I guess you have to give Wells Fargo points for consistency. After all, they’ve been publicly, openly and brazenly screwing over homeowners for about seven years now. (Pretty sure they were doing it before, too, but not as openly.)
In spite of the (fake) government “foreclosure prevention” programs and the (phony) million-dollar settlements and the thousands and thousands of Americans who have publicly told stories about being lied to, strung along and then cheated out of their homes, Wells Fargo is still stealing houses.
Here’s Martha who just started the modification process in early 2015 and is already facing the delay-and-deny game and being lied to by Wells Fargo’s servicers: “In total, I’ve talked to six different people and each time I have to almost start the conversation over. There doesn’t seem to be any system for keeping notes on a file on their computer system.”
Gosh, imagine that. After several years Wells Fargo doesn’t employ anyone competent enough to design a system for reviewing loan mod applications professionally and in a timely manner? Right. Bullshit.
Bruce was lured into the loan mod morass by Wells Fargo with a sneaky little story about being pre-approved for a very favorable sounding loan restructuring. What he has since found out is that he was lied to in a scheme to basically churn “servicing” fees from the investor. He, like any rational human being, thought his bank 1) worked for him and 2) would act in a fiscally rational manner. Like the rest of us, he found out otherwise.
“At first I thought that this couldn’t be true, that there was no reason they would want to take a good loan and lead it into foreclosure,” he writes. “Over time I came to understand that in order to bolster profit in the down economy, they adopted a policy of double tracking foreclosures and modifications, simultaneously making administrative fees on both. It’s critical to understand that the administrative fees are paid by the purchaser of the bundled loan, usually a public pension plan trust, and that such investors also bear the risk of loss on foreclosure.”
Exactly. And judging from the comments of other readers, they’re still double-tracking and playing the delay-and-deny game despite supposedly being slapped on the wrist and told not to.
Kama has been fighting for her home for five years and, like any law-abiding person can’t understand why Wells Fargo is allowed to lie, cheat and steal from people with no real recourse. It’s simple – big business has bought all the power.
Until Americans wake up and stop being manipulated into voting against their best interests and sitting back while corporations buy up all the power in this country, it’s only going to get worse. Don’t vote for candidates at any level who are funded by big business or rich ideologues like the Koch Brothers.
Tell your story about being manipulated and lied to and cheated by your bank to everyone who will listen – family, friends, your hairdresser and the mailman and the guy behind the counter at the dry cleaners. Encourage them to take their money out of the big banks and to look beyond polarizing sound-bites to demand fairness and justice from their elected officials.
Lisa in New Jersey is fighting back: “No one at Wells Fargo cares about us and unless we band together, there will be a neighborhood full of vacant empty homes in every neighborhood across America with a big sign WELLS FARGO SCREWED ME.”
Give ’em hell, Lisa, and everyone else who is and has been fighting the banksters.