Showing posts with label Well Fargo. Show all posts
Showing posts with label Well Fargo. Show all posts

Friday, August 5, 2011

STOP FORECLOSURE FRAUD KEEPS YOU UP WITH ALL THE IMPORTANT FORECLOSURE NEWS

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Stop Foreclosure Fraud presents the following...
 
  1. IN THE SUPREME COURT OF THE STATE OF NEVADA GEORGE M. FOUST AND BECKY H. FOUST, AS HUSBAND AND WIFE, Appellants, vs. WELLS FARGO, N.A., STATE OF INCORPORATION PRESENTLY UNKNOWN; MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.; AND AMERICAN HOME SERVICING MORTGAGES, INC., A DELAWARE CORPORATION, Respondents. ORDER OF REVERSAL AND REMAND This is an appeal from a district court order dismissing a complaint as to respondents, certified as final under [...]
  1. FOR IMMEDIATE RELEASE CONTACT: MICHELLE DeMARCO 850.487.5833 AUGUST 4, 2011 SENATOR ELEANOR SOBEL, REP. DARREN SOTO PROBE DEEPER INTO FIRINGS OF ASSISTANT ATTORNEYS GENERAL Seek details under Florida’s public records laws of relationships between Tallahassee/mortgage service company under investigation TALLAHASSEE – State Senator Eleanor Sobel (D-Hollywood) and Representative Darren Soto (D-Orlando) on Thursday launched a probe of their own into [...]
  1. NOTICE: The slip opinions and orders posted on this Web site are subject to formal revision and are superseded by the advance sheets and bound volumes of the Official Reports. This preliminary material will be removed from the Web site once the advance sheets of the Official Reports are published. If you find a typographical [...]
  1. WSJ- Mortgage insurer PMI Group Inc. warned Thursday that it could be forced to stop selling new coverage, sending shares plunging. The company, which has reported about $3 billion in losses since the fourth quarter of 2007 and the start of the housing crisis, said a backup plan intended to allow the company to stay [...]
  1. LA Times- California Atty. Gen. Kamala D. Harris has subpoenaed Citigroup Inc. and its banking subsidiary, Citibank, ordering the two entities to answer questions regarding the selling and marketing of mortgage-backed securities in the Golden State, a person familiar with the investigation said. The person, who was not authorized to speak publicly about the [...]
  1. First broke on this site last year, a Bank of America executive, Linda DeMartini, testified that Countrywide routinely did not convey crucial documents for loans sold to investors in KEMP v. Countrywide. HuffPO- WASHINGTON — New York Attorney General Eric Schneiderman asked a state judge to reject a proposed $8.5 billion settlement agreement over [...]
  1. SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK In the matter of the application of THE BANK OF NEW YORK MELLON (as Trustee under various Pooling and Servicing Agreements and Indenture Trustee under various Indentures), Petitioner Counter-Defendant, -and- BlackRock Financial Management Inc. (intervenor), Kore Advisors, L.P. (intervenor), Maiden Lane, LLC (intervenor), Maiden Lane II, LLC (intervenor), Maiden Lane III, LLC [...]
 
 
 
 
 
 
 
 
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Sunday, July 24, 2011

WHISTLE-BLOWER CALL TO ACTION, LET'S HEAR FROM ALL WELLS FARGO DISGRUNTLED EMPLOYEES. CLIMB ON THAT STAGE COACH AND DO YOURSELF AND YOUR COUNTRY SOME GOOD AND BLOW THAT WHISTLE!

Whistle-blower files against Wells Fargo

By , Sunday, July 24, 1:27 PM

A former Wells Fargo wealth manager in the District says the company forced her out for reporting her boss’s questionable investments, alleged securities violations and suspected insider trading.
Pamela S. Bolanis, 36, who was the senior vice president of investments in the Sargent Investment Group of Wells Fargo Advisors, filed a whistle-blower complaint with the Labor Department alleging her supervisor, Christopher Sargent, fired her in May for cooperating with Wells Fargo in an investigation of him.
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Sarbanes-Oxley provides protection for employees of public companies to report activity they consider illegal and unethical.
Sargent did not respond to phone and e-mail requests for comment. In a statement, officials from Wells Fargo contested Bolanis’s allegations: “We do not believe that Ms. Bolanis’s claim has merit and we will defend against it at the appropriate time in the appropriate forum.”
According to the complaint, Wells Fargo enlisted Bolanis’s help in March 2010 out of concern that Sargent was placing his elderly clients in risky investments, including thinly traded penny and micro-cap stocks.
In her complaint, Bolanis alleges the company used her information to identify 65 instances where investors over the age of 65 had unsuitable positions. She also says she informed the firm of alleged compliance violations, such as Sargent buying prohibited securities and having employees imitate clients on the phone. Bolanis says Wells Fargo gave Sargent one year to adjust the accounts, but failed to follow up.
In the ensuing months, Bolanis continued to inform the company of Sargent’s imprudent activity, most notably suspected insider trading, according to the suit.
Officials at Wells Fargo declined to verify whether it ever investigated Sargent, stating that the company doesn’t “believe it is appropriate to adjudicate this matter in the press.”
Neither the Securities and Exchange Commission nor the Financial Industry Regulatory Authority would discuss whether it is pursuing an investigation of Sargent. FINRA has no record of any customer disputes, disciplinary or regulatory actions against Sargent, a 40-year industry veteran.
Before being let go, Bolanis said, she pleaded with Wells Fargo to address alleged acts of retaliation, including exclusion from client meetings, defamation and having accounts given away.
The company, according to the complaint, eventually scheduled mediation that proved unsuccessful. Once Bolanis was fired, Wells Fargo said she could leave with a fraction of her client list, resulting in a loss of some $400,000 in annual commission, said her attorney, Jason Archinaco of Pribanic, Pribanic + Archinaco.
Bolanis, who is now at Merrill Lynch Wealth Management, is seeking damages that include back pay and reinstatement of her contract.

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Friday, July 22, 2011

NEIL'S ARGUMENT IS ROCK SOLID. PRO SE LITIGANTS, USE IT IN YOUR PLEADINGS. THOSE OF YOU WITH ATTORNEYS, MAKE SURE THEY READ THIS.

FED FINES WELLS FARGO FOR FALSIFYING ORIGINAL LOAN DOCUMENTS

Posted on July 22, 2011 by Neil Garfield

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The fact that the homeowner MIGHT still have a balance due on their loan is NOT a reason for awarding money or house to anyone who wants it. — Neil Garfield
EDITORIAL ANALYSIS: Why would a “bank” falsify loan origination documents? Why would they overstate the borrower’s income without the borrower knowing it? Why would they steer the borrower into loans that they borrower was least likely to repay?
Unless you are willing to answer the real questions, you will never understand what happened to you or the country. Wells Fargo was not acting as a bank when it closed those loans. It was using its name to pretend to be THE bank when the borrower sat down at the closing table. Wells Fargo was in fact acting as an unregistered mortgage broker without disclosing it to the borrowers. Wells Fargo compensation was based solely on whether they closed the loan — i.e. got the borrower’s signature. Wells Fargo was not lending the borrower anything. Wells Fargo had no risk. It didn’t make any difference whether the borrower repaid the loan or not.
Wells Fargo was not taking an excessive risk by underwriting the loan. It took no risk because it did no underwriting or funding of the loan. Since the Fee for Wells Fargo was for the transaction in which it pretended to be the lender, and since it was under pressure to produce more borrower signatures  without regard to the risk of loss for non-payment, Wells Fargo changed the borrower’s application to reflect higher income than was true, changed the description of the borrower as to where the borrower earned money, fabricated the rest of the documents and then went to the closing table with the borrower thinking that this venerable institution was their lender.
“Yeah, but they still took the money and they still owe it,” right? My answer is how would you know whether they still owe the money and how do you know who the money should go to? Doesn’t it matter to you that houses are going to Wells Fargo when they never loaned any money on the transaction and they never purchased the obligation? Why did Wells Fargo get all those free houses? Why are they still getting free houses, based upon robo-signed documents which is only a nice way of saying they are continuing to forge and fabricate documents just as they did when the loan was originated?
The fact that the homeowner MIGHT still have a balance due on their loan is NOT a reason for awarding money or house to anyone who wants it. Is there an amount due? We don’t know — the amount is unknown because the banks won’t tell us how much they received from taxpayers, servicers, counterparties and insurers, et al. They won’t tell investors either, because the money received by the banks should have gone to investors, and THAT would clearly have reduced the amount due to those investors.
Reducing the amount due the investors means reducing the amount due from the borrowers.  So the middleman here is taking all the benefit and laying off all the losses on the investor and the borrower. It is now very obvious that this is the case.
And as for the documents, I hate to beat a dead horse. If neither the identity of the lender, the purpose of the pretender lender, nor the terms of the transaction were disclosed to the borrower there is something wrong with the loan. If the note and mortgage recite that they are evidence of an obligation to Wells Fargo when in fact Wells Fargo loaned nothing, then the note is wrong and the mortgage securing the note is fatally defective. If the note leaves out essential terms of the transaction like the fact that the real lending party that SHOULD have been named on the note received “terms” (false promises) from Wells Fargo and others that were different than the terms shown on the note, then the note is not acceptable evidence of the obligation nor a correct description of the obligation.
If the note is not evidence of the transaction and the mortgage is invalid, does that give the homeowner a free house. NO. But if the investor decides not to go after a piece of property worth a fraction of the loan, and not to pursue a homeowner who is already broke, and instead go after Wells Fargo and the other cronies who started this mess, then the homeowner could end up with his house without any mortgage or encumbrance. That doesn’t mean they got it for free. At least the homeowner has put money into the place through down-payments, improvements, furnishings, maintenance etc.
The pretender lenders put nothing into the house. Who should get a “free house? Is it Wells Fargo or the defrauded investors and homeowners?

Fed fines Wells Fargo over US subprime mortgages

(AFP) – 1 day ago
WASHINGTON — The US central bank slapped Wells Fargo with an $85 million fine on Wednesday for allegedly “deceptive” practices in selling subprime mortgages before the financial crisis.
The Federal Reserve said its fine against Wells Fargo — the second-largest US bank in terms of deposits — was the biggest penalty it has imposed on a bank for consumer-protection violations.
It was also the first action taken by a US bank regulator over unsavory sales tactics in which banks duped borrowers into taking out costly subprime loans during the US housing boom, the Fed said in a statement.
The Fed’s penalty was due to alleged actions taken between 2004 and 2008 by Wells Fargo Financial, a subsidiary of the bank which is no longer active.
“Sales personnel steered borrowers who were potentially eligible for prime interest rate loans into loans at higher, subprime interest rates, resulting in greater costs to borrowers,” the Fed said.
The employees also “falsified information about borrowers’ incomes to make it appear that the borrowers qualified for loans when they would not have qualified based on their actual incomes.”
Wells Fargo Financial’s failure to rein in its salespeople constituted “unfair or deceptive” practices, the central bank said.
San Francisco-based Wells Fargo did not admit wrongdoing, but pledged to strengthen internal controls over its lending practics.
“The alleged actions committed by a relatively small group of team members are not what we stand for at Wells Fargo,” Wells Fargo chairman and chief executive John Stumpf said in a statement.
Before the collapse of the US housing market in 2007 and 2008, lenders sold billions of dollars’ worth of risky subprime mortgages, often to poorly qualified borrowers.
The subprime mortgages were bundled into complex mortgage-backed securities which were resold to investors. A plunge in the value of such securities led to the global financial crisis in late 2008.
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