Wells Hands Over Mortgage Records to SEC

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Wells Hands Over Mortgage Records to SEC

Wells Hands Over Mortgage Records to SEC

Maybe this time the SEC will hold on to the paper and won’t destroy the evidence documents!


WSJ-

Wells Fargo & Co. has handed over hundreds of emails and other documents related to its mortgage-backed securities business to the Securities and Exchange Commission after being taken to court, according to a person familiar with the matter.

The decision by the fourth-biggest U.S. bank to bow to the SEC’s demands for the information resolves a legal spat.

“Wells Fargo continues to believe its disclosures in offering documents pertaining to residential mortgage-backed securities containing Wells Fargo mortgages were proper and appropriate,” a spokeswoman for Wells Fargo said.

[WALL STREET JOURNAL]

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One Response to “Wells Hands Over Mortgage Records to SEC”

  1. cindy arriaga says:

    Yeah, good! I hope the SEC sees how much money these creeps made off of making it impossible for homeowners to negotiate thier mortgage loans!

    You know, in 2005 our mortgagee was Wells Fargo, and they sent us an offer to refinance. They denied the refinance, but referred us to a correspondent, who overvalued our home to convince us not only to refinance the mortgage, but to also pay personal debt.
    But, guess who my mortgage statement came from a month later? Wells Fargo! Plus, the previous mortgage was never recorded as paid in the land record. We sued in Federal Court(Arriaga etal v Wells Fargo Bank, NA etal, ILND 09 C 2115)because 2 years later our home wouldn’t sell for the mortgage amount, much less the appraised value represented at refinance – our house wouldn’t list for half that amount! And, the correspondent would not rescind the fraudulent loan – and Wells Fargo tries to foreclose on that void mortgage!

    In court, Wells Fargo, and the refinancer correspondent, always denied that Wells Fargo had anything to do with the refinance before becoming servicer. But just recently in Discovery, we received paperwork that shows that our previous mortgagee, Wells Fargo, had “obtained” the refinance loan from its correspondent EVEN BEFORE THE REFINANCE WAS APPROVED!!! All hidden at closing – how can a refi loan be sold even before it is made?? FRAUD!

    My previous loan was not a MERS loan, but the refinance loan was registered with a MERS MIN even before we were told we qualified for the refinance that Wells Fargo denied.

    So basically, all the interest we paid when Wells Fargo was our mortgagee (3 years worth) was not credited when Wells Fargo got the loan again under the table with the correspondent and MERS.

    These lying Banks need to fail, need to be held accountable – not just a slap on the wrist – disgorgement and reimbursement to the homeowners! And I don’t mean a measely token payment of $2000, I mean hundreds of thousands to the poeople who were foreclosed upon after being tricked into a fraudulent MERS loan!

    Wishful thinking?

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