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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