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Wells Fargo to modify $2 billion in mortgages



A story in the American Banker today says Wells Fargo has agreed to modify $2 billion in payment-option adjustible rate mortgages, all of them originated by Wachovia and World Savings.

These were known as "pick-a-pay" loans and were considered especially at risk for default.

The agreement reportedly came through a settlement negotiated by California's Governor-elect Edmund Jerry Brown and will affect 14,000 homeowners there.

I've asked Wells Fargo/Wachovia whether this will impact any Florida borrowers. I'll let you know what I hear.

Categories: Foreclosure Crisis (84)
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Wells Fargo has agreed to make an estimated $2.4 billion in mortgage modifications for California homeowners and pay $33 million to prevent or reduce the effects of foreclosures in California as part of an agreement with the California Attorney General, and is seeking to reach similar agreements with other states. Two months ago, Wells Fargo reached a similar agreement with eight other states.
WWW.NATIONALFORECLOSURENEWS.COM


How come OUR gov-elect doesn't negotiate like that with Wells Fargo, Bank of America and Chase ? It could only benefit the state, not to mention the troubled homeowners.


Mortgage Fraud Seminar in Ontario,CA - SCARY

Yesterday, several dozen local homeowners, victims of foreclosure frauds of various types, attended a one-day mortgage fraud seminar at the DoubleTree Hotel in Ontario, CA. It was organized by the nonprofit group, Rhema Economic Research and Development and co-sponsored by Grassroots Assembly. Also, addressing the group was William Black, the Mayor of Ontario, FBI Section Chief of the Financial Crimes Division, Sharon Ormsby, and representatives from HUD and the Department of Real Estate.

The seminar's sponsoring groups are lead by intelligent, passionate fighters who are diligently gathering evidence and information to transform their cases into legal battles they can win, even though it's a tough slog as anyone in the situation knows too well. The women from the FBI, HUD and Real Estate Department all spoke of investigations they were doing into fraud at the initial loan level. But when I asked if any of them knew of a case in which a foreclosure was determined to be fraudulent and the initial loan was also fraudulent (false appraisal, robo-signed, etc) and the end result was retribution for the borrower, all three said it is their job to investigate for fraud, none of their organizations are involved with the kind of retribution that would fix the lives of these victims the way that the Fed, Treasury Dept and two Presidents helped fix the financial lives of their lending institutions.

http://www.nomiprins.com/thoughts/2010/12/16/spoke-at-a-mortgage-fraud-seminar-in-ontarioca-scary.html#comments


POWERFUL FORECLOSURE TESTIMONY: Sandra Hines Tells House of Reps What Many Feel

http://www.youtube.com/watch?v=AUD37PANOpE&feature=player_embedded


To further the effort to curb servicer abuses, please visit the website, StopServicerScams, and sign the petition. As we have written, and as experts and foreclosure defense lawyers have reported in Congressional testimony, and as pending lawsuits by attorneys general in Arizona and Nevada allege, servicer abuses are a significant cause of foreclosures. These include including delaying and misapplying payments, using false hopes of pending mods to extract more payments from consumers, and applying compounding junk fees.

http://www.nakedcapitalism.com/2010/12/please-visit-stopservicerscams-com-to-stop-servicer-fraud.html


Just like the HAMP program was to help 3 to 4 million homeowners(reality it has helped about 400,000) this program will not help the $2 billion as risk.

Chance are the at risk pick a pay do not have the DOCUMENT trail that would allow Wells Fargo to foreclosure(no more robot foreclosures)...anyway...

don't expect it to rescue SFL..the government in Florida has no interest in removing its dirty hand in foreclosures..besides too much money being made using offshore corporations to buy the foreclosure deals some at $400 dollars for a house!...


A fraud and breach of fiduciary duty ruling against Wells Fargo in a major scandal in Minnesota may have much broader ramifications for this sanctimonious bank.


http://www.nakedcapitalism.com/2010/12/fraud-ruling-against-wells-fargo-in-minnesota-points-to-widespread-abuses-in-securities-lending-program.html


Larry Gluck, the apartment building king whose company defaulted on loans in New York, San Francisco, Los Angeles and Washington, recently bought the Windermere Hotel in Manhattan and Tivoli Towers, a subsidized housing complex in Brooklyn.

Industry lore has it that New York is one of the toughest, most unforgiving real estate markets in the world. The costs are so high, the unions so ornery, the politicians so demanding and the rivalries so fierce, that one false move invites financial disaster.

But the truth is that there have been surprisingly few career fatalities among New York developers, even though they have lost billions of investor dollars on overpriced real estate and have littered the city with unfinished apartment buildings. While a homeowner who lost a house to foreclosure would find it difficult to borrow for years, developers who defaulted on enormous loans have still been able to attract money.


But while a homeowner who is foreclosed upon is often on the brink of financial ruin, many developers who defaulted emerged relatively unscathed themselves. Most of them invested relatively little of their own money in the deals, preferring “O.P.M.,” or “other people’s money.” One of the best-known examples is Tishman Speyer Properties, which lost $56 million on Stuyvesant Town and Peter Cooper Village, while lenders and other investors lost over $2.4 billion.

http://www.nytimes.com/2011/01/02/realestate/02developers.html


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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