Wells Fargo controls 1 in 3 U.S. mortgages

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Wells Fargo controls 1 in 3 U.S. mortgages

Wells Fargo controls 1 in 3 U.S. mortgages

Imagine all those mortgages that have MERS named in title?

Bloomberg-

Wells Fargo & Co. (WFC), the largest U.S. home lender, said competition in the mortgage market is “essential” and that its control of 1 in 3 U.S. mortgages is the result of doing a better job than rivals.

Growth in market share isn’t “magic” and is driven by clients choosing the bank over competitors because it has served them well, San Francisco-based Wells Fargo said in a memo sent last week to mortgage employees. The bank said it issued the two-page, unsigned document amid “discussion about Wells Fargo’s prominence” in the market. The document was confirmed by Tom Goyda, a bank spokesman.

“In a free economy, competition is essential,” the bank said. “We believe customers must have choices in where they bring their lending business.”

[BLOOMBERG]

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4 Responses to “Wells Fargo controls 1 in 3 U.S. mortgages”

  1. Lynne kushnir says:

    Why should this be a suprise, they also have control of every Trust and Remic. UCC S8-106 “purchaser has control”. When someone is going through a foreclosure there are probably numerous Titles attached to it loaded with Bond certificates that once Wells Fargo
    can attach itself to can trace back to Bear Stearns, put in its Remic and wait for it to come due.
    That is why houses sit empty, modifications fall apart, or deals are made. Only the Bank knows the true story.

  2. Charles Reed says:

    Here is what Wells Fargo Bank risk when it has a problem it allow it to build just as Baltimore, Memphis, Illinois until they settled for a little bit chump chain but are continued to practice as it wants.

    But the point made above about bonds is why the US Troops are foreclosed upon as in my situation as Wells Fargo was not owed a dime but by foreclosing they claimed a $202,600 would not even submit the file for the Federal Government modification when I had a VA mortgage loan. But they sold the home for $191,700 and received some bond or insurance settlement for another $211,000 plus an insurance settlement form the VA for about $25,750 so now a company that did not have a single red cent invested made off with $427,450 and did not have a single red cent invested because I did not borrow money from them nor did they buy the loan nor did Ginnie Mae do either of those two things.

    Yet instead of deal with the problem as was presented to them, now it exposed the fact that they have or had 1.3 million loans in the same situation and put the financial security of the country in danger because of the entire Ginnie Mae Mortgage Back Securities program.

    Cmon how is it fair that the Fat cat without any of its money involved and the fact that there is actual not debt because of relinquishing the Notes by Washington Mutual Bank to Ginnie Mae, Wells Fargo make a $427,450 in illegal profit!

  3. DOMINIC CODIO says:

    So as an investor in real estate I tell people when you attempt to purchase a home look at the foreclosure filings in the immediate area. If the bank you are trying to get a loan from is the principal or leading foreclosing plaintiff in the area-why would they lend to you?

    The vicious cycle we never hear about.

    I still say do your research, get a prudent attorney and buy because once this mess clears up in 3 years home prices will sky rocket!!!!

    Dominic Codio-Broker

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