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This is for general information only. It is no substitute for advice from a licensed lawyer.
See also Alabama Jury Awards $400,000 for Deutsch-Ocwen Wrongful Foreclosure — http://www.cunninghambounds.com/who-we-are/resources/news/news-item/2015/12/12/deutsche-bank-and-ocwen-to-pay-$400-000-for-wrongful-foreclosure
So Wells Fargo is on a path that might well settle the issue of presumptions versus fact. WFB is saying to the trial court that it doesn’t matter whether they really own the loan, the note and mortgage. All that matters is that they submitted their self serving paperwork that was more than likely fabricated and forged. The Jury verdict found that neither WFB nor the “Trust” owned the subject loan.
Either WFB knows something that the rest of us do not or they are stepping on a rake. Their position is contrary to the rule of law that has existed for hundreds of years. If there was no transaction in which the “trust” purchased the loan, then it doesn’t make any difference how much self-serving paperwork they create or fabricate.
WFB has stepped over the line and is currently asserting a defense out of pure arrogance. What they are saying is that the court should vacate the jury verdict because they have created paperwork that could be evidence of ownership of the loan. Obviously that “evidence” (fabricated documents) was deemed to be not credible by the Jury. And the Judge already ruled on the point when he gave the Jury instructions on how to deliberate.
If the Texas court grants the WFB motion it will be giant step backward for American jurisprudence. As for the size of the award, their argument is disingenuous. The jury looked at the evidence as a whole. They determined that it was appropriate to punish Wells Fargo for their wrongful behavior of proceeding on the false pretense of owning the loan.
Filed under: foreclosure