As it is well known by the whole world, Wells Fargo Bank was in the news for the last two weeks in regards to the now listed $21 Million home in Malibu, this home was taken away from the home owners because unable to make adjustable loan mortgage payments (ARM Loan), A Vice-President of wells Fargo Bank moved into the house and refused showing it to potential buyers.
Thanks to the neighbor's complaints, the real true came out to light, and then we all knew about it. Later Wells Fargo Bank fired the Vice-President with conflict of interest, and now it looks like the Media closed the case and again Wells Fargo's actions go unpunished. Not only that, but Wells Fargo Bank as all the powerful institutions, took advantange of the situation and make money out of it.
Number one: The Malibu home owners were unable to pay $3 Million Loan.
Number two: At the time the home was repossessed, the home value was $12 Million.
Number three: After all the Media published the incident and the WFB Vice-President was fired, the home was listed for $ 21 Million.
What about if neighbors had never complianed? Do we ever knew about it?
Thousands of cases are going uknown and unpunished, committed by Wells fargo Bank, The bank that we saved from going broke financially. Was that $70 Billion from tax payers?
Don't you think that we saved Wells Frago Bank and the least this bank must do is obey the law and comply with Obama's Law "Home Affordable Program" signed on May 20, 2009?
Well, it is not happening. Wells Fargo Bank is not helping home owners with loan modifications as required. Banks don't typically renegociate a loan because they expect to make more money with a foreclosure, as negociations imposes self-cure and redefault risks.
It is more profitable for Wells fargo Bank to avoid loan modification requests from home owners, foreclose the property through it's subsidiary America's Servicing Company, Action it and sell it for ridiculous price to it's other subsidiady Deutche Bank National/Trust Company, to finally eveict the home owner and charge the evicted home owner with all kind of impossed fines and debts. Example: Court expenses, lawers fees, etc. etc. including $50 per day while home owner refuse to leave the house. And the big difference between the mortgage you owe and the ridiculous price the sell the home for (Deficiency Judgment).
Did you see the process utilized? It is like selling the home among family members but they are getting away because they are using different instritution names.
But the institutions registration are public, and if you investigate you soon find out that they are all subsidiaries of Wells Fargo Bank.
The CONSTITUTIONAL ISSUE OF DUE PROCESS HAS AFFECTED THE ABILITY OF LENDERS TO FORECLOSE PROPERTIES failure of the alleged lender to prove they are the real party in interest.
Have you seen the signs? "REPORT DRUNK DRIVERS" well I encourage you to help change the system with the new sign " REPORT MORTAGE FRAUD"
Saturday, September 26, 2009
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