Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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By George Avalos
Contra Costa Times
Posted: 10/06/2010 04:23:29 PM PDT

Wells Fargo said Wednesday that it will persist with foreclosures despite a chorus of demands for a nationwide moratorium on house repossessions due to growing evidence of flawed foreclosure paperwork in the industry.

Also Wednesday, in a deal with eight states, Wells agreed to undertake more than $772 million in loan modifications. The deal resolves accusations from the states that companies that Wells bought had deceptively marketed adjustable-rate mortgages. As part of the deal, Wells agreed to pay $24 million to Arizona, Nevada, Washington, Colorado, Texas, Illinois, Florida and New Jersey.

The San Francisco-based bank is under pressure because of its mortgage origination and foreclosure policies in the wake of an admission by a Wells Fargo executive that he verified only the dates on foreclosure documents he signed. A court in Washington state, however, has dismissed that lawsuit, which was filed by a homeowner.

"Our processes and procedures are sound," said Chris Hammond, a spokesman for Wells Fargo, referring to the banking titan's decision to continue foreclosures. "We routinely review and audit our procedures. They are sound."

"We are working hard for homeowners to do what we can," Hammond said. "We continue to reach out and be proactive with homeowners."

Less than 2 percent of Wells Fargo's mortgage servicing portfolio has gone into foreclosure, Hammond said. An estimated 92 percent of the bank's customers are current on their mortgages. Since the beginning of 2009, Wells Fargo has modified 532,000 mortgages.

"Our approach is serving us well," Hammond said.
FULL ARTICLE: http://www.mercurynews.com/breaking-news/ci_16270916


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Kimster

Wells Fraud & Co.  What a joke.  Their turn is coming; that guy is an outright liar.  They are frabicating documents and endorsements -- their process of fraud is what is sound.   They are successful with it in non judidical states. Penetrating the fraud is difficult...but their time will come.

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