It's Your Money

You can manage it

<< Previous entry: Foreclosures: Broward halts sales, hearings

>> Next entry: Jonas Brothers, my daughters and money

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)
submit to reddit
add to delicious


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.

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.

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

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.

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.

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.

Thank you for posting this. Yes, please let us know of any further updates.

Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I’ll be subscribing to your feed and I hope you post again soon.

The premium jeans have become quite a hot commodity for many years. Designer brands such as True religion are highly regarded for their innovation, craftsmanship and design. Many famous stars are the fans of true religion. They like to wear it in leisure even in some important occasions. Now, you can become the focus of crowd with the True religion jeans, too.

Good post. And thank you for your share. I learn many thing in this post.

I learn more from this post. It's very worth to red.

I am very very like this post. It is so interesting and awesome.

So fun article is! I agree the idea!

So fun article is! I agree the idea!

The article is very good, I like it very much. I will keep your new article.

The article in your blog reminds me some old memory .That is good .It gives me happy .I think we will have a harmonious talk.Do you agree?

thanks very much for sharing! The way you have “blended” (hehe) it all together makes this look like a solid, whole product, as good as any Pixar short. Probably better. But then again: That’s my opinion. we offer large collection of various styles air max shoes for your selection! welecome to have a review and choose your favorite one!

Hey ,I really like your articles so that read all of your articles in a day, please keep on writing and go to camisetas de futbol replicas Chelsea Camisetas De Futbol Camisa Del Futbol De Chelsea and cocktail dresses wedding accessory petticoatand world cup football shirts Premier League football club teams ManchesterUnited football top.

I like your article so that I read all of your articles in a day.Please continue and keep on writing excellent posts.To find out more go to Uniformes De Fútbol, Camiseta de Chelsea, Camisetas de fútbol Chelsea, soccer shirts replica in Soccer Jerseys Wholesale, Liga Futbol Shirt, Barcelona Football Club Jersey and more goods in Cheap Soccer Jersey, Chelsea Soccer Team Shirts, Chelsea 20 Shirt Soccer.

I really appreciate your hard work founding all that information and make it one nice written and most of all I will share it with my college class group in facebook. Thank you for taking your time to write down this article. I am simply out of words after reading your blog.

Ich mag diesen Stil, und wollen mehr Informationen auf dieser Website zu lernen, aktualisieren Sie bitte, ich werde weiterhin auf dieser Website Fokus

Plus, they never watch of put on dad in the barbecue frequently! Fashionable, convenient, comfortable plus giving out of 100% company spirit : what altogether different could your sports fan want? Well, authenticity is a wonderful start for the reason that authentic suggests that quality is definitely guaranteed. Reliable sports jerseys will be always top-quality in level of quality and style and design;

A story in the American Banker today says Wells Fargo has agreed to modify $2 billion in payment-option adjustible rate mortgages,

The blog is vell well and feel interest

I can see that you are putting a lot of time and effort into your blog and detailed articles! I am deeply in love with every single piece of information you post here (there are not many quality blogs left

e suis tout nouveau à blogging, mais je ne écrire dans mon journal tous les jours. Je voudrais commencer un blog alors je vais pouvoir partager mon expérience et les sentiments en ligne. S'il vous plaît laissez-moi savoir si vous avez des idées ou des conseils pour la marque de nouveaux propriétaires de blog en herbe. Appréciez!

However wholesale oakley flak jacket xlj have a big disadvantage and that's the price, so if you have a set budget for your sun-glass purchase, then a pair of designer sunglasses should be the last thing on your mind. The main problem with oakley flak jacket is the ever changing trends which go out of fashion every season.

You are an author full of passions and very wise, your article tell me a lot of truth

They Beats By Dre Cheap failed to tell the court about more than $135,000 that donors had contributed to help pay for Zimmerman's legal defense, and Shellie Zimmerman falsely testified at her husband's April 20 bond hearing that the family was broke, prosecutors cheap beats said.

Your article is very surprised to me!It is a good article.thank you!

Thank you for sharing !

アディダス アディゼロアディダススニーカ

ーを探すなら、コチラの adidas 通販ショップからです。 アディダス F50だけじゃ

なく、 アシックス シューズナイキ バッシュ

href="">ニューバランス スニーカー


href="">サンダル ビーチ



adidas">">adidas スニーカー

購入したが、何か不満足と思い、 adidas シューズの歴史上

最も人気のあるデザインのひとつある「 アディダス スーパースター 」です。。レザー、スエード、メッシュをミックスし、またユニー

クなストラップの位置を変えることで、 アディダス バスケの伝説的なシルエットが斬新なルックスに生まれ変わった

アディダス メンズスニーカーモデルです。



モデルはコーディネイトしやすいため重宝します。 ナイキ ダン

ク dunk 販売店舗限定の注目商品! ニューバランス 574抜群の 顔と足を落とし込んだ要注目な

href="">ニューバランス シューズ

モデルです。毎回、奇抜さと斬新さで、注目を浴び完売してしまう、貴重なモ デルで、少量入荷のため、お急ぎ

下さい!! ナイキ スニーカーです。アッパーにはファイロンメッシュを使用!軽量でフィ ット感抜群の

href="">ナイキ 靴

モデルです。軽さに加えて通気性にも優れておりEVAミッドソールが最高のクッショニングを生み 出します!更に

nike ナイキ サンダル数も少ないのでお早めに!

Dear friends,
Dose everything go well? This is my store: We are specialized in high quality jerseys. we are a wholesaler and a retailer for selling NFL MLB NBA NHL Women Youth Jerseys. If you pay by Western Union, you'll get 10% discount in total ordering. We can give you the best discount.
Looking forward for your visiting and ordering.
Wish you have a nice day!

Leave a Reply


You share in the community, so we just ask that you keep things civil. Leave out the personal attacks. Do not use profanity, ethnic or racial slurs, or take shots at anyone's sexual orientation or religion. If you can't be nice, we reserve the right to remove your material and ban users who violate our Terms of Service.

Post a comment

To help keep spam off our site, please enter the letter "a" in the field below:
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.
Connect with me
Search this blog
E-mail newsletters
Get the news that matters to you delivered to your inbox. Breaking news, hurricane alerts, news from your neighborhood, and more. Click here to sign up for our newsletters. It is fast, easy and free!