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Wells Fargo

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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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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Subprime Lenders Getting U.S. Subsidies, Report Says

by Moe Bedard

Much “of this money is going directly to the same financial institutions that helped create the sub-prime mortgage mess in the first place,” Bill Buzenberg, executive director of the center, said in a statement.
For example, J.P. Morgan Chase, Wells Fargo and Countrywide, which has been bought by Bank of America, are eligible to receive billions [...]

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Judge To Question Bank On Loan Modifications

by Moe Bedard

PHOENIX — A federal bankruptcy judge has ordered a top Wells Fargo executive to testify in court about the bank’s loan modification policies.
The order came in response to a Phoenix woman’s complaint that Wells Fargo had ignored her modification request.
“I sent them everything they asked for and then when I called to follow up they [...]

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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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Wall Street War Brewing Against Obama Plan

by Moe Bedard

By Moe Bedard
While the likes of Bank of America, JP Morgan Chase, and Wells have signed on to the Obama plan, Bond managers are setting their battle plans against one of the largest government bailouts in history. Arguing that changing the terms of 4 million potential loans would do irreparable damage to the bond market, [...]

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In Exchange for Playing Ball B of A to Get $2.66 Billion

by Moe Bedard

By Moe Bedard
Of course we all already know that Bank of America, Wells Fargo, Citi and other lending giants have received trillions in bailout aid and now, because they’re willing to modify loans based on Federal guidelines they’ll get another nice chunk of change…$2.66 Billion according to the Treasury.
Perhaps this should be another “I’m [...]

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Obama’s Foreclosure Incentives Yield Positive Results

by Moe Bedard

By Moe Bedard
Two days ago I wrote an article that summarized the complex details of President Obama’s Foreclosure Rescue Plan.  My prediction was that incentivizing lenders to do the right thing would improve Main Street directly and not merely line the pockets of major lenders and financial executives.  Today, two major lenders, Bank of America [...]

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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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The American dream was a death sentence for my husband and myself

by Moe Bedard

Homeowner story submitted by broken and frazzled 
I am one of those dead beats in a subprime loan and also upside down on the loan the minute we signed the papers. First of all we tried to talk to someone at Wells Fargo and we were unable to get anyone to return our calls and on [...]

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Foreclosure Warfare – “It is troubling that the plaintiff has filed this case before it had any interest in it”

by Moe Bedard

By Moe Bedard & Aaron Krowne
“It is troubling that the plaintiff has filed this case before it had any interest in it,” Hamilton County Common Pleas Judge Steven E. Martin said in a letter to Wells Fargo’s lawyer.
The judge said the foreclosure lawsuit was filed before Wells Fargo owned the mortgage – thus, the suit [...]

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Wells Fargo to Foreclose on 5,000 Homeowners

by Moe Bedard

I just picked up this interview from the San Francisco Gate with John Stumpf the president and chief executive officer of Wells Fargo & Co., the largest banking company based in the West and one of the nation’s dominant financial institutions.
In picking a part the questions and answers along with the numbers that were being quoted, I came [...]

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