Wells Fargo Warns of Higher Fraudclosure Suit Costs

Wells warns of higher foreclosure suit costs

* Bank says costs could be $1.7 bln higher – filing

* Raises worst-case estimate by $500 mln

* Increase due to higher possible foreclosure case costs (Adds byline, company comment, detail on foreclosure investigations)

CHARLOTTE, N.C., May 6 (Reuters) – Wells Fargo & Co (WFC.N) on Friday raised its worst-case estimate for litigation losses by 42 percent to $1.7 billion because of its exposure to foreclosure-related legal issues.

The San Francisco-based bank’s latest loss projection, disclosed in its first-quarter financial report filed with the Securities and Exchange Commission, increased by $500 million from $1.2 billion in the previous quarter.

A company spokeswoman said the increase was due to foreclosure-related matters. She declined to elaborate.

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Quarterly report below…




9 Responses to “Wells Fargo Warns of Higher Fraudclosure Suit Costs”
  1. talktotennessee says:

    Kudlow and others are missing the point! Even those who paid on time and put heavy percentages into their houses are losing equity at the hands of criminal fraud because their house values are underwater.
    Where is the outrage?
    Outside this and similar website/blogs people are just sitting on their bums with their declining equities demanding nothing from these criminals who are arrogant enough to tell Congress, the President and AGs what they do or don’t want to do. “Hey fellows how much is it gonna take to ‘buy’ me out of this little bit of trouble here?” “Hey buddy, whatcha gonna need for your next campaign?”
    Imagine, a con artist telling the DA that he is in control and the DA better step lively or he will be out of a job!
    Isn’t this what is happening here?.
    To think Martha went to prison for lying. . . . .
    If every banker went to prison for lying . . .
    Martha can at least tell them how to cook in their rooms.
    Some of the people they forced on the streets, now living out of cars might have a trunk open or something!

  2. talktotennessee says:

    Hand me a crying towel!
    I am in tears from laughing.
    Some CEO might have to donate this year’s bonus!

    • Snowstorm A.K.A. Susan M. DeSimone says:

      Yes, Where are the “Protesters”? The cases that I have witnessed? …….no one seems to be “Appealing” to our “United States Supreme Courts”, for our “Constitutional Rights” that have been clearly “Violated”.. Where are the people appealing the State Courts to “Enforce our strict property Laws” that are already in place, and “Violated beyond repair”? Why are the majority of the people accepting “Foreclosuregate” without even a “Whimper”. Why is it so-o-o-o-o- difficult, if not “Impossible” to find an attorney to “Fight for you”?. Until,,,, WE THE PEOPLE . unite and join forces to NOT TAKE IT ANYMORE, no one will see “Victory”. Now, I’ ve witnessed…… the few people who have protested have been “Arrested”. Sad day for the “Americans” who care. This is yet another one of “THEIR” scare tactics to keep us quiet. Same as the charges against the FEW attorneys that have been on the peoples side are being “Prosecuted”. Scares off attorneys, to not stick their necks out. I tried to find an attorney to take my case and I waisted (12) weeks of my time. Doing my case Pro-se, is the best I can do, but at least I am NOT TAKING IT WITHOUT A FIGHT.

      • Katheryn says:

        I’ve had same problem, no lawyer will even speak to me about it. It is really unreal, even serial killers get representation. I, too, am doing it pro se….so I empathize with you. It is not easy.

  3. John R. says:

    It was never their money in the first place!

  4. Snowstorm A.K.A. Susan M. DeSimone says:

    Good! and Who cares! File your Lawsuits, and make them payout more.

  5. l vent says:

    Boo hoo….They made hundreds of trillions off of their ponzi scheme. Kudlow said this morning on CNBC that homeowners should have to put down at least 20% when buying a home and the BANKS SHOULD BE FORCED TO SHOW ACTUAL MONEY ON THE BALANCE SHEET BEFORE THEY CAN ISSUE A MORTGAGE LOAN. That is not the half of it. I put down over 40% cash when I purchased my home 19 years ago and at least 200,000 dollars in home improvementsover those years, , cash. Little did we all know they were BUNDLING UP OUR GOOD LOANS WITH BAD LOANS. THAT IS WHAT SHOULD HAVE NEVER, EVER HAPPENED. KUDLOW ADMITTED TODAY ON WORLDWIDE TELEVISION THAT THESE BANKSTERS AND FANNIE/FREDDIE HAD NO SKIN IN THE MORTGAGE GAME. RESCIND, THE FAKE LOANS. THEY NEVER EXISTED. These Ponzi Schemers never owned our homes. the proof is in the ORIGINATION FRAUD.

    • l vent says:

      The proof is also in the title and at the County Recorders office. If there is fraud in the contract, that kills the contract. They never secured the debt because there was no debt to secure, the mortgages and notes were a float, a speculation on the borrowers ability to pay or not pay. RESCIND!!!! MERS is also a sham and fraud. If the home was ever in MERS that title is forever destroyed for the pretender lender.

  6. Jason Werner says:

    Well, that’s interesting, how many times did Wells Fargo say they were not the proper party to sue when a homeowner brought an honest claim against them seeking the money that was stolen from them.

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