Come spend a day in our office or even 30 minutes and you’ll see how banks such as Wells Fargo, Chase and Bank of America have no qualms about lying. They will tell you one thing then something totally different in back to back calls. Then they will send you a third “story” in a letter. Want proof?
Wells Fargo & Company said on Wednesday that it had agreed to buy back $1.4 billion in securities it sold to investors according to an article by Cyrus Sanati.
The suit, brought by the California attorney general, Jerry Brown, contends that Wells Fargo had routinely misrepresented, marketed and sold auction-rate securities as safe, liquid and cash-like investments, omitting material facts.
“Wells Fargo convinced thousands of investors to purchase auction-rate securities with promises of robust returns and liquidity, but when the market collapsed, investors were left out in the cold,” Mr. Brown said in a statement. “Based on misleading advice, investors bought these risky securities.”
If Wells Fargo will lie to its own investors imagine how easy it is to lie to a home owner. If you or a homeowner you’re assisting in a short sale is dealing with Wells Fargo then tread carefully. We routinely see Wells agreeing to short sales but then slipping in several clawback clauses. Make sure an attorney reviews the final short sale agreement to keep you and your seller out of trouble.
- The Bank Slayer
Wells Fargo violates RESPA also. I have sent numerous qualified written requests in accord with Secton 6 RESPA. The temps they hire do attempt to answer properly but they do not answer all questions. I refinanced in 2006 through a broker with CFIC Home Mortgage, questioned why the name Challenge Financial Investors Corp started apprearing on paperwork. Was told its just a formality. I closed on 6/6/06 (just realizing now that triple 6 number). Well Challenge Financial Investors Corp d/b/a CFIC Home Mortgage wasn’t even registered with the CT Dept of Banking until 2 months after I closed my refinance loan. They sent their application in 2 months after closing my loan.
Then the mess started with Wells Fargo Home Mortgage as servicer. They attempted to put forced insurance on my account even though I had property insurance in place. They coerced me into changing Challenge to Wells Fargo on my proof of insurance. They refused for over to answer who truly holds my Note and recently gave information on Citigroup Mortgage Loan Trust, Inc. They refused to provide the Trust name and series but I found which one my Note was pooled with on the Security & Exchange website. WFHM stated in writing that I would need to submit a subpeona to get a copy of the Pooling and Servicing Agreement (PSA), for a publically disclosed document!
In the PSA it states that WFHM will use RELS for appraisals (I suspect to decieve investors). A temp at WFHM actually sent me a 3 page RELS valuation (I know WFHM regrets that I have a copy now). CFIC Home Mortgage called me and said my home was appraised at $170,000.00 I did not agree with it (I work in law offices) and paid for my own appraisal which came in at $165,000.00. WFHM RELS appraisal came in at $180-$202,000.00!
The PSA also states that assignments, transfers, sales, etc of Notes are not to be recorded. Since the Notes were transfered to a non-MERS entity (a Trust), Banks can not neglect to record assignments transfers sales of Deed/Note. They are to be recorded on land records when transfered out of MERS. Luckily I paid for a title search/bring down at the beginning of the year. Anything recorded after that will be presented as fraud. WFHM refused to record my loan modification even. Any document that changes the terms of the original Deed/Note (even lowered interest rate) must be recorded in order to prove the existance of the modification.
I know now my loan was securitized, I know now what is going on with the whole MERS fraud. I know now that WFHM hasn’t a leg to stand on when it comes to my mortgage deed and note.
I have obtained numerous documents of lawsuits against the originator of my loan (CFIC Home Mortgage, Challenge Financial Investors Corp) which they stated no to in their application to do mortgage/banking business in CT. I requested documents from out of state banking and secretary of state regulating offices. In FL Challenge was recorded as a Mortgage Broker and Correspondence Mortgage Lender, in CT they applied for Mortgage Broker and Lender, on mortgage documents it states they to be a Mortgage Banker. See any fraud here?
I can go on with everything I have found in investigating all involved in my fraud refinance loan. My list of notes I compiled looks liek a three ring circus. To make matters worst, there is robosigning notary faud involved on my Release of Mortgage on the second mortgage I refinanced out of. I have a written document from the CA Notary that the required line entry with thumbprint of individual being acknowledged does not exist. CA Notary claims to be employed by WF however she sends a letter not on WF Letterhead. The number I was provided to call this notary is on a service that directs calls elsewhere. When you call the number and get voice mail, the announcement simply states the name of who your calling………no mention of the company they represent…..interesting huh
The End