Wells Fargo Finally Admits It Has Flaws In Its Foreclosures

After insisting for weeks that there was nothing wrong with its foreclosures, Wells Fargo & Co. said it will refile paperwork in 55,000 foreclosure cases after discovering flaws in documents.

Wells Fargo now joins Bank of America, GMAC, and Chase with having admitted it failed to properly deal with foreclosures.

While claiming that the problems were not serious, Wells Fargo said there were problems in some of the reviews as well as the notarization of legal affidavits.

“The issues the company has identified do not relate in any way to the quality of the customer and loan data,” the bank says. “Nor does the company believe that any of these instances led to foreclosures which should not have otherwise occurred.”

The bank said it will make new filings in the 23 states – including Connecticut – that require judicial review of foreclosures and that it hopes to have the process completed in two weeks.

“We are not in any shape or form saying there are problems with all 55,000 cases,” says Wells Fargo spokeswoman Teri Schrettenbruner. “We’re doing this out of an abundance of caution.”

News of the amended foreclosure actions is not a surprise considering that two Wells Fargo employees had testified in depositions that they signed off on hundreds of foreclosure documents a day without knowing all of their contents.

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2 Comments on "Wells Fargo Finally Admits It Has Flaws In Its Foreclosures"

  1. Wells Fargo made us a fraudulent mortgage loan, committed fraud on the court and wrongfully foreclosed our home.

    Wells Fargo teamed up with its attorneys and spent last 4 years in Nevada courts defending its appraisal and mortgage fraud.

    Wells Fargo and its attorneys knew it’s Category C Felony to make mortgage loan based on fraudulent appraisal.

    Wells Fargo and its attorneys knew it’s Category C Felony to foreclose home based on fraudulent appraisal.

    Wells Fargo chose to violate the law and chose to defraud us.

    Please sign the Petition on our website http://www.wellsfargomortgagefraud.com. Let our voice to be heard!

  2. Lenders, nor Lawyers can be trusted concerning foreclosure fraud

    Considering longtime foreclosure frauds here in Louisiana, I know that Wells Fargo cannot be trusted to fix its foreclosure wrongdoings anymore than an addict can be trusted to self-reform. Personally, among other things, Wells Fargo (WF) filed an IRS form 1099-A to receive tax benefits despite that WF did not foreclose on my home, of which I knew nothing about until I received a tax bill.

    Also, only because I received a tax bill, I discovered that WF filed a false IRS form 1099-A for tax benefits despite that WF never foreclosed on my home.

    Furthermore, mortgage lenders are not required to know laws –ATTORNEYS are! Often, attorneys are the ones who made those severe errors, and committing the very frauds that provide basis, defenses, and reasons to attempt negotiating mortgage contracts. Attorneys / foreclosure mills are often why foreclosures take so long to conclude.

    People who scorn ‘deadbeats’, don’t know everybody’s story. Incredibly, they assume everybody in default is unwilling to PAY rent. While spewing anger about living ‘rent free’, scoffers absurdly acquiesce to ‘White Collar foreclosure fraud’ –which includes confiscation of distressed properties via falsified court bankruptcy and state court pleadings, criminal extortion, appalling privacy invasion; and scorners seem delighted about law credentials being utilized for dishonest, criminal, enrichment against people who are already in distressed circumstances –some of them innocently.

    Lawyers should be held accountable for foreclosure improprieties and concealing malpractice against their lender-clients, as well as for committing Unfair Debt Collection Practices, extortion, and fraud against borrowers. Some attorney conduct is appallingly egregious –and some irreparably harmful!

    Discovery of their misconduct can begin by comparing blighted neighborhoods and foreclosure conveyances to non-existent lender companies; bankruptcy “Lift Stay” motions that “lack standing,” “proof of claims” different from ‘lift stays’ “movers”; and illegal property deeds. Scores of people NEVER lawfully lost ownership their homes –they still own them, and Wells Fargo is a predator. http://lawgraceorg.newsvine.com/_news/2010/10/26/5355803-fraudulent-foreclosures-victims-and-accountability
    *also see: OPEN LETTER TO PRESIDENT OBAMA on Foreclosure Crisis (concerning Wells Fargo)
    http://thesop.org/story/letters/2009/09/26/open-letter-to-president-obama-on-foreclosure-crisis.php

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