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

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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.

Now remember that Wells at first agreed to injunctive relief in the original case, Jones, then changed its mind. Wells repeatedly engaged in scorched earth tactics. Again from Magner:

While every litigant has a right to pursue appeal, Wells Fargo’s style of litigation was particularly vexing. After agreeing at trial to the initial injunctive relief in order to escape a punitive damage award, Wells Fargo changed its position and appealed. This resulted in:

1. A total of seven (7) days spent in the original trial, status conferences, and hearings before this Court;
2. Eighteen (18) post-trial, pre-remand motions or responsive pleadings filed by Wells Fargo, requiring nine (9) memoranda and nine (9) objections or responsive pleadings;
3. Eight (8) appeals or notices of appeal to the District Court by Wells Fargo, with fifteen (15) assignments of error and fifty-seven (57) sub-assignments of error, requiring 261 pages in briefing, and resulting in a delay of 493 days from the date the Amended Judgment was entered to the date the Fifth Circuit dismissed Wells Fargo’s appeal for lack of jurisdiction;47 and
4. Twenty-two (22) issues raised by Wells Fargo for remand, requiring 161 pages of briefing from the parties in the District Court and 269 additional days since the Fifth Circuit dismissed Wells Fargo’s appeal.

The above was only the first round of litigation contained in this case….

The appeals court affirmed the original bankruptcy court ruling and increased the compensatory award (the recovery of costs for the poor litigant Jones) to $170,000. The case went back to Magner to determine what punitive damages should be (remember, the injunctive relief was in lieu of punitive damages, but Wells took that off the table). Oh, and Stewart with its charming BPOs during Katrina had shown up in the interim.

Magner issued a tough ruling, including the afore-mentioned $3.1 million in punitive damages. Wells, predictably, appealed.

Last week, the appeals court issued a terse ruling against Wells, wasting minimal ink in dismissing Wells’ arguments and noted in passing,

We resisted the inclination to consider Wells Fargo’s rationale here as a frivolous obstruction that needlessly delays and shockingly harasses the ends of justice.

This is the meat of the ruling:

We accept the Bankruptcy Court’s findings of fact as true and substantially supported by the record. Wells Fargo knew of Debtor’s pending bankruptcy and Wells Fargo is a sophisticated lender with thousands of claims in bankruptcy cases pending throughout the country. It is familiar with the provisions of the Bankruptcy Code, particularly those regarding automatic stay. (Rec. Doc. No. 1-2, at 11). Wells Fargo assessed postpetition charges on this loan while in bankruptcy. (Id.). Despite assessing postpetition charges, Wells Fargo withheld this fact from its borrower and diverted payments made by the trustee and Debtor to satisfy claims not authorized by the plan or Court. (Id.). Wells Fargo admitted that these actions were part of its normal course of conduct, practiced in perhaps thousands of cases. (Id.). Considering these facts, the Bankruptcy Court found that Wells Fargo’s conduct was willful, egregious and exhibited a reckless disregard for the stay it violated.

It also repeated these sections of Manger’s ruling in its section “Degree of Reprehensibility”:

Wells Fargo did not adjust Jones’ loan as current on the petition date and instead continued to carry the past due amounts contained in the its proof of claim in Jones’ balance. It also misapplied funds regardless of source or intended application, to pre and post-petition charges, interest and non-interest bearing debt in contravention of the note, mortgage, plan, and confirmation order. Wells Fargo assessed and paid itself post-petition fees and charges without approval from the Court or notice to Jones. The net effect of Wells Fargo’s actions was an overcharge in excess of $24,000. When Jones questioned the amounts owed, Wells Fargo refused to explain its calculations or provide an amortization schedule. When Jones sued Wells Fargo, it again failed to properly account for its calculations. After judgment was awarded, Wells Fargo fought the compensatory portion of the award despite never challenging the calculations of the overpayment. In fact, Wells Fargo’s initial legal position both before this Court and in its first appeal denied any responsibility to refused payments demanded in error. The cost to Jones was hundreds of thousands of dollars in legal fees and five years of litigation…

Wells Fargo has taken the position that every debtor in the district should be made to challenge, by separate suit, the proofs of claim or motions for relief from the automatic stay it files. It has steadfastly refused to audit its pleadings or proofs of claim for errors and has refused to voluntarily correct any errors that come to light except through threat of litigation. Although its own representatives have admitted that it routinely misapplied payments on loans and improperly charged fees, they have refused to correct past errors. They stubbornly insist on limiting any change in their conduct prospectively, even as they seek to collect on loans in other cases for amounts owed in error. Wells Fargo’s conduct is clandestine. Rather than provide Jones with a complete history of his debt on an ongoing basis, Wells Fargo simply stopped communicating with Jones once it deemed him in default. At that point in time, fees and costs were assessed against his account and satisfied with post-petition payments intended for other debt without notice. Only through litigation was this practice discovered. Wells Fargo admitted to the same practices for all other loans in bankruptcy or default….

Over eighty percent of chapter 13 debtors in this district have incomes of less than $40,000 per year. The burden of extensive discovery and delay is particularly overwhelming. In [the Bankruptcy Court's] experience, it takes 4 to 6 months for Wells Fargo to produce a simple accounting of a loan’s history and over 4 court hearings. Most debtors simply do not have the personal resources to demand the production of a simple accounting for their loans, much less verify its accuracy, through a litigation process. Well Fargo has taken advantage of borrowers who rely on it to accurately apply payments and calculate the amounts owed. . .[it relies] on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods. . .[W]hen exposed, it revealed its true corporate character by denying any obligation to correct its past transgressions and mounting a legal assault to ensure it never had to. Society requires that those in business conduct themselves with honestly and fair dealing. Thus, there is a strong societal interest in deterring such future conduct through the imposition of punitive relief.

The last paragraph lifted from Magner’s ruling not only explains why punitive damages were warranted, it also describes why regulation is necessary. Large, powerful players can afford to bully and bulldoze the small, and few have the energy and resources to wage a courtroom battle. Look at Michael Jones: he has been fighting Wells for over six years. The first Order and Partial Judgment in his favor was dated April 13, 2007.

Yet where are the regulators, most importantly the OCC, which jumped ahead of other regulators to issue consent decrees on mortgage servicing in 2011? Wells, after wasting the Bankruptcy court’s time in negotiating how it would correct its accounting and then reversing itself, apparently decided it would rather pay a “cost of doing business” fine in the form of punitive damages and keep ripping off other borrowers in bankruptcy. All the courts involved have affirmed Magner’s depiction of Wells’ conduct as “reprehensible” and “egregious”. Wells has been found to be a serial predator and yet the regulators are sitting pat. Indeed, the OCC has the temerity to contend that hardly anyone was harmed during the period of the scuttled foreclosure reviews, when if nothing else, Wells’ systematic bankruptcy abuses were ongoing.

It’s time to admit the OCC is beyond repair. It should be abolished and its responsibilities folded into the FDIC, the CFPB, and the Fed. One hopelessly corrupt regulator is one too many.

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33 comments

  1. down2long

    Thanks Yves for staying on top of this. I’m dealing with ASC – a Wells subsidiary, now. In my BK reorg my appraiser brought the building in at $750K. The Wells appraiser brought it in at $465K and slammed the property, although admitting it was in a good neighborhood.

    We asked the judge to defer to Well’s appraiser, since they are obviously more skilled at valuations. She agreed, and crammed the loan value down to their appraised value and confirmed my Reorg Plan based on their valuation.

    I made payments for six months, then Wells started returning checks, which they have done for over 3 years, demanding that I pay the original balance, notwithstanding the BK court ruling.

    Just finished a similar sitch with Deutshe, now on to ASC. The great tragedy is that – as you stated – most borrowers cannot mount a legal battle. It has been unbelieveably expensive for me, and the OCC, etc. have been worse than useless, as you point out. I have a new crooked BK judge who rubber stamps all bank pleadings, so had to move to CA state court. The good news is we have some tough new laws here in Cali I’m hoping will help my case.

    I am so glad you brought Judge Magner to my attention (more than a year ago, what is it now, 2 or 3 years?) I know Gretchen Morgensen also mentioned Magner. Apparently Magner is the only honest BK judge in the nation. Sad.

    1. Justicia

      True Story:

      Bought a house in New Orleans with mortgage from Iberia Bank in January. Paid homeowner’s insurance in full at closing. Within a heartbeat Iberia transfers mortgage and I get a notice that Wells Fargo is servicer.

      March 30th letter from Wells that they have no record of homeowner’s hazard insurance and are going to buy policy (high priced w. less coverage) that I’ll have to pay for. When I call Wells I’m told my insurer informed them the policy had been cancelled.

      Called my insurance broker … long story short, Wells’ records were wrong.

      Take away: They just can’t wait to jack up fees on mortgagees.

  2. MG

    There are actually quite a few bankruptcy judges that have stood up against the banks & MERS

  3. Nathanael

    Good work by the appeals court.

    This court ruling should be filed for the notice of the court in *ANY* mortgage-related case against Wells Fargo.
    These are strong words from an appeals court:

    “Wells Fargo assessed postpetition charges on this loan while in bankruptcy. (Id.). Despite assessing postpetition charges, Wells Fargo withheld this fact from its borrower and diverted payments made by the trustee and Debtor to satisfy claims not authorized by the plan or Court. (Id.). Wells Fargo admitted that these actions were part of its normal course of conduct, practiced in perhaps thousands of cases. (Id.). Considering these facts, the Bankruptcy Court found that Wells Fargo’s conduct was willful, egregious and exhibited a reckless disregard for the stay it violated.”

    It is important to give every judge notice that Wells Fargo has admitted to violating the law as “*part of its normal course of conduct*”, as this may break down the typical judge’s assumption that the banks are honest.

    1. Nathanael

      It’s particularly important to use this in cases subsequent to Jones’s case, because it can be pointed out that the $1.3 million dollar fine did not deter Wells Fargo from further criminal action.

  4. timotheus

    Given the utter uselessness of OCC in this case and in general, it was even more surprising to see how Carl Levin snuggled with them in that recent hearing after roasting all the JP Morgan/Chase execs like shish kebab. Surely Levin has to know that OCC is complicit with all this bad behavior. What gives? Any theories?

  5. profoundlogic

    “It should be abolished and its responsibilities folded into the FDIC, the CFPB, and the Fed”

    Can’t argue with your logic of abolishing the OCC, but what pray tell is the Fed going to do to reign in bank abuses? I think at this point it’s patently obvious they are part of the problem, not the solution. Would you not agree that this slow motion train wreck has been endorsed and facilitated by the Fed?

  6. vijay

    Yves,

    can you post a link to the fifth circuit decision? Having trouble locating it. thanks

  7. Jan van Eck

    The failures of the OCC flow from the toadiness of the Commissioner and the chief administrators. The OCC still has the ultimate weapon: pulling the charter that allows the bank to be in business. The Commissioner can pull the Charter if it finds that the bank is no longer acting in the public interest, i.e. that the public interest is better served with the bank gone. I suggest that would be an easy enough case to make. Put me in there as the Commissioner and watch how blazing fast things change. All you need is brass balls.

    1. Stupendous Man - Defender of Liberty, Foe of Tyranny

      I know you’re serious.

      But I can’t stop laughing.

      1. Jan van Eck

        Being rather well connected, a function of having gone to a very tony New England prep school and an even more tony and exclusive Ivy League school that is best left un-named, and with certain fraternity brothers ending up in certain positions that are also best left un-named, you would be surprised just how dangerous I am to the bums on the Street. Here is how I would deal with it: have a prison bus and 40 marshals roll up to Wells Fargo head office (even better: Goldman Sachs) and go inside and arrest twenty managers. They go straight to the airport for a flight on a US Marshals plane to Guantanamo. Next morning they get one phone call back to the office, not their lawyers, to tell their colleagues that they are having breakfast with the mujaheddin. By noon, the foreclosure crap is all done. All you need to pull it off is brass balls.

  8. deontos

    Case 2:12-cv-01362-ILRL-JCW Document 16 Filed 03/19/13 Page 1 of 21
    OPINION
    Before the Court is Appellant Wells Fargo Bank, N.A.’s Appeal
    from a decision of the United States Bankruptcy Court for the
    Eastern District of Louisiana
    Adversary Case No. 06-1093
    (Adv. R. Docs. 470 and 471).
    (Rec. Doc. No. 11).

    Appellee Michael L. Jones filed a response brief.

    http://www.ncbrc.org/wp-content/uploads/Jones-ED-La-opinion.pdf

  9. belinda crawford

    Wells Fargo is digusting in the way that they handle their clients they really show that they have no professionalism at all. our house was foreclosed on back in 2009 wells fargo sent us a loan modification that still was too much for us to afford. they still did not help us to keep our home. now they are saying that the checks are going to be comparably small 250.00 to maybe 2000.00 what a crock of crap that is, how are you going to start over from foreclosure,bankruptcy, botched up credit,and endless bills with 250.00 to 2000.00 it’s just not possible they should be held accountable for their careless actions and the victims of this abuse should be given fair compensation. Are they trying to keep most of the money for themselves?

    1. Anon Too

      They are trying to keep all of the money for themselves including any monies wrongfully appropriated. Certain parts of the government and the people in it are attempting to help them do so. Other parts and people not so much.

      Texas is wondering who is murdering their court’s officers. I’m wondering if individuals are attempting to find their own justice. I don’t condone it but if this is the beginning of a trend I would not be surprised.

  10. Paul P

    The Bankruptcy Court and the Appeals Court were not as protective as they should have been.

    “4-6 months” to produce and accounting that would have had to have been done to foreclose in the first place? Why didn’t the court order it produced by a date certain and, if not produced, strike the debt with prejudice? That would have speeded up the process.

    Why did the Appeals Court “decline to find Wells frivolous?
    And, what about the responsibility and liability of Wells’s attorneys?

  11. DC

    Str8 up Wells Fargo loves to fight for what was never theres to began with.And they will not look at origination fraud and errors past or present without dragging everyone into court and for the most part its worked for them.They contradict themselves openly without a care via correspondence flagrantly committing more fraud of all sorts along the way as if it doesnt matter who sees it.I am dealing with there lofty criminal ways as I type this and even after they sent me the closing docs[that i never saw because my broker told me there was a prob but I just happen to have these here,mind if we switch]from my No doc,interest only,broker originated nov 2005 whatever it was and there is at least fifteen obvious fraudulent issues in black and white.Even after bringing that to there attention they still are givin me the high hard one,15 points of contact,closing docs saying that they paid my 2nd when I paid it 2 months before and have the statements and cancelled checks so according to there math they shorted me 134k and Have been charging me interest on that money this whole time,robo-signing,you name it it is there and all this you get when your a “premiere client”oh and a free safe deposit box.Arent they great?

  12. matt weidner

    The truly disgusting thing about all this is the extent to which our nation’s local judges…the ones we all see in grocery stores, in our communities, have turned their back on their neighbors and lie down with these Wall Street and corporate dogs. Th

    1. DolleyMadison

      At least these judges stood up to the devil…not as hard as they deserved, but at least they are waking up in Louisiana…

    2. usedkarguy

      Counselor. thanks for your help with the cause. judges are ruling in favor of their retirement accounts, that’s all there is to it. the rocket docket is not the answer, unless your goal is to strip everybody of their right to due process. how about findings of fact without an evidentiary hearing? yep, nothing is beneath these judges. they’ve been given the word by Treasury and Justice: “Take all the homes touched by TARP”. BUT SOME JUDGES AREN’T BUYING IT ANYMORE.
      WE MUST KEEP FIGHTING, THE TIDE IS TURNING.

  13. Bravo

    The foreclosure reviews were starting to shine the light on borrower overcharges on a massive scale. But once the OCC’s worst fears were realized, they made a beeline to the settlement. The OCC has been trying to put the genie back in the bottle ever since.

  14. DantheGrey

    Wells Fargo is getting its legal advise from outside coprporate headquarters, it has to be because nobody inside that outfit would have the intellegence required to come up with the kind of fancy legal footwork that WF has been using.

    I believe the advice trail and the money trail lead right back to Covington & Burling and since C&B has an inside line to the white house and the DOJ it all makes perfect sense.

    When the courthouse doors are nailed shut these people will really have something to be afraid of because you can still buy good quality rope at HD, Lowes or Ace.

  15. EVmarc

    NO Incompetence AT OCC
    occ is in the protection racket
    of criminal bankers
    they fully know they are part of a criminal enterprise
    Know what they are doing
    >matt weidner – YES thousands of US district atturneys and judges are in the criminal protection racket

  16. usedkarguy

    when the Wells Fargo attorneys show up defending phony, forged paperwork, and they say the “bank” sent it to them, refer to the Kennerty deposition from IN RE GELINE where Kennerty says the FORECLOSING ATTORNEYS TELL HIM WHAT THE DOCUMENTS NEED TO SAY, not the other way around. call them on their crimes. there is no “crime-fraud” exemption for wire fraud and forgery. and three assignmentsof mortgage all 6 years too late. and JOAN MILLS endorsed notes come through Kennerty as well.
    5 years of litigation, over $100k in legal fees, why do they want my house so badly? it’s called swap insurance and pmi purchased with your rate spread. your house has nothing to do with the transaction. the note is gone. only copies remain. no delivery to trustee, and no ownership.

  17. Nancy Drewe

    Nothing is worse than an uneducated BLOGGER – I’m really annoyed – ASC America’s Servicing Company(R) – Wells Fargo Brokerage Services LLC – Wells Fargo Servicing Companies merged into Wells Fargo & Co/MN dba WFC HOLDINGS CORP – a holding company one of the top 4 out of 50 – JPMorgan 1st end 2012 – happy – fat and happy! America’s Servicing Company in some states may be registered as a fictitious alternate name for conduits insurance escrow storefronts who execut for servicers of title guaranty company seller’s agent closings Title Commitment Lender Loan Policies acquistion by consumer as BUYER become SELLER pending ‘events’ of early payoff and/or default forced by servicer/broker who represented you who closed for you who invested the cash for you! who gets unjust enrichments because you break your promise to advance cash for 360 months to the servicer ! Hello anyone paying attention or do you all just like spinning????

    1. Nancy Drewe

      Updated documents incorporated 4 Assignments which include the mergers of not only ASC America’s Servicing Company(R) mark for which they use ASC alone with picture to represent Mortgage Servicing …Norwest Mortgage Inc. using mark ASC – nobody associates the nationwide Wells Fargo Brokerage Services LLC agents 2000-2010 …. independents including Coldwell Bankers, Century 21, ERA, NTR, Sotherby’s, Weichert etc. … brokers who work as BUYER Agent, SELLER Agent, and BPO for REO’s and storefront escrow closing title settlement broker’s preferred title guaranty attorneys

      NORWEST MORTGAGE INC, & ITS MARK: ASC Americas Servicing Company(r) Registration No Published 2,243,635: SN/75326061 There are Assignments 1-of 4 attached page 80 – 142 review lists actual marks (42) MORTGAGE EXPRESS, FLEX/FIXED, CORPORATE ADVANTAGE PROGRAM, JUST SAY YES, RAPID TRACK, RAPID REPLY, WELLS FARGO HOME MORTGAGE, FIRST CLOSE GUARANTY, BUILDER BEST, BROKER’S FIRST, 3% SOLUTION …. NOTE: Nationwide Real Estate Mortgage Network Servicing REMN(R) – nationwide Wells Fargo Brokerage Services LLC includes Wells Fargo Securities Companies merged together 5/2004 – Wells Fargo Bank NA INDENTURE TRUSTEE Cendnant Mortgage Group – PHH Home Loans … PHH Mortgage ….brokers nationwide pipeline REO, real estate, financing closing title settlement escrow Seller & Buyer Agents e.g. National Realty Trust NRG, Coldwell Banker, Century 21, ERA Franchise, Sotherby’s, Weichert, Better Homes & Gardens, …. non-affiliates title guaranty preferred attorneys e.g. Stewart Title Guaranty Co FHLMC C

      NORWEST MORTGAGE, INC.405 S.W. 5th St Des Moines IA 50309-4646 AMERICA’S SERVICING COMPANYMS 123949PO BOX 981FREDERICK MD 21705-0981 Disclaimer:”AMERICA’S SERVICING COMPANY”Goods Services Intl Class 036 US 100, 101, 102 For:mortgage servicing services, namely, collection of payments, performance of default activities and maintaining mortgage escrow accounts for others Current Owner(s) Information Owner Name:WELLS FARGO HOME MORTGAGE, A DIVISION OF WELLS FARGO BANK, N.A. Owner Address:1 HOME CAMPUSMAC X2401-06TDES MOINES, IOWA 503280001 UNITED STATESLegal Entity Type:CORPORATION State or Country Where Organized:CALIFORNIA Attorney of Record Attorney Name:Felicia J. BoydAttorney Primary Email Address:WellsFargoFilings@btlaw.com Attorney Email Authorized:Yes Correspondent Correspondent Name/Address:Felicia J. BoydBarnes & Thornburg LLP225 South Sixth Street, Suite 2800Minneapolis, MINNESOTA 55402 UNITED STATESPhone:612-367-8729Fax:612-333-6798Correspondent e-mail:WellsFargoFilings@btlaw.com Correspondent e-mail Authorized:Yes MERGERS Actual documents avialable with more detail Abstract of title begins page 36 of 142 for the 1-4 Assignments Assignment 1 of 4Conveyance:ASSIGNS THE ENTIRE INTERESTReel/Frame:2195/0937 Pages:5 Date Recorded:Nov. 30, 2000 Supporting Documents:assignment-tm-2195-0937.pdf Assignor Name:NORWEST MORTGAGE, INC. Execution Date:Mar. 29, 2000 Legal Entity Type:CORPORATION State or Country Where Organized:CALIFORNIA Assignee Name:WELLS FARGO HOME MORTGAGE, INC. Legal Entity Type:CORPORATION State or Country Where Organized:DELAWARE Address:MS 122457, 1 HOME CAMPUSDES MOINES, IOWA 50328-0001Correspondent Correspondent Name:DORSEY & WHITNEY LLP Correspondent Address:BRIAN J. LAURENZO801 GRAND, SUITE 3900DES MOINES, IA 50309Domestic Representative – Not Found Assignment2Conveyance:ASSIGNS THE ENTIRE INTERESTReel/Frame:2409/0670 Pages:7 Date Recorded:Dec. 07, 2001 Supporting Documents:assignment-tm-2409-0670.pdf Assignor Name:NORWEST MORTGAGE, INC. Execution Date:Mar. 29, 2001 Legal Entity Type:CORPORATION State or Country Where Organized:CALIFORNIA Assignee Name:WELLS FARGO HOME MORTGAGE, INC. Legal Entity Type:CORPORATION State or Country Where Organized:CALIFORNIA Address:MAC X2401-06T1 HOME CAMPUSDES MOINES, IOWA 50328-0001Correspondent Correspondent Name:DORSEY & WHITNEY LLP Correspondent Address:BRIAN J. LAURENZO801 GRAND AVE.SUITE 3900DES MOINES, IA 50309Assignment 3Conveyance:MERGERReel/Frame:3060/0725 Pages:23 Date Recorded:Aug. 26, 2004 Supporting Documents:assignment-tm-3060-0725.pdf Assignor Name:WELLS FARGO HOME MORTGAGE, INC. Execution Date:May 04, 2004 Legal Entity Type:CORPORATION State or Country Where Organized:CALIFORNIA Assignee Name:WELLS FARGO HOME MORTGAGE, A DIVISION OF WELLS FARGO BANK, N.A. Legal Entity Type:N.A. State or Country Where Organized:No Place Where Organized Found Address:1 HOME CAMPUSMAC X2401-06TDES MOINES, IOWA 50328-0001Correspondent Correspondent Name:DORSEY & WHITNEY LLP Correspondent Address:BRIAN J. LAURENZO801 GRAND, SUITE 3900DES MOINES, IA 50309Assignment 4Conveyance:CORRECTIVE ASSIGNMENT TO CORRECT THE NAME OF THE ASSIGNEE TO WELLS FARGO BANK, N.A. PREVIOUSLY RECORDED ON REEL 003060 FRAME 0725. ASSIGNOR(S) HEREBY CONFIRMS THE MERGER.Reel/Frame:3940/0698 Pages:21 Date Recorded:Feb. 24, 2009 Supporting Documents:assignment-tm-3940-0698.pdf Assignor Name:WELLS FARGO HOME MORTGAGE, INC. Execution Date:May 04, 2004 Legal Entity Type:CORPORATION State or Country Where Organized:CALIFORNIA Assignee Name:WELLS FARGO BANK, N.A. Legal Entity Type:NATIONAL BANKING ASSOCIATION State or Country Where Organized:UNITED STATES Address:SIXTH AND MARQUETTE1700 WELLS FARGO CENTER, MAC N9305-176MINNEAPOLIS, MINNESOTA 55479Correspondent Correspondent Name:FAEGRE & BENSON LLP ATTN:

      http://www.scribd.com/doc/133974537/NORWEST-MORTGAGE-INC-ITS-MARK-ASC-Americas-Servicing-Company-r-Registration-No-Published-2-243-635-SN-75326061-There-are-Assignments-1-of-4-atta

  18. CHUCK

    IS WELLS FARGO NOT DOING WORKOUTS SO THEY CAN GET THE DEFAULT INSURANCE ???

    I have just had my home forclosed on in Ohio. Wells Fargo would not do a workout with me because my loan is owned by Freddie Mac and they say their hands are tied. I hear from a lot of people that WF will not do workouts when there is a default insurace policy on the loan because they get there $$$ all at once.

    I went through a divorce and got behind, while fighting all the way to the Ohio Appeals court for custody of my Son. I did win and have custody and he is enjoying the life that a young boy should.

    After all court and attorney fees where paid I returned to my Full time position and the home is affordable. I got rid of my car payment as well as no more child support since I now have custody. I did all that I could to get rid of any debt and reduce my monthly expeses so I wouldn’t get into trouble on the loan again. They said under their guidelines the home was to affordable for me. I tried to explain that the fomula they were using wasn’t exactly fair since my debts were reduced so I could afford the home and my income was back to where it was before the divorce.

    The balance on the loans are about 30% more than the value of the home and I pointed outthat I was willing to catch up the escroe account and for them to just move the payments that were in arrears to the tail end of the loan. NO GO !!!

    WELLS FARGO doesn’t care at all. I was told in a hearing by their attorney to have someone else buy it back for me at a forclosure sale if I wanted it. They even told me that I would pay less than I would if I where able to do a workout.

    This is another example of what Wells Fargo DOESN”T do for people.

    I would love to stay in my home but when you have everyone saying that it is a foolish move including the bank and their attorneys what do you do……

    Any advice out there would be appreciated.

    1. Nathanael

      (1) Go to the usual sites, 4closurefraud.org, Matt Weidner, et. When Wells Fargo tries to foreclose, make them prove that *they* actually have the right to do so. (Hint: they almost certainly don’t.)

      Keep telling the judge “If I’m going to lose my house, I want to make sure I lose it to the *right bank*, so that some other bank doesn’t come after me later”.

      (2) If you get foreclosed on by the CORRECT bank, the one which ACTUALLY has the right to do so and can PROVE it with a paper trail filed at the county clerk’s office in a timely fashion, then go ahead and bid on it at the foreclosure sale.

      (3) But if the WRONG bank is trying to foreclose on you, fight them as long as you can stand it. Some people have ended up with a house free and clear due to the frauds-on-the-court committed by the banks; it starts to tick off judges after a while.

  19. Nancy Drewe

    spin spin spin
    Wells Fargo is a creditor
    You needed to dispute or do it immediately now under Fair Credit Reporting Act that you don’t know who is acting as creditor etc!

    They are your broker! They get all the benefits when you break your promise why? Because you signed a contract with a BUYER Agent Title Commitment Lender’s Policy who worked with SELLER Agent ‘Lenders Loan Policy’ in name of purported Lender who sold Note Title Page and is obligor and you are paying the principal back for the broker!!! the broker takes your remittances and invests them in title guaranty stock! they should be your benefits but … they screwed you and me out of them! Now what? do not use the phone and only communicate in writing- Read the Fair Credit Reporting Act – something real favorable about Ohio and credit – FIS all there – just because you get a broker statement monthly with logo wells fargo does not mean they produce the documents …. etc. You were sold an insurance investment and that is why the assignment of mortgage insurance is taking back the mortgage and lien as creditor …..a settlement ! Get a good lawyer – Max Gardner Bootcamp graduate and you’ll do fine they don’t have standing and if you go in all saying x y z you’ll lose!

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  21. JohnRinSIA

    I’m thankful that the judge exerted her judicial authority and responsibility and put Wells’ in its place. And I’m even more thankful that the appeals court upheld the district court’s decision, and added a few barbs of its own. But as others have mentioned in their comments, the punitive damages of $3.1 million is simply an inconvenience to the bank; they reported over $18 BILLION in profits in 2012. Three million? Chump change. Banks like Wells and the other predatory institutions will not reform their ways until courts decide to punish them in substantial ways. Perhaps if a few states decided that Wells could no longer provide and service loans to homeowners within those respective states, and the loans they have would have to be sold to other firms at the same or better terms than Wells provided the original homebuyer, perhaps then banks might start operating in a reasonable and ethical manner. Granted, that’s wishful thinking. But one can wish. ;-)

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