SHOCKER, not everyone in foreclosure “bought too much house” or “lied about their income on the loan application”. It turns out, that at times, Wells Fargo falsified records and changed borrowers loan applications or steered them into sub-prime profitable loans. “The order requires Wells Fargo to compensate borrowers affected by these practices.” To identify Wells [...]
Does the government own my mortgage?
April 13, 2010 By Leave a Comment
Who is actually owed the money on your mortgage and how much is owed? Recently we’ve seen TARP documentation showing a flow of money into mortgage-backed securities. If large banks like Bank of America routinely foreclose on the wrong house are we sure mortgage payment are going to the correct place? Is the bank going [...]
Obama Bank Policy shoots for $1 Trillion in Writedowns
March 19, 2010 By Leave a Comment
As Neil Garfield points out in the following information: “This is red meat for investors and borrowers seeking restitution for losses caused by improper appraisals, ratings and representations concerning loan and property values, loan viability, securities fraud, deceptive lending practices, TILA violations etc.” Ok, so if the mortgage is written down, how does that inpact [...]
