it, no, I found it!)
    5) NOT TAKE YOR MONEY
    6) NOT TAKE THE INSURANCE MONEY
    5) TELL YOU THE TRUTH
    6) NOT LIE
    7) HELP YOU
    8) NOT COMMIT FURTHER CRIMES

    I think a good attorney could make a case for extortion for the servicer collecting under the guise of a mod, collecting the MI money, and foreclosing anyway. Lost and found checks, these people are criminals. wise up. stop paying. and no, this does not constitute legal advise. these are the rantings of an out of control Dago who is unhinged.

  14. spiritual2009, on September 11th, 2009 at 10:17 am Said:

    We are looking for people willing to join a possible class action suit against Wells Fargo in ID. Please call Robert at 860-599-5557 for details of how to get on board.

  15. Terry Floyd, on September 10th, 2009 at 11:36 pm Said:

    I have floundered in the aftermath of Wells Fargo Bank (WFB) fraudulent activity for the past five years. I had 8 Wells Fargo accounts with long history in good standing and no negative activity up until the point in time Wells Fargo Bank alerted me to fraudulent activity occurring on my HELOC, which is secured with my primary residence that I’ve paid another lender the past 23 years. WFB , at WFB sole discretion , unbeknownst to me, designed and printed ‘convenience’ checks accessing my Home Equity Line of Credit, to include in bank promotional mailers. As it turned out, WFB negotiated fraudulent access to my HELOC with a 21 year old repeat offender, known by WFB to have accessed other WFB customer accounts fraudulently before mine.
    The events that unfolded from that point in time would certainly horrify anyone should they happen to them.
    Over a 90 day period my deposit accounts depleted not by the kid forging promo checks, but by WFB in fraudulent electronic withdrawls and bank fees. In addition , in a one month billing cycle WFB charged approximately $10,000. in overdraft deposits to the compromised checking account on a platinum mastercard that did not carry an outstanding balance to replenish the funds WFB withdrew in a repetative cycle. The only two WFB accounts that remain open today are the two liability accounts. The WFB Heloc is secured with my primary residence in AZ and the WFB home mortgage is secured with my second home in IA. Both were were considered to have high equity /low mortgage balance ratio, at least until Wells Fargo’s aggressive pursuit to take everything I’ve worked for via fraudulent, deceptive, methods.
    I participated in a criminal prosecution case to convict the 21 year old repeat WFB offender , with no help on the part of WFB. In fact, WFB hindered the arrest, prosecution . Police consider checks, credit cards and anything bank account related to be the property of WFB and not the individual account holder. Police told me WFB would have to report any misuse of the account . Police told me I could not prosecute someone for stealing checks or abusing the accounts or property belonging to someone else (WFB). Instead, WFB reported the negative account activity against me, a victim of WFB fraud causing my good FICO score that consistently ranged 704 – 800 pre-fraud to plummet so low I could not even open a bank account at any institution for more than three years, In fact it wasnt until the FBI announcement last January 2008 of their investigation of the 14 financial conglomerates for fraud for profit that I received the investigative results from equifax and transunion deleting the negative WFB accounts from my credit profile that I was able to open a bank account and use a visa card once again. This is not the worst of it, and I wont go on and drown you with all my verbiage. Is there any legal counsel who might take a stand for integrity who might help me or am left to floundered alone as WFB takes my money and my homes, just because they can.?
    I just received a Notice of Publication dated Aug 27th, 2009 from WFB legal counsel that mentions a Petition was filed July 23, 2009, though no copy of the Petition provided to me. I have never received mail of any kind at my Iowa address, but would bet this is where WFB covertly served the Petition, knowing I am currently in AZ. Last year I received scanned copies of fraudulent HELOC documentation that has been altered, and supplemented with undisclosed documents including a forged Deed of Trust that was recorded. The alterations are obvious with typo’s and erasure smudges, and the forged signature easy to see different from other recorded signatures. In addition, the fraudlent Deed of Trust, that WFB notarized stating I signed in the presence of the Notary, easily proven false. I paid 25% cash down when purchasing both homes. I ‘ve paid my AZ home for 23 years to a different lender, and I’ve paid the IA mortgage since January 2001. I need to find legal counsel and have yet to be directed to any one who can really help. The most difficult thing for me to reconcile with, is the evident inabilility to find legal recourse for criminal acts that would be considered felony crime if commited by the micro of society.

  16. usedkarguy, on August 25th, 2009 at 10:02 am Said:

    Average Joe. send me a phone number at usedkarguyatyahoodotcom, and I’ll call you tonight.

    read my post above on 3/18, that’s where you are headed.

  17. AvgJoe, on August 22nd, 2009 at 9:06 am Said:

    The saga continues, I sent the QWR as I was suggested on this site. I contacted someone to look into a forensic audit as it was also suggested. I made the mortgage payment even though WFM told me I am in active foreclosure and they wouldn’t accept it, it was accepted. I just found out their attorney has filed a motion to make additional parties defendant, claiming I am deceased. Its odd the only reason I am in active foreclosure is because on the last payment of the Special forebearance my daughter put the wrong date on the check even though it got there ontime it was considered late and a violation of the Special Forebearance. When I finally got that squared away and got into another payment plan I was dropped for failure of investor guidelines. I still have no idea what that means. I am starting to think that there has been alot of mistakes made here, and that this may need legal representation. As I still have their attorney hounding me, I have people offering to buy my house at nowhere near its value. There is alot of STRESS my family has to endure, not to mention the embarrassment of being in the local courthouse. The sad thing is I can afford my mortgage, I am a self employed individual that fail into this situation because my clients could not afford to pay me. I contacted WFM about this and their process took forever to get going, and during their review I was not supposed to make payments, being nieve I did not. So I fell behind more then my initial one month. Then when the Forebearance was cancelled due to the check issue as mentioned above, then I fell into Active foreclosure and POOF my credit is trashed ! I was told when I entered into this last forebearance that the Foreclosure would cease but she hasn’t she’s getting more intense, I just need to figure out how to make her go away, how to get my credit restored and how to get out of this mess that I have fallen into. I have even contacted the court about all of this and was referred to the mediator which may of put a hold on all of these proceeding atleast for now, but I am sure there is more I can do and I am looking for any guidance and or experiences anyone can offer.

  18. wells fargo/homeq client, on July 29th, 2009 at 11:43 am Said:

    Joe, try this company for an audit. They work with the Foreclosure Angel Foundation and are used frequently as expert witness. She is in Oklahoma City. Her number is 405-843-7749.Her website is oklahomaexpertwitness.com She might even be able to recommend an attorney in Ohio. Her name is Eva Sparks. I’ve been in contact with a paralegal in OK. She is with Advance Paralegal Service LLC. 1-888-519-6536. Also the web site to the Foreclosure Angel Foundation is foreclosureangelfoundation.com. these are great people and will helpif they can.

    Hope this helps you.

  19. Avg Joe American, on July 29th, 2009 at 11:02 am Said:

    Thanks UsedCarGuy, I have found an example of a (QWR) and I am looking into this forensic audit. Your correct about Ohio presently there are over 8500 listings of foreclosures in Ohio and that is just on one website I found. There are also alot of lousy attorneys out there so how do you find a good one? I know I am being ripped off but I am just not well educated in mortgage law and I am not sure what to do next. I got intouch with the presidential club and I am waiting to hear back. I called Loss Mitigation to find out my loan is inactive review and that I can’t make a payment unless I want to bring the loan current and they seem to of added about 1600.00 in misc fee’s as well as they seem to have forgotten about two payments of 1232.00. Any advise on an attorney that gets it in N.E. Ohio that can practise in the county of Portage? Its odd my loan is in active review, and my home is in the active foreclosure. I just keep waiting for the county to show up and tell us to leave. Its really odd and sad I can afford my mortgage I fell behind one month because of the processor time of Wells Fargo one became 3 and their records show 6 .. very odd.

  20. usedkarguy, on July 27th, 2009 at 11:39 am Said:

    Hey Average Joe! Start fighting. Do not sign any forbearance agreements, loan modifications, or anything that conveys the real estate back to the lender. YOUR name is on the title to the property for a reason.

    Wells Fargo is predatory in their actions and intent. The only time I mailed a payment (instead of paying at a branch) was the time they “lost” my payment for three weeks. Then they deposited the check after I paid them the “missing payment” plus a late fee. They are operating in a criminal way. It is their intention to force you into arrears and create a default.

    Start reading this blog, and research your closing documents. You pull out your asset statement and application that you signed at the closing. If the information doesn’t jive with what you told the originator, and you have proof, you have a case of fraud in the origination. If your terms were different at the closing than what you were promised, you have more violations.

    Demand to know who holds the note on your loan, what Trust it was sold to, and file a Validation of Debt Letter (QWR). They will not tell you anything! You will not find out the name of the trust until they file the foreclosure. Is it a “Wells Fargo Asset Securities Corporation, Wells Fargo Home-Equity Asset Backed Certificates 2005-1, 2, 3, or 4?” HSBC Bank as Trustee? All 4 of these vintages remain unsold on dealer shelves. I don’t know about the 1, 3, or 4 trusts, but 2005-2 is suffering 40% default ratios.

    Answer your foreclosure suit and make counterclaims (charges) for the wrongs that occurred. LOOK AT THE SAMPLE PLEADINGS HERE ON THE WEBSITE.

    All the monies you pay in an attempt to “prove” yourself to them is little more than EXTORTION. You were approved and underwritten at the origination of the loan.

    Hold on to your “NOTICE OF INTENT TO CHANGE INTEREST RATE ON ADJUSTABLE RATE NOTE” THIS IS IMPORTANT!

    If you look at all the balances and payment history, you will see that your loan is being paid whether or not YOU are paying. LOOK AT THE BALANCE AND NUMBER OF PAYMENTS MADE. YOUR LOAN IS NOT IN DEFAULT!!

    I am not a lawyer, and this information is not to be construed as legal advise. These are my personal experiences that I am relating to you.

    I’ve spent the last year or so working on this. It is NOT EASY. Much to learn and understand. Stop paying Wells Fargo and start paying an “Attorney who Gets It”. You are in OHIO, a very fertile battleground. I urge you to retain qualified counsel, but learn first what you have to fight with.

  21. wells fargo/homeq client, on July 27th, 2009 at 9:03 am Said:

    to averge joe in ohio. get a forensic audit. i know of one that is highly credible and works with a non profit foundation.

    our house was up for sale but somehow at the last minute our HUD specialists talked them into giving us a chance. they agreed to 10 days and they are reviewing us again.

    another thing. I don’t know if your representative would know (Congress) but ours–Rep. W Cassidy told us if they are not following the guidlines by the Pres., then you can find out who oversees them in your area and file a complaint. You also have the right to find out who the “investors” are. We have written a letter of request for that. There are other options we found to fight this immoral behaviour by these people.

    Trust God to point you the right way. He will. He hears His children and He’s reaching out for us to trust Him. These things I’ve mentioned will help and were given to me by people who care what happens to us. Just remember there are ways to combat this stuff. We haven’t stopped.

  22. Avg Joe American, on July 23rd, 2009 at 7:02 pm Said:

    Hello all I am new to this site, and like most on here I have a ‘horror’ story about Wells Fargo. My loan was sold and picked up by Wells Fargo, due to the economic situations and being self employed I found myself in a position where my clients could not afford to pay me. I was unfortunate enough to fall behind on my mortgage, I spent a lot of time contacting Wells Fargo to get a forbearance agreement together and the opportunity to keep my home. Then recently my house fell into foreclosure due to Wells Fargo stating I was one day late on my loan payment. The odd thing is that the check was not late, it was apparently sitting on someones desk, as it was mailed out with more then adequate time to get there. I didn’t find out about this for several days after the fact, when a notice arrived at my home that was Wells Fargo returning my check and now telling me I was in active foreclosure. This was followed by an attorney filing in my local court house against me. Once I got word about this, I contacted Wells Fargo and after several communications I was able to get another Forebearance agreement started. I complained to the CSA that the payment was made on time and that I really did not understand any of this. The CSA did not have any answers for me and just gave me alot of run around. When the documents finally came I noted that on them as well as sending bank statements showing adequate funds for payment and the note of returned check. When I signed the agreement I was told the Foreclosure state would be marked as closed of course that is not correct its still marked as open. I complained to the clerk of courts but have had no response. So I never fell out of Foreclosure all I did is to make a large initial payment that Wells Fargo requested to be allowed into the program and then to make several more payments only to be told my plan for repayment was denied due to Investor guidelines. What does this mean? Denied due to Investor guidelines. How is it you can make the payments as you agreed to, but yet your payment repayment plan is denied. I was even smart enough this time to send the payment 6 to 10 days early and to use Western Union and direct payments from my account and eliminate the possibility of the payment sitting on someones desk. I think I am getting the run around here and I need help as I do not know how much time I really have to save my home. I live in the state of Ohio in the county of Portage.

  23. usedkarguy, on July 17th, 2009 at 8:03 am Said:

    NOT SO FAST!!!! I thought they were asking to settle, they were just taking my temperature. So the fight continues. I really need to talk to others here in Wisconsin with fraud claims. Department of Justice/Department of Financial Institutions has received my case and supporting documents. I am waiting to hear back, but they seem interested since the Supreme Court handed down that ruling 2 weeks ago. If you have been the victim of fraudulent origination, please let me know. usedkarguy@yahoo.com

  24. usedkarguy, on July 11th, 2009 at 11:28 am Said:

    I want to make a point as I write my final post. The people who have taken on this mission are truly the best that humanity has to offer. Neil had come out of retirement to help people he doesn’t even know. He’s an extraordinary man. I think he will go down as the ONE person who has done the most for this movement. Maher Soliman, from Borrower Hotline, is a REAL GENIUS! I remember reading a post from a follower who said he was spouting “mumbo jumbo” or something to that effect. Shame on that reader for not taking the time to learn and understand what Maher was saying. I have never received so much help from a total stranger 2000 miles away from home, as that which Maher Soliman has provided me. I truly believe the issues he put forth were the determining factor in me winning my case. That said, you need to BELIEVE! These people are not kidding around. If you are told something, take it as the truth and go research and learn for yourself what this man professes. He is “THE JURIS PRO” you will need to make your case work!
    I am moving on now. But had it not been for this website and the people who contributed, shared information, pleadings, discovery, news, etcetera, I would still be losing sleep at night.

    So please, PLEASE, accept what you learn here as the truth, the whole truth, and NOTHING BUT THE TRUTH!

    SEEK, and you shall FIND!

    God Bless You All!

    usedkarguy

  25. Brian Bosworth, on July 6th, 2009 at 3:06 pm Said:

    I recently applied for a refinance through WF and the branch loan officer actually told me to call him once I found out who my appraiser was so that he could let the appraiser know what the home needed to appraise at.

  26. Dana, on June 16th, 2009 at 8:07 am Said:

    I can attest to Homeq/Well Fargo being hard to deal with, and not only will they want the money upfront, without giving you a thing in writing, if they go thru your financials and find any discrepancies that could change the modification AND you don’t agree they have your hard earned money. Also the modification will only be for 5 years at which your loan will adjust to the full indexed rate down the line. This is risky, since who knows what the economy will be like in 5 years and if homes value will increase enough for refi and credit scores will bounce back. We got a legal aid attorney here in NY and she found an assignment issue which now will force them to start the foreclosure process from the beginning. If you don’t qualify for legal aid, then get someone to review your closing docs ASAP, im sure there will be some kind of issue they can get the foreclosure postponed until you figure your next course of action. We are looking now to have a forensic audit of the closing docs to find any violations to make a deal we can live with. The current offer we told Homeq and Wells Fargo to SHOVE IT!

  27. Roxanne Shown, on June 13th, 2009 at 10:35 pm Said:

    Just to let some of you know. The foreclosure notice we have says it Wells Fargo/Barclay bank (that’s in the UK) and Homeq Servicing.

    I’m reading these blogs and its amazing! We have been going through the same things. Do we have time to fight any of this? We will need an attorney, can anyone help with that?

  28. Roxanne Shown, on June 13th, 2009 at 10:26 pm Said:

    We are having problems with Wells Fargo/barclay/homeq…..We have tried everything. We also were forced into Chapter 13 but still couldn’t pay what they wanted when we had a Hurricane under bankruptcy budget. Our attorney agreed to a forebearance which we informed them we had no way of paying and was told to find the money from somewhere. We tried and tried to make modifications with Homeq they say we have to come up with 9557 before they’ll even agree to a loan modification. We have to make 4 payments after they receive that money then it will be transferred for a loan modification. We have to come up with that money by July 8 or our hme will be in foreclosure sale July 22nd.

    Can anyone out there help us????

  29. Dana, on June 13th, 2009 at 11:47 am Said:

    Thank you i will scan the docs and email them as a pdf. There are alot of pages since this was a no down, 100% financing. Therefore there will be 2 sets, 1st and 2nd loan. May i ask how long does it take for this preliminary review?

  30. livinglies, on June 13th, 2009 at 8:17 am Said:

    Dana
    Go click on the “Homeowners” tab on the home page then look for the link “Start Here: Request a Preliminary Doc Review”

  31. Dana, on June 12th, 2009 at 9:27 am Said:

    P.S. I will presume since im awaiting to be served again I will need to answer in 20 days. Can someone help me with a foreclosure defense answer?…Thanks

  32. Dana, on June 12th, 2009 at 9:17 am Said:

    usedkarguy, thanks for your input. Well we went to court Wednesday and it turned out that our legal aid lawyer found that the mortgage was assigned (2008) after we had been served (in 2007) so she had it dismissed. Now we were told my “Wells Fargo as N.A. Trustee’s” attorney that they will have to reserve us again and start the foreclosure process from scratch., and the previous offer may come off the table. And the legal aid lawyer cant continue with us because its now considered a new case and they are not taking new cases. I would like to get a forensic audit of my closing docs to find anything that would make Wells negotiate better terms. What can i do at this point?

  33. D. Hoode, on June 10th, 2009 at 11:15 am Said:

    We Hired a attornry and ask for a Modification to our First and Second Mortages a year ago.
    Wells Fargo and Citi
    Both stalled, refused, lied, and then after Wells Finally agreeded to a workout, they Foreclosed without explanation or a proposal.

    I too refinanced with M___ somthing in Urah a year ago to get away from Wells Fargos (Flat out Fraud)
    Same here, Wells Fargo was using a front company and owbed the mortage all along.

    Now they are forcing me into a Chapter 13, as they have tacked on so many fees on the Modification we can’t live with the 15K that costs us 45K in 30 years.

    Is there nothing the Gov’t will do to stop these crooks.

    Why are we not seeing big Class action suits filed against Wells Fargo and Citi

  34. usedkarguy, on June 4th, 2009 at 10:56 pm Said:

    Dana:You are not only being set up for a fall, they are taking your money in what amounts to extortion: “Give me your 15 large and we’ll think about it”. The 5-year rate lock is a band-aid. They are looking to re-sign you to another note to affirm the debt that they can’t prove ownership to in the first place.

    and Simon, what’s the name on the entity that’s suing you in the foreclosure? Just Wells Fargo N.A., or is there a trust named? they can’t assign the note to the foreclosing party after the foreclosure was filed. And you’re looking to file Motion for Default Judgment, based on their default to answer or appear. How do you know the appraisal is fraudulent? 20% higher than the year before?

  35. Dana, on June 4th, 2009 at 1:15 pm Said:

    Hello everyone:

    Ok i have been dealing with Homeq (Wells Fargo as a trustee) for almost 2 yrs with nonsense. Long story short we have come to a modification agreement and have the funds to put down for it, a considerable amont lets just say over 15k. Well has anyone ever heard of this, Homeq wants the money, but, put nothing in writing until they get the money first…”are they insane”…and this was told to our attorney. My attorney told them infactically that is unreasonable and unadvisable. Who has any kind of contract and not get it writing when funds are given. We also dont like the 5 yr term either. Its like a set up to fail in the future if you ask me. We are going to present this i court next week and any judge in their right mind would be nuts to think this sounds legitimate. Anyone else here have this situation?

  36. simon, on June 3rd, 2009 at 11:10 pm Said:

    I love your website, it has given me much info to try to defend myself.

    I am in Illinois, I have a “prime” loan with fraudulent appraisal. I refinanced with a lender, then refied again 3 years later (in 9/05). The new servicer was Wells Fargo. I then find out that Wells Fargo had been on title since the day of the first refinance.

    Anyway, it’s like I was paying the same loan all over again, and Wells Fargo never credited any of the payments from the first refi. The machine that hid Wells Fargo on the second refi was MERS, but Wells never released the first refi.

    We exercised right of rescission within 3 years, since we only figured out that the loan was predatory at that time (6/2009). They ignored the rescission letter, and a second letter we sent a month later. In 9/2009 we sent a letter stating it would be the last payment we make because they forfeited. 2 months later they filed for foreclosure in State court.

    At the first hearing we were told by the Wells attorney that we can’t rescind because Wells is an assignee.
    Funny, that assignment from MERS was written by thier own company lawyer. Yes, an attorney from Wells Fargo acted as an officer of MERS and assigned the mortgage, after Wells filed for foreclosure – that’s when I checked the county records and found out that Wells never released it’s 2002 lien when we refied in 2005. So, Wells had lien since 2002, even before the second loan was made.

    And the first refi was done with a different lender, but in those docs Wells was made the “servicer” (and filed lien) on the day of closing. So, how can MERS transfer the mortgage to Wells if Wells Fargo already had the security, and who paid Wells at the second refi? Wells paid itself? Anyway, it all looked even more suspicious after we found that lien stuff. We don’t think Wells Fargo the assignee at all. Actually, we can’t figure out who owns our note. It is not recorded in the county – how do we find out who has it, or had it?

    We are in Fed court, Wells Fargo is a defendant. It has been over 50 days and they have not filed appearance, but the originator and broker have asked for more time to answer.

    We are pro se, but can’t find a lawyer that will take us on contingency, and we don’t qualify for free attorney, can’t afford even the low-cost attorney who wants a $5000 retainer. Judge denied forma pauperis but we can proceed pro se and judge will determine whether or not to order court-appointed attorney once all answers have been made.

    Wells hasn’t even filed an appearance, it’s well over 40 days since service of summons. We don’t know what we can do next – we ask around and read but can’t seem to figure out if we should try for motion of default, or if it is even allowed.

    We are appreciative of any ideas on what to do next, and also would like to know how one finds out who bought the note. Thanks in advance – you are a help to many, many people!

  37. usedkarguy, on May 14th, 2009 at 10:36 am Said:

    Hello to all! Is there anyone out there who has found falsified asset statement information in their Wells Fargo loan origination documents? If you have experienced this, please contact me at usedkarguy@yahoo.com. I am pursuing RICO/WOCCA (Wisconsin Organized Crime Control Act) charges against WFHM and I would like to hear from you. Thanks for the help. Roger

  38. Demi, on May 5th, 2009 at 10:40 pm Said:

    I have been reading this site for awhile. You guys share some valuable info. I offer my deepest gratitude for your hard work.

    I too am in a fix with Wells Fargo. I wanted to do a re-modification back in December. Had never been late in 30 years. Needed the re-mod due to the economy and the ARM to adjust out in two years. They suggested I stop paying and I submitted proof that my business was suffering, and 4 approved loans with excellent credit never funded. Yes, I tried 4 times. Then they sent me a ridiculous loan remodification that “raised” my payments $500.00 as well as increased the mortgage balance. It was truly ridiciulous. I refused. The President’s office said I would qualify for the Obama plan. I thought “ok” now what. They they put so much duress on me to sigh the ridiulous mod that I just refused and felt something was up. They kept saying that the “investor”, Bank of America wouldn’t lower the rate to 2% and extend the amortization. Right….I didn’t recognize Bank of America and Wells Fargo kept shift changing about who owned the debt. SOOO, I went and pulled the Deed of Trust, Promissory Note, etc. It wasn’t anyone that was even in business anymore. I then researched the obvious “MERS” and figured out what really is going on with Wells Fargo and etc. They are only claiming now to be doing Freddie and Fannie backed loans under the new re-modification plan…..and I am still hanging. Now after owning my home 12 years, and refusing the ridiculous remodification they offered…they say I am going into foreclosure. I have sent a certified requesting their position on who owns the loan….(that is how I got the Presiden’ts office to call). Ok, big deal because I am still not making progress. I feel like laying the keys on the counter and walking. ….does anyone have any suggestions? This is utter nonsense. It doesn’t take a rocket scientist to figure out that 60% of all loan remodifactions are going into foreclosure after 6 months. No doubt due to this kind of a lender position. Who would allow a mortgage company to raise principal and increase a payment? Any advice would be grately appreciated. What should I do with them now?

  39. VG Diaz, on April 30th, 2009 at 1:42 pm Said:

    Can anyone tell me how I can find the same information on as in your Wells Fargo prospectus
    above.

    Wells Fargo Bank, N.A. as trustee for the certificate holders of structured asset mortgage investments II Inc., Greenpoint MTA Trust 2006-AR3, Mortgage-PassThrough Certificates, Series 2006-AR3.

  40. usedkarguy, on April 24th, 2009 at 10:24 am Said:

    April 23, 2009 California Attorney General Edmund Brown has filed a lawsuit, on behalf of investors, against three Wells Fargo and Company affilliates. Wells Fargo Brokerage Services LLC, Wells Fargo Institutional Securities LLC, and Wells Fargo Investments, LLC are the named defendants. The lawsuit alleges false and deceptive advise regarding the Auction Rate Securities sold by the firms to their customers. This suit, filed in San Francisco Superior Court, is one of several that have recently been filed against Wells Fargo and their partners in the funding, construction and sale of mortgage backed securities. Another suit recently filed by the New Orleans Employee Retirement System, filed in the Northern District of California Federal Court, highlights the lack of underwriting, blatant fraud in origination, and errant information provided to investors in the prospectus regarding creditworthiness of borrowers and bad appraisal practices regarding the collateral itself.

    Keep up the good work!

  41. usedkarguy, on April 24th, 2009 at 10:24 am Said:

    April 23, 2009 California Attorney General Edmund Brown has filed a lawsuit, on behalf of investors, against three Wells Fargo and Company affilliates. Wells Fargo Brokerage Services LLC, Wells Fargo Institutional Securities LLC, and Wells Fargo Investments, LLC are the named defendants. The lawsuit alleges false and deceptive advise regarding the Auction Rate Securities sold by the firms to their customers. This suit, filed in San Francisco Superior Court, is one of several that have recently been filed against Wells Fargo and their partners in the funding, construction and sale of mortgage backed securities. Another suit recently filed by the New Orleans Employee Retirement System, filed in the Northern District of California Federal Court, highlights the lack of underwriting, blatant fraud in origination, and errant information provided to investors in the prospectus regarding creditworthiness of borrowers and bad appraisal practices regarding the collateral itself.

    Keep up the good work!

  42. usedkarguy, on April 21st, 2009 at 8:17 am Said:

    Ladiwais, I filed an anwer to the foreclosure action with counterclaims, all of which were “neither affirmed nor denied” by plaintiff’s counsel. Awaiting a scheduling hearing. I have not retained counsel as of yet, but expect to hear from him soon. If I cannot retain, I will seek out one more atty and then take the action further by myself. Please note: You will not know who the foreclosing entity is until they start the foreclosure action. I am in a judicial state (Wisconsin), so they have to file a suit. WFHM refused to tell me who “held” the note for over ten months. claims included fraud in the factum, wire fraud, RICO, etc, etc.,. Action is only 45 days old

  43. ladiwais, on April 20th, 2009 at 5:30 pm Said:

    usedkarguy, have you gotten the final filing or when does your attorney expect it. Have brother with same problem and courious to find out how fast yours went thru and how many items you sited besides original note and mortgage not being produced. Same kind of loan it sounds, expect his is a seven year interest only sub-prime no income no asset loan. Please post soon will be watching for your comments. or email direct to vickiroth1986@comcast.net…thanks

  44. Mark, on April 19th, 2009 at 12:52 pm Said:

    Hi

    I have a fixed WF mortgage and all they will tell me is that the owner is “Goldman Sachs” and won’t give me any more info.

    Mark

  45. usedkarguy, on March 26th, 2009 at 12:18 pm Said:

    Hey, BT. E-mail me at usedkarguy@yahoo.com.

  46. bt, on March 26th, 2009 at 12:55 am Said:

    USEDKARGUY are you outh there- i have a suit with wells frago as well, my situation sounds identical to your meniton in this blog, could i dicuss arrangements to get a copy of your forelcsure defense answer…

  47. Lynette, on March 21st, 2009 at 11:06 pm Said:

    E Emmet,

    Go to the Securities and Exchange Commission website at http://www.sec.gov. Scroll down to “Filings and Forms” and click on “Search for Company Filings”. Click on the first red bullet – “Company or fund name…” and type in “Option One Mortgage Loan Trust 2005-4, Asset-Backed Certificates, Series 2005-4″. There you will find all the public filings related to your securitized note.

  48. usedkarguy, on March 18th, 2009 at 2:49 pm Said:

    Neil, Wanted to provide an update to our readers and relate how my case has transpired so far. History is: Wells Fargo subprime ARM, rate got bumped from commitment letter at closing by a quarter point. Closed on loan anyway, paid over two and a half years and fell behind after they jacked the rate by 1 and 1/8 points at first reset (contrary to the adjustable rate rider). Wells Fargo offered loan mods tacking the balance on the principal and offering 40 year terms (to get me to re-affirm the debt). Declined, and by this time had found the LIVINGLIES website. Started by checking the closing documents and found inflated asset statement, errant work history. Now, I’m pestering them for “who holds the note, blah blah blah, by the way you lied on my closing docs, blah, blah, blah” and made myself a total pain in the ass! Collections would hang up when I answered the phone. When I called them, they had RED-FLAGGED MY PHONE NUMBER because I would torture the customer service people and loss mitigation people! Stopped paying the loan completely. Sent qualified written request, they ignored, sent another also charging them with the wire fraud, TILA, RICO, fiduciary violations, etc. Got the customary response of “We did nothing wrong…”. After telling them that I would accept written communications only, they stopped calling. Then, it took them 10 months to file a foreclosure with a foreclosure mill law firm. Answered their two-page foreclosure suit with a 100+ page answer with counterlcaims for the aforementioned charges plus others, with LOTS OF BACKUP EVIDENCE SUPPORTING MY CLAIMS. The case was immediately transferred to “Litchfield-Cavo”, a national HIGH-POWER LIABILITY DEFENSE FIRM. I think I NOW have them on the run! I have found competent counsel, he is reviewing my case, sounds excited!! Waiting to hear back from him on terms for payment/retainer/contingency (I don’t know what he’ll ask for). However, when the paralegal saw my four 4-inch binders filled with information on the case, including the prospectus, 10k, 8k, pooling and servicing agreement, background info, legal working paper and performance stats on the Wells Fargo Trust, she was amazed at the info and organization (hurray for me THANKS TO YOU!) Waiting to hear back for a motion hearing on an errantly crafted homemade “motion to compel”. Wells Fargo’s counsel did, however, make reference to “Defendants’ time-intensive approach to this action”, noting my sense of urgency to get it in front of the Judge (I served my answer 5 days after they served me, and the motion 10 days later). I am extremely optimistic and positive about the direction of the case. The message to all newcomers to this site is: READ-LEARN-RESEARCH-RETAIN-RECORD EVERYTHING! If you have just been served with foreclosure paperwork, please calm down. You are probably finding out for the first time who the real holder in due course is regarding the note (or the trust that holds the note). Regarding Wells Fargo Home-Equity Asset-backed Trusts: The pooling and servicing agreement and prospectus make two important statements to investors: (and I’m paraphrasing here) 1) Some of our loans may be deemed to have been originated illegally, or be deemed to be illegal depending on state laws, and 2) Wells Fargo DOES HAVE THE RIGHT TO MODIFY LOANS IN THE BEST INTEREST OF THE INVESTORS/TRUSTEE! Do you know how many times I was told by Wells Fargo reps that they have no power to do anything??? Except maybe increase your balance or increase the term! So, that being said, TAKE A DEEP BREATH, RELAX FOR ABOUT 30 SECONDS, and do your research (as fast as you can)and prepare your answer with as many counterclaims that you can back up with facts. Get your mortgage audited, and STAND UP AND FIGHT! IT CAN BE DONE! YOU ARE NOT ALONE ANYMORE. THE TOOLS ARE ALL HERE ON THE WEBSITE! Thanks again Neil, Brad, Maher, Mario, Allan, and all the contributors! Everyone here represents “The Best Humanity Has To Offer!”

  49. E Emmet, on March 9th, 2009 at 10:38 pm Said:

    Can anyone tell me how I can find the same information on as in your Wells Fargo prospectus
    above.

    Wells Fargo Bank, N.A. as trustee for Option One loan trust 2005-4, asset-backed certificates, series 2005-4

    Note that Option One was sold to American Home Mortgage (owned by Wilbur Ross) based in Long Isalnd.

    Thank you

  50. Sam Adams, on December 15th, 2008 at 1:41 pm Said:

    THANKS NEIL!!!!
    You are a God-send.
    Any instructions or pointers on how to analyze these numbers?

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