A Must Read Fraudclosure Story | MSNBC – Inside the Wells Fargo Foreclosure Factory: Pushing the Files

“Last year, Wells Fargo earned $3.3 billion in profits from its mortgage servicing business, or about 20 percent of the bank’s total net income, according to its annual report.”


Inside the foreclosure factory: Pushing the files

In a quiet office in downtown Charlotte, N.C., dozens of Wells Fargo’s foreclosure foot soldiers sit in cubicles cranking out documents the bank relies on to seize its share of the thousands of homes lost to foreclosure every week.

They stare at computer screens and prepare sworn affidavits that are used by lenders in courts across the country to seize homes. Paid $30,700 to start, these legal process specialists, the title that goes with the job, swear an oath under penalty of perjury that they’re corporate vice presidents. They’re peppered with e-mails from managers to meet daily quotas of at least 11 files day.

If they fall short, they face a verbal warning. Then written. Two written warnings could cost them the paycheck that supports a family. As more than one source for this story told msnbc.com, “I can’t afford to lose this job.”

Pressured to meet daily production quotas, they are likely making mistakes that inadvertently could toss a family out of its home and onto the street, according to these workers.

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2 Responses to “A Must Read Fraudclosure Story | MSNBC – Inside the Wells Fargo Foreclosure Factory: Pushing the Files”
  1. Bo Khatib says:

    First, Legal Help for wronged homeowners must be rung-out from the Fraudster-banksters in the form of $$$$$$$$ to pay top-dollars to good and honest lawyers (a rare breed indeed), then let the courts decide.
    Second, set-up the TRAP (not TARP!), then snare the thieves, jail those in CONgress who help and abett and return all stolen properties to the rightful homeowner.
    It’s a dream, but that’s all I have left after I lost faith in my Bankster-Givermint, Bankster-owned-courts, and county clerks-of-courts with crystal-clear view of their own colons.
    Wake-up and be ready: The wrath of the American Homeowner will have no mercy on those theives.

  2. Beth A. says:

    Bastards…all running foreclosure “sweat shops”….anything for a buck, regardless of the proper policies and procedures.

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