Wells Fargo Damage Control Attempt – FL Attorney General Reaches Agreement with Wells Fargo Providing More Than $388 Million in Mortgage Relief to Florida Homeowners

Interesting timing…

Nothing to see here folks, keep moving along…

Funny how the Attorney General here in Florida has been quiet in all the latest developments…

I wonder why???

Where ya at Billy boy?

Why so silent?

FL Attorney General Reaches Agreement with Wells Fargo Providing More Than $388 Million in Mortgage Relief to Florida Homeowners

TALLAHASSEE, FL – Attorney General Bill McCollum today announced a multi state agreement with Wells Fargo Bank over allegations of deceptive marketing of payment option adjustable rate mortgage loans (POA’s) by Wachovia Corporation and Golden West Corporation, before Wells Fargo acquired the companies. From April 1, 2010 through the term of the agreement, more than 4,000 Florida POA borrowers will be eligible for loan modifications that are expected to provide almost $388 million in mortgage relief in Florida. This sum includes more than $208 million in principal forgiveness for Florida homeowners. Overall, loan modifications will be offered to 8,700 borrowers in eight states with a total economic value estimated to be more than $772 million through mid-2013.

Allegedly, Wachovia Corporation and Golden West Corporation failed to fully explain that the minimum payment due in the first years of the loan would not cover the full amount of accrued interest, which in turn would increase the amount of the loan, or negatively amortize the loan. Borrowers eventually faced higher monthly payments, as well as higher loan balances, when they began making full monthly payments.

Wells Fargo, in a settlement with Florida, Arizona, Colorado, New Jersey, Washington, Texas, Illinois and Nevada, agreed that between December 1, 2010, and June 30, 2013, the bank will offer modifications to eligible qualified residential POA borrowers who are either 60 days delinquent or facing imminent default. Borrowers will first be considered for the federal Home Affordable Modification Program (HAMP) and if the borrower cannot qualify under HAMP or elects not to accept a HAMP modification, Wells Fargo will consider the borrower for its new modification program, known as Mortgage Assistance Program 2 (MAP2R).

The agreement also makes a number of substantial servicing commitments for its POA borrowers including ensuring adequately staffed help lines to serve consumers, providing a single, primary point of contact to assist borrowers seeking modifications, making decisions on modifications within 30 calendar days of receiving a complete application, establishing a formal second look or appeal process for borrowers who are turned down for a modification, and more clearly communicating with borrowers to avoid confusion during the process.

Wells Fargo will also offer other foreclosure alternatives, including short sale, deed-in-lieu, and relocation assistance. The agreement provides for a compliance monitor and quarterly reporting to the eight Attorneys General. Wells Fargo will also pay more than $10.2 million to the Florida Attorney General’s Office to assist with the state’s efforts to prevent or mitigate foreclosures and prevent mortgage or loan modification fraud, along with investigative costs.

Wells Fargo customers who originally took out mortgages through Wachovia or Golden West and are looking for information about the loan modification program can call 1-888-565-1422.

SOURCE: Florida Attorney General




Wells Fargo Assurance Agreement With Florida Attorney General

18 Responses to “Wells Fargo Damage Control Attempt – FL Attorney General Reaches Agreement with Wells Fargo Providing More Than $388 Million in Mortgage Relief to Florida Homeowners”
  1. Ali says:

    Thank you Jose!Anyone would have to have rocks in their heads to enter into any agreement with any of these banks, Lets not forget about the mortgage broker/lenders who took out two loans including one VA and one to securitize to the tune of almost $700,000. and how about the title insurer’s and the lenders who wanted to gamble peoples homes (lifes) away on the casino called wall street. We get the short end of the stick anyway you look at it and get called “deadbeats” to boot. We put 37,000. down on our overinflated home, got home owners insurance and still got screwed with a VA loan. These are a bunch of clowns running the show. Too bad there isn’t any honeat atty’s around, they all pretend to “not know what you are talking about.” I am soooo tired of this shit after 7 years and now if anyone thinks they are going to get a clear title to their property, well, I hope they don’t hold their breath. I hope they all remember its ELECTION TIME!! Not that that matters much either.

  2. ted1 says:

    how long must you wait to file and what must you do to get a quiet title is there a waiting period boa drop mt lis pendence last year and was susposed to mediate they refused to mediate 6/10 please help

  3. marilyn lane says:

    Your original mortgage contract is an Ultra Vires Contract. Wells Fargo know that and is trying to cover their rears.

    The abominable banking system that is in place today, gives a bank great incentive to foreclose on an Ultra Vires contract, as the bank demands lawful money returned for the unlawful money lent.

    By what Authority are the Banks doing this? There is no authority for doing this. This is in complete prohibition to Art 1 Para 10 Cl1 of our US Constitution.

    All of our cases with slightly different facts all stem from the same Fraud.
    The Bank did not lend you ‘LAWFUL MONEY” but the Bank intentionally wrote
    a “bad check” and gave it to you –to circulate as “money”

    I certainly did not know this kind of fraud was going on when I signed my mortgage and note. Did you?

    The Mortgagor puts up a down payment, the Mortgagor pays a lot of fees and probably paid an attorney to represent them, all in order to get this “bad check”

    Would a Mortgagor have put in all that money, if one knew the truth of how the Banks ran their illegal business. I bet not.

    Did anyone notify you after that big day – the Bank’s check bounced – of course not. When the check that the Bank wrote came back to the Bank that wrote it, the bank didn’t say “we only have 5% , if that much and it was not stamped “insufficient funds” the bank stamped it “paid”

    So since the Bank did not have the money sitting in the bank’s account when they wrote the check, what the bank gave you is their credit.

    That is exactly what is prohibited by Art. 1 Para 10 Cl 1 of the US Constitution.

    What authority gives the Bank the right to make contracts with “bad checks”

    Nothing- Nada.

    “Lawful money” is needed to make a contract valid.

    Over and Over Mortgagors gave a Bank a mortgage on their castle , in return for a Bank giving you a credit entry on their books and charging you Interest on this credit. Also illegal.

    Did the Bank give you lawful money or is that what you got, credit?

    Banks are not allowed to lend their credit- Banks are in the business to lend
    “lawful money” There is not a Bank charter that allows a Bank to lend their credit.

    And as we continued to make monthly payments the Bank collected more money on their fraud.

    You try writing a check when you don’t have funds sitting in your account to cover it.
    You can be sure that check is coming back marked”insufficient funds” You are not allowed to do it and either is a Bank.

    This scam of Ultra Vire contracts caused injury to us, the true homeowners.

    In addition the banks are laundering “bad checks”.

    The Banks violate Truth in Lending Laws.

    The Banks are collecting Interest on money that doesn’t exist. (Lending you 5% and collecting Interest on 95% of thin air)

    And once the Bank gets their Ultra Vire contract going, they start flipping them to MERS, Securitizations , Wall Street, Title Companies etc. there is no shortage of people all wanting to get their piece of the illegal profits.

    • lvent says:

      We wrote them a check, the note was a check we gave to them….they got paid off of the backs of the U.S. TAXPAYER by the U.S. TREASURY….the FAKE LOAN ORIGINATOR was able to cash in the note at the U.S. TREAS… release funds to pay for the homes with our signatures, then, they were lent the credit in the form of a bond and a treasury and they were allowed to keep using the already cashed in note to sell pieces of as an interest in the money flow to investors…….. which was the fraudulently induced mortgage payment…The more loans they bundled, the more money they made esp the most risky loans they bundled up and had stamped AAA rated ..They never lent us any money or any credit.. WE THE PEOPLE LENT IT TO THEM……we got scammed….It was a mortagage fraud ponzi scheme with tax payer money..I watched a program on CNBC last nite entitle HO– USE OF CARDS..WALL STREET was selling interest to the money flow to anything that had a revenue stream…Our mortgage payments were a fake, fraudulently induced revenue stream….!.The fly by night “lenders” were doing refis…and Wall Street investment banks could not wait to buy up the worst loans to repackage as AAA CDO’s to sell interests in the money flow to investors……with their warehouse line of tax payer backed credit at the FED.. It was booming until the were overleveraged to the hilt… House of Cards interviewed a Wall Street exec who said that the end came right after 60% of the loans went pubic..When they tried to cover up for the fact the loans were never delivered to the trusts and tried to securitize the loans after the fact and they dumped them all into a global pool…a/k/a..the 1.2 Quadrillion dollar black hole of mbs’s…..my fraudulently induced mortgage went public in June 07….then they burst the bubble and then the defaults came enmasse…including mine…!

  4. tonycat says:

    Jose, please tell me who your lawyer is. Some of the Virginia lawyers also practice in North Carolina, where I am. Thanks for your help!

  5. Ron Moss says:

    Why is Ron Paul so popular with the people?
    Anyone involved with Wells Fargo wants them out of their lives as well as the other big banks that are telling our government werer the bear shits, and gets away with it.

  6. Daniel says:

    After sending Wells Fargo mountains and mountains of the same paperwork every month for 14 months(including expenses that easily outweighed our income), they denied us for HAMP saying that we do not have a shortage of income and we CAN pay our full Mortgage?????? WHAT??? It was in black and white….sent 15 times….. are they serious? I called them shotly after and they said we were approved for a loan modification. NOW GET THIS! After closer review the modification was an “In House” Modification. All they did was extend the terms of our loan to 40 years (first), and then loweer our interest rate .75% . They will actually receive $120,000 more from us than the original terms if the Loan They just have to wait 10 more years to get it).
    The whole program was a joke! If they followed the HAMP Program they would have had to lower interest rate first…then extend the terms of the loan. Why did it take them 14 months? WHO IS OVERSEEING THESE MONKEYS?

    • Readdocs says:

      If you are involved in a loan modification, hopefully you first ask the question of the servicer,
      are you authorized to make ANY changes to my loan? Next you had better have read ALL
      of the very fine print to make sure you didn’t agree to sign away the rest of your life times’
      assets including future revenue from retirements.

  7. Peter says:

    Going through HAMP first before Wells Fargo offers assistance? What a joke!
    Wells Fargo is well experienced in losing requested documents homeowners have to submit over and over and over again …
    They’ll just keep requesting the same documents or make you start over … Essentially you will never even get close to getting any assistance. Non of the government programs are working as they are only guidelines for a servicer. I find it hard to believe Wells Fargo would just fork over millions to “help” homeowners in need Obviously, Wells Fargo has something to worry about so either make them fork over the money to the states now, or put a stipulation in the agreement that a local agency will qualify and oversee any HAMP applications.

    Bribes and payoffs …

  8. mike says:

    Has this one been reported?

    A Wells Fargo & Co. executive has acknowledged that he verified only the dates on up to 150 foreclosure documents he signed daily.


    Since wells continues to say all is well

  9. foreseeyer says:

    The scibd document is blank? Why is that? Open government in FL or tech glitch?

  10. Nat-AHA says:

    The government needs to stop accepting these bribes I mean settlements – what do the banksters have to do earn some quality time in prison?!?

  11. PMBVA says:

    Gosh Florida your AG clearly does not “Get It”!

    Wells Fargo cannot modify what they do not own.

    Hire an attorney and fight the fraud Wells Fargo would never have gone along with this if they did not have an issues in their paperwork just like the other banks.

    Word has it if f you have an option arm with them in other states they are willing to do a short sale approval in two weeks! I guess they know they have real issues with these.

  12. Jose says:

    Great, this guy is making deals with the devil.

    This is the same Bank that has foreclosed on my brothers house in Virginia twice this year,

    Yes you read right. They foreclose and took over the property, they forced my brother out of the home even though he was not delinquent, he was forced to file for BK. Now after almost a year after his BK and that he vacated the property, they are foreclosing on an already foreclosed home. The PRETENDERS are foreclosing themselves. \\

    Our attorney says to wait until the finish the process and then file for an action to quiet title. There are obviously
    two different loan pools, and two different law firms and two different robo signers. No title search, no respect for BK laws, FDCPA, etc.

    i guess we will also be filing a case for gross negligence against both law firms and every single clown involved in this mess.

    these are the thieves this AG is jumping in bed with?

    we want justice!!!!!!!!!!!!!

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