Congress, Wall Street will cause the next financial crisis Bloomberg to OWS: Congress caused the mortgage crisis, not. – Bloomberg to OWS: Congress caused the mortgage crisis, not the banks. Ed Morrissey. While Wall Street made the situation worse by developing risky derivatives on those securities and failed to recognize the risk inherent in the securities themselves, the collapse wouldn’t have occurred at.
HUD OIG Report | Wells Fargo Bank Foreclosure and Claims Process Review. A number of affidavit signers admitted having signed up to 600 documents per day. A number of employees engaged as robosigners had little or no education beyond high school and little or no experience in banking or real estate.
Wells Fargo Bank, N.A. v. Kim, 10255/12 Bank Has Standing to Bring Foreclosure Suit, Sell Property; Referee’s Report Confirmed |
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· Procedure-wise, in an apparent admission of “robo-signing,” a Wells Fargo loan administration manager testified, in a Seattle court case in May, “that he typically signed 50 to 150.
Employees for financial giants like Bank of America, JP Morgan Chase, Wells Fargo, and GMAC have all testified that they signed many thousands of affidavits a month, spending about 30 seconds on each affidavit, and that they didn’t have a clue regarding the veracity of the affidavit or the documents in question-hence.
· Wells Fargo & Co., the biggest U.S. home lender, said it will file supplemental foreclosure affidavits to courts in about 55,000 proceedings after finding some statements “did not strictly.
Wells Fargo said it is submitting additional affidavits for roughly 55,000 foreclosures. on mountains of legal documents without checking them for accuracy. The problems have not only slowed.
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· Full Deposition of Xee Moua – Wells Fargo Robosigner Extraordinaire 500 Documents a Day.. Wells declined to comment on the deposition but said its records show its “foreclosure affidavits are accurate”. The bank added: “When we find team members who do not follow procedure, we fix what is done incorrectly..
Here, contrary to the appellants’ contention, the Supreme Court did not err in concluding that the plaintiff, Wells Fargo Bank, NA (hereinafter Wells Fargo), established, prima facie, that it had standing to commence this foreclosure action. Among other things, Wells Fargo submitted the affidavit of a vice president of loan documentation, Shae.
When a Wells Fargo team member signs the document in the presence of a notary, the document is filed with the court and can be used in court proceedings relating to a foreclosure. ***NOTE: The signer (Affiant) may be asked to appear in a legal proceeding (deposition) if there are any disputes as to the accuracy or validity of the affidavit they have executed.
Home price stall-out spreads from lower-priced homes to higher end High end homes will tend to have much lower cap rates, but the income per effort will be much higher. Low end homes cash flow better, but you are more likely you will end up with tenants who don’t take care of your property and end up costing you more in repairs. The time you spend finding tenants and dealing with problems goes way up.