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WELLS FARGO GETS POUNDED BY U.S. GOVT FOR $2.09-BILLION … WITH A “B” … FINE!

This is good news although the government should have asked for a more substantial penalty such as $10 billion or more. The amount of $2.09 billion seems enormous to the average person but compared to the profits that Wells Fargo makes it is very small.

Clouded Titles Blog

(BREAKING NEWS / OP-ED) — 

Why are we not surprised?

Wells Fargo Bank, N.A. has agreed to pay the United States $2.09-billion for purposefully misrepresenting the quality of loans it sold to 118 individual REMIC trusts.

See the Settlement Agreement here: Wells Fargo RMBS Settlement Agreement (August 1, 2018)

We caution you that when checking into your particular REMIC, if in fact one of these named entities shows up in your chain of title, to have any related assignments reviewed by competent counsel (we have one if you don’t) who can testify as to the false and misleading statements contained within said assignment in court, should you be facing foreclosure.  Any bank attorney making oral misrepresentations and false statements in court regarding any one of the named REMIC’s (given the fact we don’t yet know if the actual investors are being reimbursed out of these settlement funds and to what…

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If Wells Fargo Calls To Offer You An Equity Loan On Your Car… Say No. — Consumerist

Over on the Credit Slips blog, Elizabeth Warren posted an email from a bankruptcy lawyer who was stunned at the horrible deal one of her clients got from Wells Fargo on an equity loan on a car.

via If Wells Fargo Calls To Offer You An Equity Loan On Your Car… Say No. — Consumerist

 

Wells Fargo “Lending” Securities It Didn’t Own

The government really needs to revoke the national banking charter for Wells Fargo, either permanently, or for a minimum of 5-10 years. That will send a message to the other big banks that fraudulent behavior will not be tolerated.

Livinglies's Weblog

Translation: WFB was the “custodian” of alleged “mortgage-backed” certificates issued for the benefit of investors who paid billions of dollars for ownership of the certificates. WFB “Loaned” those alleged securities to brokers. The brokers in exchange provided “collateral” the proceeds of which were reinvested by WFB. In short, WFB was laundering the investors money for the sole benefit of WFB and not for the investors who owned the certificates and certainly to the detriment of the brokers and their buyers of derivative instruments based upon the loan of the securities.

This case reveals the flowering of multiple levels arising from false claims of securitization. First WFB issues certificates from a fictitious trust that owns nothing. Then it keeps both the money paid for those certificates and it keeps the certificates as well. On Wall Street this practice is called holding securities in “street name.” Then WFB engages in trading on…

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The Former Khmer Rouge Slave Who Blew the Whistle on Wells Fargo

An inspiring story of one man who escaped actual slavery only to face another form of slavery, the corporate slavery of Wells Fargo. The world needs more people like Duke Tran.

Justice League

After Duke Tran escaped from slavery, but before he became a millionaire, he was a Wells Fargo employee.

He worked at the bank’s debt-collections center near Portland, Ore., talking on the phone to customers who owed Wells Fargo money. It wasn’t glamorous, but the job enabled him to afford a two-story suburban house with mustard-colored aluminum siding. After more than three decades in the United States, Mr. Tran felt that he was the living embodiment of the American dream.

And then it all started to crumble.

In 2014, according to Mr. Tran, his boss ordered him to lie to customers who were facing foreclosure. When Mr. Tran refused, he said, he was fired. He worried that he wouldn’t be able to make his monthly mortgage payments and that he was about to become homeless.

Joining a cadre of former employees claiming they were mistreated for speaking out about problems at…

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It’s the Rules of Evidence Stupid: 25 Ways in Which Foreclosure Attorneys Are Knowingly Committing Fraud on Our State and Federal Courts — Deadly Clear

Sunday, February 4, 2018 – 3 PM HST (Rebroadcast from June 14, 2015 – Its Super Bowl Sunday – everybody deserves a day off now and then) Upcoming Discussion for Sunday’s THE FORECLOSURE HOUR Sundays: 3 pm (HST) / 5 pm (PST) / 8 pm (EST). Click HERE to listen. ——————————- Not very long ago lenders filing foreclosure actions […]

via It’s the Rules of Evidence Stupid: 25 Ways in Which Foreclosure Attorneys Are Knowingly Committing Fraud on Our State and Federal Courts — Deadly Clear

Knowledge of the rules of evidence for your particular state is vital for anyone fighting foreclosure.  If only the California Supreme Court would rule that lenders must prove their “standing at inception” to foreclose, having evidence of the possession of the underlying promissory note at the time the foreclosure lawsuit was first filed.

Wells Fargo “Explains” Securitization

Livinglies's Weblog

YOU NEED AN INFINITE NUMBER OF BASES AND PLAYERS TO PLAY BALL WITH THESE GUYS: The Trustee controls the trust as trustee. Oops, wait, it is the Master Servicer who has all the control. No, wait again, it is the subservicer who has the right to administer the loan. But actually if there is an alleged default it is the special servicer who has exclusive authority over decision making. Except that the “Controlling Class” has the last say in the matter. But actually it is the Controlling Class Representative who has the last word.

I have always felt that there must be some way to force the other side into approving a modification or at least providing access by the borrower to the “lender” to discuss or negotiate the matter. I still believe that. Maybe this article will help spur some ideas. Information is leverage, especially in the world of…

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A Little Bit of Foreclosure Soap Won’t Wash Away Those Unclean Hands — Livinglies’s Weblog

One who comes into equity must come with clean hands else all relief will be denied him regardless of merit of his claim and is not essential that act be a crime; it is enough that it be condemned by honest and reasonable men” Roberts v Roberts, 84 So.2d 717 (Fla. 1956) By Joel Sucher, […]

via A Little Bit of Foreclosure Soap Won’t Wash Away Those Unclean Hands — Livinglies’s Weblog

The United States Supreme Court has stated that the unclean hands doctrine demands that a plaintiff act fairly in the matter for which he seeks a remedy. He must come into court with clean hands, and keep them clean, or he will be denied relief, regardless of the merits of his claim. Precision Co. v. Automotive Co. (1945) 324 U.S. 806, 814-815, 65 S.Ct. 993, 89 L.Ed. 1381.

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