WELLS FARGO – BANKSTERS TO THE MEX DRUG CARTEL… and where NO American need apply for a bankster job!
CA MORTGAGE LICENSE REVOKED FOR WELLS FARGO!
“Wells Fargo said last month that first-quarter profit jumped 53 percent from a year earlier as borrowers rushed to refinance mortgages amid record-low interest rates.”
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Lou Dobbs Tonight
Monday, November 12, 2007
Mortgage giants Wells Fargo and Countrywide Financial are accused of slapping dubious fees on homeowners struggling to save their homes. With fewer new mortgages being written, these
companies appear to be leaning on these lucrative fees to stay profitable—with devastating consequences for homeowners. We’ll have that report.
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DEPARTMENT OF CORPORATIONS
The San Diego Union
By Craig D. Rose May 3, 2003
Wells Fargo mortgage license is revoked
State takes action over interest dispute
Citing a pattern of overcharging borrowers, state regulators yesterday revoked the mortgage lending license of Wells Fargo, but the bank will continue to make and service loans under federal jurisdiction.
The California Department of Corporations said Wells Fargo, the state's largest mortgage lender, has been charging consumers interest for days disallowed by state regulation.
"Wells Fargo charged consumers interest on their mortgages more than one day before being recorded, an admitted violation of California law," said Demetrios Boutris, state commissioner of corporations. "If Wells Fargo is not going to abide by California's laws, it has no right to California's licenses."
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Assembly rejects foreclosure/modification bill
Robert Selna, Chronicle Staff Writer
Wednesday, September 1, 2010
State legislation to protect homeowners from foreclosure while pursuing a loan modification, widely supported by consumer groups but opposed by the banking California industry, has failed in the state Assembly.
SB1275, which was rejected 36-30 late Monday, would have required lenders to provide homeowners with a fully considered loan modification decision prior to foreclosing. Unlike federal initiatives, it would have given homeowners the right to sue the lender if that process did not occur.
The bill addressed what has become a far-too-common scenario for homeowners delinquent on their mortgages: While negotiating a loan modification, their lender forecloses. Long delays for hundreds of thousands of homeowners nationwide seeking modifications also have been blamed on poor performance by mortgage servicers.
The federal government requires banks participating in its main mortgage protection plan not to foreclose on homeowners negotiating a modification, but the rules are voluntary and have no enforcement mechanism.
The state bill's failure follows a recent report on the Treasury Department's central program to slow foreclosures, showing that it is likely to help just a quarter of the 4 million households it was intended to aid through 2012.
A delinquent state
State data show that nearly 1 in 10 California homeowners is 60 or more days delinquent on the mortgage, compared with 6.67 percent nationwide. Thirty-five percent of the state mortgage holders owe more on their homes than they are worth.
The bill's author, state Sen. Mark Leno, D-San Francisco, said he would continue to pursue a solution to the state's mortgage crisis in the new legislative session, which will begin in January.
"We think we had a very wise compromise (in the bill), unless your philosophy is that the lenders should not be held accountable and not have repercussions for their actions," Leno said.
Industry pleased
Dustin Hobbs, spokesman for the California Mortgage Bankers Association, which opposed the law along with the California Bankers Association, the California Chamber of Commerce and others, said the association "was pleased that the bill in the current form did not pass."
The banking industry had argued that the bill would allow lawsuits to be brought against lenders for technical violations and could delay the foreclosure process even if owners were ineligible for a modification. They said that federal rules have evolved and could change again, potentially making SB1275 outdated and creating a conflict.
New York this year approved laws that give the state attorney general permission to sue lenders for repeatedly failing to consider loan modifications in a timely manner and for foreclosing during the modification process.
In California, the proposed law was approved by the state Senate and three Assembly committees. The vote Monday was largely partisan, with nine Democrats voting no. All 12 Assembly members who did not vote were Democrats.
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Drowning in debt: top 15 states for underwater mortgages
Last week, The Chronicle reported that underwater mortgages are on the decline: that because of increased foreclosures on distressed properties, the number of American homes with mortgages that exceed the properties' value has dropped. But again, foreclosures, rather than rising home prices, accounts for the drop--not then a positive sign.
For a more detailed look at this phenomenon, here is a list of the top 15 states in our union for underwater mortgages.
1. Nevada: 69.9% of all mortgages
2. Arizona: 51.3% of all mortgages
3. Floria: 47.8% of all mortgages
4. Michigan: 38.5% of all mortgages
5. California: 35.1% of all mortgages
6. Georgia: 27.8% of all mortgages
7. Virginia: 24.3% of all mortgages
8.-13. South Dakota, Maine, West Virginia, Wyoming, Louisiana, and Mississippi: 23.8% of all mortgages
14. Maryland: 22.9% of all mortgages
15. Idaho: 22.7% of all mortgages
Though we've heard the term "bail out" more times than we care to, we might be hard pressed to see what, if any, real help is being offered to drowning homeowners. Cavan Hadley, a homeowner and father of two in Morro Bay, California, put the situation-- sadly-- as follows:
"On the verge of losing my house in Morro Bay. Been working with Bank of America for over a year. But apparently the loan modification program wasn't aimed at people, just press releases."
Posted By: Anna Marie Hibble (Email) | August 31 2010
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