There have been mounting pressure to freeze all foreclosure proceedings in all 50 states until the foreclosure scandal tides over and thorough investigation has been made. The country’s largest bank has heeded to the call and other major financial institutions might follow suit. One major bank though has flat out refused to freeze any foreclosure, saying no such fraud has happened within its bank.
Wells Fargo just might not put a halt to any foreclosure sales under its wing. Spokesman Chris Hammond says there’s no need for Wells Fargo to implement a foreclosure moratorium as it has always done everything in its power to keep homeowners in their homes instead of resorting to foreclosure. The bank works out the kinks with borrowers and looks at alternatives for keeping owners in their homes before foreclosing on a property.
This is why Hammond declares that San Francisco-based Wells Fargo is not joining the banks which have decided to freeze foreclosures. Bank of America has recently decided to expand its foreclosure stoppage from 23 states to all 50 states. JPMorgan Chase & Co., Ally Financial Inc., and PNC Financial Services Group have all frozen foreclosure sales in 23 states where foreclosures need to be approved by a judge in court.
Hammond says there is no reason for Wells Fargo to follow other banks’ move. Wells Fargo, he says, has been successful in avoiding foreclosure in seven of ten cases. The bank has convinced 80% of the customers who are two months or more delinquent in their payments to cooperate with them.
Despite Wells Fargo’s success rate with underwater mortgages, North Carolina Attorney General Roy Cooper still insists that foreclosure moratorium be adopted by the bank and the other major lenders. Similar calls were also made by Senate Majority Leader Harry Reid and head of the House Committee on Oversight and Government Reform Rep. Edolphus Towns.
Letter to Wells Fargo spokesman Chris Hammond,
Dear Mr. Hammon,
In your press release, you declared that “We are working hard to do all that is possible to keep homeowners in their homes,”
That’s a lie. I can say for a fact that Wells Fargo made mortgage loan and foreclosed my home based on hugely inflated and fraudulent appraisal,
Wells Fargo and its army of attorneys knew it is Category C felony to make mortgage loan and foreclose home based on fraudulent appraisal. However they chose to defraud us by foreclosing our home.
For almost a year, we pleaded with Wells Fargo to carry out its promises to us to rescind the loan contract and help us to recovery our finanical losses. Wells Fargo bluntly refused and challenged us to sue it for justice.
Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: - Wells Fargo’s fraudulent appraisal valued our home at $718,000
- Wells Fargo’s own review appraisal valued our home at $475,000
- Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.
- Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
- Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.
- Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.
You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.
Nobody has brought up the distinct possibility that the loan servicers may well have bundled and sold each of these loans MORE THAN ONCE to differernt investors via the securitization process. THIS COULD BE THE REAL REASON THAT THERE IS NO DOCUMENTATION / PAPER TRAIL. The non-existent documentation and accounting is entirely consistent with this scenario. This means that the entire plan was a true Ponzi scheme in the worst sense. In other words, rather than selling the loan once to investors, as we have all naively been assuming, there is no reason to believe that they did not double-dip or quintuple-dip and sell the exact same loan to completely new buyers. THIS IS A LEVEL OF FRAUD THAT THE AMERICAN PUBLIC HAS NOT YET CONTEMPLATED.