Wells Fargo’s “Reprehensible” Foreclosure Abuses Prove Incompetence and Collusion of OCC

Wells Fargo

Wells Fargo’s “Reprehensible” Foreclosure Abuses Prove Incompetence and Collusion of OCC

Two bankruptcy cases in Louisiana that have revealed systematic, persistent foreclosure abuses by Wells Fargo have gotten enough media attention that it is inconceivable that banking regulators don’t know about them. The lack of any intervention, or even so much as a throat-clearing by the Office of the Comptroller of the Currency is yet another proof of how the regulator apparently sees its role as fronting for banks rather than enforcing rules.

This story is back in the news thanks to an appeals court smackdown of Wells, which has engaged in a long-standing war of attrition with one of the plaintiffs, a Michael Jones. The reason for the appeal was that the bank was fighting the judge’s imposition of punitive damages of $3.1 million for Wells’ “reprehensible” conduct.

We wrote about the underlying case a year ago. Bankruptcy judge, Elizabeth Magner of the Eastern District of Louisiana, had found Wells Fargo guilty of egregious foreclosure abuses in a 2007 case, Jones v. Wells Fargo. In it, the bank admitted that the types of overcharges it made in bankruptcy cases were “part of its normal course of conduct, practiced in perhaps thousands of cases.” The judge awarded damages and recovery of attorney fees on top of repayment of the impermissible charges, and ordered the bank to fix its accounting.

Fast forward four months, and another case appears in Mangers’s court with the same sort of verboten charges, proving that Wells has not taken the required corrective measures. As the Center for Public Integrity described it:

In an April 2008 ruling, Elizabeth Magner, a U.S. bankruptcy judge in New Orleans, rejected the two charges [for broker price opinions charged when the parish in which the home was located was evacuated thanks to Hurricane Katrina] as invalid. She also disallowed 43 home inspections, 39 late charges, and thousands of dollars in legal fees charged to the Stewarts’ account.

Almost every disallowed fee was imposed while the Stewarts were making regular monthly payments on their home…

Magner determined that Wells Fargo had been “duplicitous and misleading” and ordered the bank to pay $27,000 in damages and attorneys’ fees. She also took the unusual step of requiring the servicer to audit about 400 home loan files in cases in the Eastern District of Louisiana.

Wells fought successfully to keep the results of the audit under seal, and last summer a federal appeals court overturned the part of Magner’s ruling that required the audit. But two people familiar with the results told iWatch News that Wells Fargo’s audit had turned up accounting errors in nearly every loan file it reviewed.

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4closureFraud.org

Comments
2 Responses to “Wells Fargo’s “Reprehensible” Foreclosure Abuses Prove Incompetence and Collusion of OCC”
  1. DC says:

    Its about time.They are the worst of the worst but have flown below the radar for far too long and I personally know this from dealing with them on my unresolved nov 2005 interest only,no doc,broker originated fraud filled lump of poo.I cant call it a loan because it wasnt,cant call it a contract because that would take two parties and at least one ounce of disclosure oh plus a few signatures,and maybe a valid notary.When I submitted all of my docs to the OCC they did nada even with the proof staring them in there dark devils eyes and when WELLS FARGO told me” tuff s..t you signed it” and then said how they could not reach me by phone even though Ive had the same # for 20 years and work out of my home so you get whats going on here,they still do NADA for anyone and anyone who wants to see the fraud first hand just let me know and I will gladly post my docs for all to see.This is all very recent post BS settlement stuff featuring Robo-signing,forgery,fakes,mod fraud,escrow fraud,broker fraud,notary fraud and complete criminal activity.Yes THIS IS THE REAL WELLS FARGO AND WHOS AT THE HELM,JOHN STUMPH.I was a premiere client for well over 10 years before I got a premiere reaming from them.Is it me or do 99% of these Big Bank CEO’s look like freakin aliens pretending to be bankers no joke its the eyes,they are void of any feeling.I feel much better now.

  2. pat farrell says:

    UNITED STATES DISTRICT COURT-MIDDLE DISTRICT-FORT MYERS DIVISION

    PATRICK LORNE FARRELL©,Plaintiff, vs.STATE OF FLORIDA REPUBLICANSRICK SCOTT, PAM BONDI;JOHN STUMPF, BRIAN MOYNIHAN,THOMAS MARANO,COUNTRYWIDE HOME LOANS,COUNTRYWIDE FINANCIAL,RICHARD JOHNSON,JOSEPH TOMKINSON,WILLIAM ERBEY, OCWEN LOAN SERVICING,BANK OF AMERICA,IMPAC SECURED ASSETS,IMPAC FUNDING CORP.,GMACM, WELLS FARGO BANK,LEE COUNTY SHERIFF,STATE ATTORNEY and CIRCUITJUDGES OF THE 20TH CIRCUIT,Defendants CASE NO. 2:13-cv-140-FTm-29DNF
    COMPLAINT FOR FRAUD,QUI TAM, QUIET TITLE AND SUBSEQUENT DAMAGES
    1. SUMMARILY, Plaintiff PATRICK FARRELL a Democrat, states defendant [SOF] STATE OF FLORIDA REPUBLICANS falsely arrested and maliciously prosecuted him [case 94-2430CF] for 3 felonies, to “make money” by a fraudulent PROBABLE CA– USE AFFIDAVIT, made by the Lee Co. Sheriff, who procured an Arrest Warrant, which caused the 20th Circuit STATE ATTORNEY to fabricate a criminal charge, stealing $20,000 from Plaintiff, under color of law.
    2. S.O.F. took bribes and statements from ISKCON child molesters, who had IRS 501C3 status.
    3. SECONDLY, Plaintiff filed case 07-CA-14942, a case of Mortgage Fraud into the [R] 20th Circuit, against [R] parties of the MBS; IMPAC SECURED ASSETS-2005-2, who also had bogus IRS tax exempt status, only to have the Republican judges refuse to grant Plaintiff relief of any kind, despite Federal Court Orders to do so, and allow WELLS FARGO to file case 07-CA-16767, based upon a false AFFIDAVIT, and sustain said case, based entirely on false pretenses.
    4. All [R] lawyers and judges are merely Corporate Franchise Court, Revenue Collection Agents, working for the REPUBLICAN C.E.O.’s JOHN STUMPF-WFB; THOMAS MARANO-GMACM BRIAN MOYNIHAN- B.O.A., who are agencies of the private FEDERAL RESERVE BANK.
    5. In both and all cases, [R] lawyers and judges violate the UCC, Constitution and statutes to facilitate the taking of equity, property, credit and money by bias, prejudice and phony AFFIDAVITS.

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