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02.06.2014
Families feeling the abusive foreclosure practices of Wells Fargo occupied bank branches in both Whittier and Studio City on Saturday, April 25, 2015.
WHITTIER, CA—Shortly before noon on Saturday morning, a parade of families in “Occupy Fights Foreclosures” and “No to Housing Crime” t-shirts marched down Whittier Blvd. Security locked the front doors of the bank as the noise of tribal drumming completely overwhelmed the acoustics of the bank lobby.
Families feeling the abusive foreclosure practices of Wells Fargo occupied a Whittier, CA branch on April 25, 2015 to deliver a letter asking the company to address abuses of the California Homeowner Bill of Rights. Twenty minutes elapsed between the start of the lobby protest and the arrival of three Los Angeles Sheriff Deputies. A gigantic banner satirized the red, black, and yellow Wells Fargo logo with the message “We’re Felons” at the Saturday, April 25, 2015 protest of the abusive foreclosures Wells Fargo continues against families of Los Angeles and the rest of the nation. Outside the Whittier Wells Fargo, Danza Azteca energized the crowd with their rhythmic music and dance.
The sheriff who asked how long the Wells Fargo protest was going to last got an earful from this hardworking man who was robbed by white collar criminal banksters!
Sheriff Deputy Fonseca demonstrated a hostile attitude, intimidating videographer Patti Beers into stepping back from one portion of the sidewalk.
After several homeowners pleaded with the bank over the public address system, the crowd of protestors marched down the sidewalk to the corner of Whittier & Goodrich, chanting, “Hey Wells Fargo, what do you say?
Simultaneous to the action in East Los Angeles, members of the Alliance of Californians for Community Empowerment (ACCE) occupied a Wells Fargo branch in Studio City, CA to bring attention to the plight of an 80-year-old woman who has lived in her home for five decades. If Bank of America and Wells Fargo thought they were finally done with the foreclosure settlement agreement issues once the last agreement was signed and the compensation checks hit the mail, they were wrong. The checks from this recent agreement have recently been sent out to victims and these victims are not pleased with the size of their checks. In addition to the Independent Foreclosure Review process, a variety of other regulations were put into place to hold these lenders accountable for their actions and to help struggling homeowners by encouraging mortgage modifications. Many people questioned whether or not these lenders would actually fulfill the agreements brought about by the foreclosure settlement agreement and what the repercussions would be if they failed to uphold their part of the agreement. Apparently New York Attorney General Eric Schneiderman has been keeping tabs on these lenders and has documented 339 violations between Wells Fargo and Bank of America since this agreement was reached. As a result, New York is suing both banks for their failure to uphold their part of the agreement and for repeated violations since the agreement was reached.
Wells Fargo & Company is a worldwide bank that is headquartered in San Francisco, California. Wells Fargo is one of many lenders throughout the United States that provides an opportunity for customers to obtain home loans. Below is some basic information on the Wells Fargo foreclosure process, including how you can purchase Wells Fargo bank foreclosures.
After a homeowner misses a certain number of mortgage payments (typically three) Wells Fargo will file a Notice of Default.
A Wells Fargo REO is a real estate owned property; these properties are also commonly called Wells Fargo foreclosures. Many investors and potential homeowners looking to purchase properties below market value often look to purchase foreclosures – including Wells Fargo home foreclosures. In conclusion, when a homeowner is unable to pay the monthly mortgage payments, the home goes to auction and the lender becomes the owner of the property if a bid does not exceed the opening bid. Wells Fargo is one of the major lenders within the United States that are being accused of wrongful actions that led to the real estate market crash. Major lenders throughout the country, Wells Fargo included, have been accused of unethical actions including wrongful foreclosures over the last few years. Over the last few years the real estate market in the United States has been incredibly unstable, marked with high foreclosure rates and low home prices.
Wells Fargo was a key player in the real estate market crash and subsequent foreclosure settlement agreements. It is not often that one hears the words good, real estate and Wells Fargo in the same sentence (or those words and any other major bank these days).
Support for the bill designed to help homeowners who are facing potential government and bank foreclosures, including Wells Fargo home foreclosures, has diminished in the past few weeks. As Wells Fargo foreclosures for sale dropped in number and weakened their impact on bank finances, Wells Fargo posted an increase in profits by 12 percent in the April to June quarter.
Another lawsuit has been filed against Wells Fargo for its role in subprime lending and bank owned foreclosures crisis. Recently, Wells Fargo has reached a $42 million settlement with the National Fair Housing Alliance (NFHA) in regards to failing to maintain foreclosures located in minority neighborhoods.
The final settlement includes $27 million that will go to nonprofit groups with a homeownership emphasis and $11.5 million will be sent to the Department of Housing and Urban Development (HUD).
In other news, Wells Fargo has stated its commitment to green-friendly initiatives and recently announced that it provided environmental financing for $6.4 billion in loans throughout 2012.
Despite the issues with foreclosures and other real estate-related issues, Wells Fargo is apparently doing well enough finally to afford big salaries for the bank’s CEO. Clearly, despite the settlement agreement expenses, major banks are still shelling out a fortune for their CEOs – although the settlement checks they are sending out to homeowners are subpar. At the end of the day, Wells Fargo settles another foreclosure related case, but continues to support green initiatives and pays the bank’s CEO a fortune. Preet Bharara, the United States Attorney for the Southern District of New York, Helen Kanovsky, General Counsel of the U.S.
HUD General Counsel Helen Kanovsky said: “Wells Fargo has been a valued participant in the FHA-mortgage lending program. WELLS FARGO, the largest originator of home mortgages in the United States, has been a participant in the Direct Endorsement Lender program – a federal program administered by FHA – since 1986.
First, between May 2001 and October 2005, WELLS FARGO engaged in a regular practice of reckless origination and underwriting of its retail FHA loans.
Second, WELLS FARGO failed to conduct adequate quality control and comply with its self-reporting requirements to HUD. WELLS FARGO’s self-reporting of its loans stands in stark contrast to WELLS FARGO’S findings from its own internal reviews of the quality of its loans.


As a result of WELLS FARGO’s intentional concealment of the 6,320 loans internally identified as containing material violations, WELLS FARGO avoided indemnification to HUD on approximately $190 million dollars in FHA benefits paid on claims for defaults on those loans.
To date, the Office’s Civil Frauds Unit has brought five civil fraud lawsuits against major lenders under the False Claims Act alleging reckless residential mortgage lending.
The Civil Frauds Unit works in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force, on which Mr.
If that is not what people should be able to expect after the banks admitted to Fraudulent doings, criminal acts and were fined over 200 million dollars in punishment…. The information on this website is for informational purposes only and is not to be construed as legal advice.
This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. Members of Occupy Fights Foreclosures (OFF) and the Alliance of Californians for Community Empowerment (ACCE) asked local branch managers to forward letters describing violations of the California Homeowner Bill of Rights to Wells Fargo headquarters. Parking two squad cars on the side of the branch, three Los Angeles County Sheriff Department (LASD) deputies entered the Wells Fargo lobby. Nowhere Man, stalwart supporter of Occupy Wall Street, Occupy Los Angeles, and Occupy Fights Foreclosures, silently encouraged the crowd to “Imagine Fairness” as he walked the sidewalk along Whittier Blvd.
How many homes did you steal today?" Appearing to consider their job protecting the bank to be finished, sheriff deputies left the scene.
Apparently Bank of America and Wells Fargo did not follow through will their part of the foreclosure settlement agreement. Part of this agreement was the Independent Foreclosure Review, which was basically a failure and resulted in a separate agreement where lenders would pay out money to those who were foreclosed upon throughout 2009 and 2010.
It looks like we are all about to find out the answer to that question sooner than we thought. Specifically, 210 of the violations are attributed to Wells Fargo with the other 129 being Bank of America’s responsibility. The bank was founded in New York City in 1852 and is one of the “Big Four” banks along with Bank of America, Citigroup, and JP Morgan Chase.
However, sometimes these individuals are unable to remain up-to-date on their mortgage payments and inevitably these homes often become Wells Fargo bank owned properties. Although the lender may check the credit score, credit history, and proof of finances of those looking to obtain a home loan, the unexpected can happen and the homeowner may be unable to pay his or her monthly mortgage payments anymore. If the homeowner does not pay the amount owed (including associated fees), then a Notice of Sale is filed and the home is scheduled for auction. Once the home belongs to the bank, the Wells Fargo foreclosure department will keep an updated list of foreclosure homes that the bank currently has in their inventory. Moe often than not, lenders will work with a team of realtors, who will actually market and sale the Wells Fargo mortgage foreclosure properties. Despite the foreclosure settlement agreements and compensation checks that were sent out to those who faced foreclosure throughout 2009 and 2010, there are many people who are still fed up with these major lenders getting insufficient punishment for the damages they caused. In the middle of the real estate market crisis are major lenders, who most believe are mainly to blame for the crash. They have been in the news for everything from wrongful foreclosures to other unethical actions over the last few years that have left many families without homes.
But it appears that Wells Fargo, unbeknown to some, is actually working to use its vast resources for good instead of bad. From wrongful foreclosures to robo-signing, there is no denying the involvement of these lenders. Senate Bill 1275 initially had the support of majority of legislators, but has lost steam following an alleged intense lobbying effort from the banking industry. The city of Baltimore, Maryland has filed a lawsuit against Wells Fargo for instigating the subprime mortgage lending in the black community which led to thousands of homeowners facing bank owned foreclosures.
Bank still have pending complaints filed by the NFHA that are similar to the complaints brought up against Wells Fargo.
The company plans to continue its support for environmentally-friendly initiatives throughout 2013 and the foreseeable future. Specifically, CEO John Stumpf received a total of $22.9 million in 2012 when you tie in his salary and other benefits. Attorney Preet Bharara said: “As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance. Unfortunately, as alleged in the government’s complaint, there was a time when Wells Fargo placed profits over people, corporate results over corporate integrity, and did not consider the effect its actions would have on the FHA program as well as the overall economy. Montoya said: “As long as these companies fail to exercise ethical corporate responsibility to their customers and their obligations as participants in the Direct Endorsement Lender program administered by FHA, we will endeavor to investigate and hold them accountable.
As a Direct Endorsement Lender (“DEL”), WELLS FARGO has the authority to originate, underwrite, and certify mortgages for FHA insurance.
Nonetheless, WELLS FARGO certified that over 100,000 retail FHA loans met HUD’s requirements and therefore were eligible for FHA insurance. In addition, WELLS FARGO senior management repeatedly ignored its own Quality Assurance department’s efforts to have management correct the practices leading to the material violations it found in a significant portion of WELLS FARGO’s retail home loans, and failed to report loans to HUD that it knew were rife with serious violations or fraud.
In particular, WELLS FARGO failed to report to HUD even a single loan with material underwriting violations or fraud until after a HUD lender review in 2005.
From January 1, 2002 through December 31, 2010, WELLS FARGO internally identified 6,558 seriously deficient loans that it was required to self-report, including 3,142 that had been identified as early payment defaults, or loans which were 60 days into default within the first six months. WELLS FARGO additionally avoided indemnification on millions more for the early payment defaults it improperly failed to review and report, and the FRM-identified fraudulent loans it failed to report.
Wells Fargo will send representatives to the auction and will place an opening bid on the property (the amount that is owed on the home). Therefore, in order to purchase a Wells Fargo foreclosure, you can contact the Wells Fargo foreclosure department, check US bank foreclosure listings, or contact the lender associated with the property of interest. However, it is essential to keep in mind that the specific foreclosure process varies depending upon state laws. Despite frequently being in the news for issues surrounding Wells Fargo foreclosures and numerous lawsuits, Wells Fargo economist Mark Vitner still has time to attend real estate luncheons and share his predictions for the near future of the real estate market. Specifically, an Orlando man is claiming that the bank is guilty of wrongful foreclosure after the settlement agreements were reached at the same time that New York announced a lawsuit against Wells Fargo, Bank of America, and HSBC.


Time will tell if the settlements with these two banks result in as much compensation as this Wells Fargo agreement. Montoya, Inspector General of HUD, announced today that the United States has filed a civil mortgage fraud lawsuit against WELLS FARGO BANK, N.A. As also alleged, Wells Fargo’s bonus incentive plan – rewarding employees based on the sheer number of loans approved – was an accelerant to a fire already burning, as quality repeatedly took a back seat to quantity. I commend the alliance of efforts between my office and the Departments of Housing and Urban Development and Justice, and especially U.S. If a DEL approves a mortgage loan for FHA insurance and the loan later defaults, the holder of the loan may submit an insurance claim to HUD for the costs associated with the defaulted loan, which HUD must then pay. During this period, although WELLS FARGO certified to HUD that its retail FHA loans met HUD’s requirements for proper origination and underwriting, and were therefore eligible for FHA insurance, the bank knew that a very substantial percentage of those loans – nearly half in certain months – had not been properly underwritten, contained unacceptable risk, did not meet HUD’s requirements, and were ineligible for FHA insurance.
By certifying tens of thousands of ineligible mortgages and falsely certifying its compliance with HUD rules, WELLS FARGO wrongfully obtained endorsement of these seriously deficient mortgages for FHA insurance, thereby putting billions of FHA dollars at risk. When HUD inquired about WELLS FARGO’s self-reporting practices in 2005, WELLS FARGO attempted to cover up its misdeeds by falsely suggesting to HUD that the bank actually had been reporting bad loans.
However, instead of reporting as required, WELLS FARGO concealed 6,320 of these improperly certified loans. In addition, the United States seeks compensatory damages under the common law theories of breach of fiduciary duty, gross negligence, negligence, unjust enrichment, and payment under mistake of fact, for the hundreds of millions of dollars in insurance claims that HUD has paid, and expects to pay in the future, for mortgages wrongfully certified by WELLS FARGO. Bharara established the Civil Frauds Unit in March 2010 to bring renewed focus and additional resources to combating financial fraud, including mortgage fraud. On February 15, 2012, the Government settled its civil fraud lawsuit against CitiMortgage, Inc. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes.
He also expressed his appreciation for the support of the Commercial Litigation Branch of the U.S. One deputy asked a man carrying a “Wells Fargo: King of Foreclosures” a question and received such a passionate response that the deputy nodded and stepped back in deference to the man’s right to express his grievances against Wells Fargo. If a bidder does not exceed the opening bid, then the home becomes the property of Wells Fargo. What’s more, even after concerns were raised internally at the bank, Wells Fargo began self-reporting bad loans in a significant way, as required, only after this Office issued a subpoena last year. Under the DEL program, neither the FHA nor HUD reviews a loan before it is endorsed for FHA insurance. In fact, WELLS FARGO knew that its underwriters routinely failed to perform basic due diligence, failed to verify information in the loan file that bore directly on the borrower’s ability to make payments on the mortgage, and repeatedly certified mortgage loans that contained serious defects and departures from HUD’s underwriting standards.
As a result, HUD has paid hundreds of millions of dollars in FHA benefits on claims for defaulted loans that WELLS FARGO never should have certified for FHA insurance in the first place. And, in a continued effort to avoid indemnification claims from HUD on these bad loans, WELLS FARGO’s self-reporting even after HUD’s inquiry was woefully and purposefully inadequate.
The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The Government’s Complaint seeks damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) for more than 10 years of misconduct in connection with WELLS FARGO’s participation in the Federal Housing Administration (“FHA”) Direct Endorsement Lender Program. DELs are therefore required to follow program rules designed to ensure that they are properly underwriting and certifying mortgages for FHA insurance, and maintaining a quality control program that can prevent and correct any deficiencies in their underwriting.
The extremely poor quality of WELLS FARGO’s loans was a function of management’s nearly singular focus on increasing the volume of FHA originations – and the bank’s profits – rather than on the quality of the loans being originated.
The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. We need to speak to the manager.” To the branch manager, he explained, “We have some homeowners that are being foreclosed by you guys. The lawsuit alleges that, as a result of WELLS FARGO’s false certifications, FHA has paid hundreds of millions of dollars in insurance claims on thousands of mortgages that defaulted. Attorney’s Office for the Southern District of New York in this investigation, in June 2011, WELLS FARGO reported only about 300 of its seriously deficient loans to HUD.
On May 10, 2012, the Government settled its civil fraud suit against Deutsche Bank and MortgageIT for $202.3 million. We have a couple of letters we would like you to forward to headquarters, is that ok?” “Yes, of course,” responded the branch manager. In each settlement, the defendants have admitted and accepted responsibility for certain conduct alleged in the Governments’ Complaint. The Office’s Civil Frauds Unit is handling these cases as part of its continuing investigation of reckless lending practices. Here in LA., we have more foreclosures and more people going homeless than we ever have had before.
We have people out there in the streets sleeping in their cars because Wells Fargo’s practices have added to the problem that already exists here in L.A. She’s facing eviction because Wells Fargo led her to believe that they were going to give her a loan modification.
When she found out Wells Fargo was going to sell her home, she gathered all the money, she borrowed money, she did whatever she could, to be able to satisfy the late penalties and the payments that Wells Fargo had instructed her to do. Wells Fargo refused to take the money from the homeowner and went ahead and foreclosed on her. That is a great violation of the Homeowners Bill of Rights because she was under the loan modification process. The law also guarantees that borrowers have a single point of contact for loan modification negotiation. One asked a man carrying a “Wells Fargo: King of Foreclosures” sign a question, and received such a passionate response that the deputy nodded and stepped back in deference to the man’s right to express his grievances against Wells Fargo. Multiple private security guards recorded Saturday’s action on phone cameras, once they had the protection of the LASD.



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