Wells Fargo’s Servicer-Driven Foreclosure: Is Stumpf’s Company Vicious and Incompetent or Vicious and Greedy?
Well DOERs, John Stumpf, CEO of Wells Fargo, is a schmuck.
CEO Stumpf knew (because DOERs told him) that the only reason grandma Patricia Martin faced foreclosure was because a Wells Fargo employee–Stumpf’s employee–lied to her daughter about late fees, and then rejected her for the loan modification it told her to apply for. Why did Wells reject Grandma Martin’s modification application? Well, given the facts, I see two possibilities. Stumpf’s company is incredibly incompetent or deadly sin-level greedy. Either way Stumpf’s Wells Fargo is vicious.
Vicious, Yes. Also Incompetent and/or Greedy.
Vicious because Wells Fargo is kicking Grandma and her family to the curb when the Martin family has acted properly and in good faith. As an added bonus, Stumpf’s employees were abusive and cruel. (See Mandelman’s original DOER alert and the update for the background.)
So besides vicious, is Wells incompetent or deadly-sin level greedy? The answer rests on whether Wells’s math errors were inadvertent (incompetent) or deliberate (greedy.) See, the key reason the mod failed is that Wells crunched the numbers using an inflated value for the house: $370k, instead of the $300k it was actually worth. Wells acknowledged it used the wrong number, and re-ran the numbers. But instead of using $300k the second time, they again used $370k. The inflated value meant taking Grandma Martin’s home would be worth more than modifying her loan. Garbage in, garbage out. But for doing the math wrong, the Martin mod would have been approved and the foreclosure averted.
Rest here…
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Wells Fargo will not help you do anything. It took them now 8 months to tell me Maybe they will short sale my house. John Stumpf is an asshole who does not care about you!!! He will rip your soul out for a dollar. After my husband Jim took his life over this house ( I know some of you have read this before) It took them 6 months to even speak to me. See they allowed him to take my name off the house. He was then allowed to take every dime. I didn’t know a thing, but they are not being held responsible in any way. The titile company is They basically are getting away with murder. He would never been able to pay back this sizable loan and they knew it. Why he did it, I don’t know but I blame Wells Fargo for part of his death. I blame them for making my life miserable for 2 years and yes I blame JOHN STUMPF for taking everything I knew and loved from me
Lynn, can you prove the dirty bastards committed massive mortgage fraud in your husbands name with your note…..?? There is no doubt in my mind that even if they were the ORIGINATOR of the fraud, they never sold your loan…Was the note unindorsed? If so, I would sue them and on the grounds that their criminal fraud and abuse that they committed in your husbands name with that note and his signature, caused your mortgage to fail and your husband to fail and left him feeling helpless and hopeless and led him to commit suicide and the direct result of that criminal fraud and abuse caused permanent harm to you and your family..
Lynn, I would really work hard at proving that WELLS FRAUDGO ARE CRIMINALS and are who committed massive criminal fraud and abuse with the Original Note and your husbands signature…and you can surely prove that they victimized your husband and you and your family with all of their criminal fraud and abuse.. and caused permanent harm to you and your family…!
Can’t get them, I can’t prove at this point that anyone from wells was at the closings with my husband. I have to go full force with the title company. They gave him 2 loans in one day and 2 closings! He didn’t even have a lawyer at either one. They have held back the discovery and the judges here in NJ don’t care. They have abused me for 2 long years I am getting them right now on the damage that they did to me and my home. They took apart my front entrance to the point where a 2×4 is holding the door up. They went thru my papers in the house and spilled anti freeze everywhere. It is a disgrace. I had to move all my stuff into a POD because the house is unsafe. To top it all off, my backyard was robbed of all pool equiment and plants!!! My homeowners dropped me and now Wells is insuring me. They send me a bill for 4000 dollars LOL Hope they aren’t holding their breathe It is a nightmare. But, I am not giving up. They may get my home, but I will get them and every dime they stole from me!!
Lynn have you tried to file any complaints with the court or have you requested the court to subpoena the notary from the closing…? Have you filed any police reports with the Sheriffs Dept or your local police depts…. against them for the crimes that they have committed against you or your family……?
Lynn, have you filed any formal criminal complaints with your State AG or your States Attorneys office…?
@Lynn
Have you tried writing to Mandelman matters? Put your story in a good written format and send it out to everyone. Such heartache. This is so very wrong what is being done to ordinary hard working people; they want to totally destroy us.
@Lynn…maybe go online to your local media and find out how to submit your story…I would bet they would be very interesting in speaking with you and possible airing your story….Best of Luck and I will pray that God would Bless and help you and your family to get the justice that you deserve against these UN FEDERAL RESERVE bankter crooks..! They are all truly despicable and they and the traitor politicians are the only real enemies of not only America but mankind…!
This as disgrace just lake millions of FRAUDCLOSURES when will America say enough? I doubt it it will be soon, people are sleeping watching the Kardashians, Globe awards, The Oscars, etc. while thousands are being push in to the streets in this matter or worse,
Some of the lenders do ignore late fees, adding them back with interest no doubt but not all. GMAC/Ally is one that does not force you to pay late fees and will add them in for later collection.
Having said that, I truly believe Wells Fargo has a MASSIVE hidden agenda for foreclosing in many cases rather than modification. I have witnessed, first hand AND anecdotal that Wells will refuse to modify regardless of the person, their intent, how far they are underwater or are not in arrears or their income. They are currently defending a lawsuit in which they acknowledge that the individual qualifies for a HAMP modification and THEY STILL REF– USE TO MODIFY! Their lawyer defends their RIGHT TO REF– USE MODIFICATION despite eligibility, just because. Because what, why??????
Why would they want to refuse to modify a loan where the individual qualifies for a HAMP and take the issue to court to defend their right OF REFUSAL?
Doesn’t that make you wonder what they are NOT revealing as a reason for their refusal?
It does me. Paying one of the highest priced lawyers in Memphis to deny modification for a HAMP eligible homeowner who is accusing them in court of refusing to cooperate, just doesn’t make good horse sense to me!
Has to be a hidden agenda and a big one to go that far to defend their refusal on a house worth about $75K. Rocket science? I THINK NOT!
I was told by a Wells Fargo employee (have his name and dept.) that ” late fees could be paid at ANYTIME over the life of the loan”.
Have in writing from Wells Fargo that ” Wells Fargo can take late fees out of the escrow account if they wanted to.”
Seriously???!!!!
Fed up –
Agreed (late fees). Wells says this, doesn’t follow it.
Chase had told us this as well – Be careful, however. I’d paid late fees one time – and they sat uncredited for months. I’d called for service and only knew this because the service person mentioned that money was sitting there. He said – “You have to write to us and tell us how you want the funds applied?” Really? Well, I was billed the late fees in a regular monthly statement and included it in the funds sent. Pretty obvious how to apply the fricking payment.
Hmmmm, so they floated that money – likely added late fees on top of the account (for the uncredited late fees that they deemed unpaid). Hmmm, unclever evil bastards. In my written directive – I advised them that I was aware of their scheme and as a regulatory professional took great offense to this practice – advised them to reverse out all late fees accumulated AFTER the late fee was remitted.
AAARGH!!!!!!! I am so sick and tired of the United State’s banking cartel.
I’d dealth w/Wells Fargo in the past (2nd property). They returned my payments – perfectly fine checks. Added extraordinary fees on top of late fees, refused to return calls and made our lives a Hell. They just wanted our condo – which was in a great, prime location. I’d sent them thousands upon thousands of dollars and they just wanted more and more until they could get the condo.
Evil – just plain evil. There is no rationalizing this. It’s what they do.
My email to Stumpy (no misspelling here) was to get off his stumpy backside and get a clue that we will no longer put up with this madness and Patrica Martin should be able to stay in her home partly because he had employees who outright lied to the Martins. I also called him a stump of a man. Wonder if he ever really reads the emails he gets?? My guess is no because he can’t understand why people are so hositle against the rich.
Forgot to say that in the article John Kennerty’s name was brought up. He signed a Allonge to the Note that was made out in blank. The problem here is the bank that he was signing for had been out of business for several years and this was drawn up 6 months after the NOD.
If we had any functioning Government at all, Wells would be seized, keel hauled and liquidated. Let’s go to Stumph’s neighborhood and hurl old furniture on his front yard. What an incompetent, vicious, greedy ba#tard.