Posts tagged as:

wells fargo loan modification

Wells Fargo Plays Kick the Can With Pick-A-Pay Mortgages

by Moe Bedard

This isn’t Wells Fargo, this is Hells Fargo!

 
NEW YORK (Dow Jones)–Wells Fargo & Co.’s (WFC) strategy for modifying its billions in troubled Pick-A-Pay mortgages looks a lot like a game of kick-the-can-down-the-road.

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Chase & Wells Fargo profiting big time from mortgage servicing

by Moe Bedard

Oct. 22 (Bloomberg) — Wells Fargo & Co. earned almost a third of its pretax quarterly profit by hedging mortgage- servicing rights, producing gains similar to those that have helped some of the biggest U.S. banks offset weaker consumer- lending businesses.

Wells Fargo’s hedges outperformed writedowns it took on the so-called MSRs by $1.5 billion and [...]

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Michigan Activists Rally Against Wachovia / Wells Fargo Evictions

by Moe Bedard

Wells Fargo spends millions lobbying against pro-citizen bills like the Employee Free Choice Act, the Foreclosure Prevention Act (S 2636), and House Bill 3609, which would allow judges to modify mortgages.  Where is the bailout for Wells Fargo customers & their neighborhoods?

On September 29, more than 50 people picketed the Wachovia/Wells Fargo branch office in [...]

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America’s backlash against banks

by Moe Bedard

Consumers: Bailout aided lenders, not us
James Seeley and Hilary Egan live in different towns, but have lots in common: Both face financial woes, both applied for mortgage modifications and both got turned down.
And, like lots of Americans these days, both feel banks that got massive taxpayer bailouts aren’t reciprocating by helping U.S. consumers.
“I don’t know [...]

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Malibu’s Least Wanted: Exec kicked out of the Bu and Wells

by Moe Bedard

Sometimes I wonder if I am living in a movie. Some type of fantasy land where bankers steal my money, my kids money, take out bonuses for failing and then party high on the hog in Malibu beach fronts as I slave to the dollar daily.
Oh, its no movie stupid, it’s the U.S.A.! And it’s beginning [...]

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More on the Wells Fargo Foreclosure Flap

by Moe Bedard

Your neighbors are always watching.
That much is clear from the story about the Wells Fargo executive who was reportedly throwing parties in a swank Malibu house that the bank had claimed from its struggling owners. It was the neighbors who revealed that the Wells Fargo banker was squatting in the house.
The story, which was first [...]

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Wells Fargo to hold workshops in Arizona on loan modifications

by Moe Bedard

Wells Fargo is offering a sit-down with a loan-modification specialist for its Arizona customers struggling to afford their mortgage payments.
The lender’s Home Preservation workshop at the Phoenix Convention Center is open to borrowers today and Thursday.
Wells Fargo has brought in hundreds of employees to work with borrowers. By Tuesday, 1,000 homeowners with Wells Fargo mortgages [...]

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Homeowner Finally Gets Loan Modified

by Moe Bedard

Ashburn then saw a CBS 5 newscast last week that included a statement from a Wells Fargo executive promising to help homeowners who have hit a roadblock with their loan modifications.
Minutes later, she picked up the phone and called Wells Fargo to try again.
“I read to him words directly from the CBS 5 website and [...]

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Judges’ Frustration Grows With Mortgage Servicers

by Moe Bedard

PHOENIX — Bobbi Giguere had no luck in securing a loan modification from her mortgage servicer, Wells Fargo. For months, she had sent the bank the financial documents it requested to process her modification. But each time she called to check on the request, she was told to send her paperwork again.
“I submitted the paperwork [...]

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Wells Fargo/American Servicing – They are a joke!!

by Moe Bedard

Words submitted by a homeowner/reader:
But then again, all the other banks are in that similar situation.
My stomach turns everytime i here that these banks are requesting more stimulus money…where is the accountability of the first millions handed to them, big bonuses i guess, i definitely know it wasn’t used to help the homeowners, as to credit [...]

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Wells & Wachovia Suck! The Mortgage Servicing Follies Continue…

by Moe Bedard

Wells Fargo CEO Stumpf worries that economy could cancel out his efforts to revive Wachovia and deal with toxic loans.
He should be worried and the investors that own these loans  should be more than worried. They should be in court suing Stumpf and these idiots for incompetent mortgage servicing practices. I have been writing about this [...]

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Are Wells Fargo, Wachovia, ASC and CEO John Stumpf the Kings of the Predatory Servicing Sea?

by Moe Bedard

“I just want to let the my readers and the world know that Wells Fargo, Wachovia (who they now own) and their mortgage servicing arm that they “try” and hide behind, American Servicing Company (ASC) is one the absolute worst and predatory mortgage servicers that I and thousands of homeowners have ever experienced. I feel [...]

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Is Wells Fargo’s Mortgage Servicing Unit, ASC, Abusing Elderly Homeowners?

by Moe Bedard

Privileged Loan Safe Communication with ASC:
Loan Safe: Spoke with Dannette (id# O9T) and Bryce (id # KL1).  Both parties at ASC have advised they didn’t receive the modification package yet. Both parties also advised that they don’t have capability to receive faxes themselves and/or their supervisors.  Also note that both individuals advised that the [...]

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New Study Shows Wells Fargo Offers Very Little Help to Struggling Homeowners

by Moe Bedard

I had the privilege of receiving a new study done on Wells Fargo via email by Valparaiso University law professor and member of the Federal Reserve Board’s consumer advisory council, Alan M. White this past week.  The study concentrated on a pool of Wells Fargo mortgages and gives us all a not too common look under the hood [...]

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Wells Fargo Names Most of California Severely Distressed

by Moe Bedard

I just got this information from fellow mortgage blogger , Morgan Brown over at BlownMortgage.com
Wells Fargo has named nearly every California county a “Severely Distressed Market” which requires LTV reductions of 5% for any conforming loan over 75% LTV and also eliminates financing over 75% LTV for any non-conforming loan.  The Wells Fargo

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Wells Fargo is Doing Their Part to Help Stop Foreclosure

by Moe Bedard

I recently read a quote in an article over at bankrate.com from the manager of Wells Fargo and he mentioned that as soon as you know you’re going to miss your first mortgage payment, that’s when you need to call them. They can explain to you what to expect throughout the process.
He explained that if [...]

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Stop Foreclosure with Wells Fargo

by Moe Bedard

I called Wells Fargo to see what I can find out in regards to what they are doing to stop foreclosures and didn’t get much information as I had expected. However I did talk with a gentleman named Tevita that was very nice and helpful.
He mentioned that it would be best to call the [...]

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