Business As Usual: Wells Fargo’s $70 Million Settlement an Insult to Defrauded Homeowners

Bank lying

Wells Fargo- We will NEVER Fabricate or Robosign Another Foreclosure Document- We Promise.

 

By William Hudson

http://www.charlotteobserver.com/news/business/banking/article79826477.html

Wells Fargo agreed to pay a $70 million penalty to end its five-year battle to settle claims over fraudulent foreclosure practices in the wake of the financial crisis- yet, Wells Fargo is continuing the same foreclosure practices they claim to have halted- while our elected officials pretend that Wells is in compliance with the National Mortgage Settlement.  Banks create the illusion of ownership and compliance while government creates the illusion of enforcement- the homeowner is doomed.  The parasitic relationship between banking and government is destroying the fabric of America.

Five years ago, Wells Fargo and other banks settled allegations that they’d fraudulently endorsed and fabricated legal papers used in home foreclosures and last year, the OCC imposed restrictions on Wells Fargo and the usual culprits because they hadn’t met settlement demands.  Yet these banks continue to fabricate documents, robosign documents and illegally foreclose with impunity so how can a settlement be reached when nothing has changed?

Wells Fargo said in a statement that it was pleased that the OCC accepted its work on the settlement.  Of course they are- this flimsy settlement is akin to getting away with murder.    There is now no monetary fine that is punitive enough to punish the banks for the billions of dollars in profits stolen from American homeowners.  There is no way to claw back these ill-gotten gains.  The only real threat to the banks is the threat of prosecution and incarceration and the banks know they are above the law.

Faux settlements with no teeth, no convictions and no real financial penalties have one benefit- to create the appearance that the government is doing something on behalf of the American homeowner.  Meanwhile these paltry fines create profits for government agencies, that are paid by shareholders, and written off as corporate losses.  Banks will continue these practices with no fear of retribution and build the penalties into their profit/loss models.

The majority of Americans are now convinced the housing bubble is behind them, and that the banks were sufficiently penalized.  $70 million sounds like a harsh penalty until you learn the banks have made untold billions from securitization and fraudulent foreclosures.  The month of April brought record prices for residential real estate and low-down payment loans inflated home prices in an already inflated housing market. Meanwhile half of all Americans are on food-stamps, wages are flat, and corporate layoffs are mounting.

Wells Fargo has now received a green light from the National Mortgage administrators to return to business as usual (not that they ever stopped).  If the National Mortgage folks would like proof that the practice of fabrication and robosigning continues unabated, the Lending Lies Team would be happy to provide hundreds of current files in which Wells Fargo is continuing their fraudulent scheme.

 

15 Responses

  1. So far we can not find one attorney in Rhode Island who can assure us a Quite Title even though they know that there is a serious defect in the assignment and the alleged investor doesn’t have the original of the note we signed with the original lender.

  2. We had consulted with a few foreclosure defense attorneys in Rhode Island. They told us that the promissory note sent to us looks fabricated. They agreed that there is a defect in the assignment of mortgage. At the same token they say that we cannot get free house. The attorneys here say, we could only get mortgage modification with this pretender investor we are dealing with. We don’t want to clean up their fraudulent conveyance and missing note problem by signing up a new mortgage with some arbitrary crooked bank.

    Could anyone suggest an attorney in RI who could successfully bring a Quite Title against the fraudulent investor and the servicer?

    We wrote to the FBI in Boston clearly showing there is a defect in the assignment of mortgage and requested for investigation. So far no word from them either ! Where do we go for help now?

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  4. It’s called RICO

  5. We have been fighting Wells Fargo since 2007 …they dismissed the first complaint after the judge ordered they bring in a witness to testify under oath in regards to the fabricated, fraudulent, forged docs that they submitted …. Now in the second complaint filed May 2014 the new judge granted them Summary Judgment on the same docs and dismissed all of my arguments including my timely rescission which was mailed within the 3 year extended right …he also dismissed that they were out of time 6 year statute of limitations when they filed the second complaint 7 years after they accellerated ….

    Now today Wells Fargo sends us a package asking if we would like to enter a new program to modify the mortgage at 1575.00 per month and / or look into short sale or deed in lieu ?

    Is this normal after they were granted SJ?

    What are they up to ?

  6. anonymous, Rhode Island, look for a new attorney. You have to find someone that does only foreclosure defense, and wins cases or gets settlements. The last part is critical.

  7. @anonymous – get a better attorney quickly. One who knows how to defend you.

  8. Heyhey everybody – does anybody around here know how to do a “Securitization Report” aka figure out who the investors are?

    Thanks and Make it a Great Day.

    Scott

  9. We live in Rhode Island. We were told by an attorney in RI that fabricated promissory note and defective assignment of mortgage don’t stop foreclosure if we defend in the court. Is this correct? The attorney said that it was because of MERS as beneficiary or something. Please clearly advise us why there is a truth in this !

  10. Wells Fargo Financial in 2008 used a computer program to place my signature on financial mortgage document. When I requested the complete documents the person that sent them the document signed by computer there was an exact document that had no place for my signature.

  11. Another great post. Every candidate that says their tough on Wall St and “one of us” is pandering.

  12. Home buyers these days really need an education on purchasing homes and their payments should be no more than 35% of their monthly income. These banks are setting people up to fail. Their loans are predatory.

  13. I discovered recently Wells Fargo Financial used computer program to sign my signature on mortgage instrument. Government is using the banks as a cash cow to feather their nest. A disgrace to the American citizens that have been effected by the banks.

  14. It’s a conspiracy to further degrade America Banks and govt. it’s about control.

  15. Reblogged this on Deadly Clear and commented:
    Ha Ha Ha….Behind them… Hysterically funny!

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