Wells Fargo, Morgan Stanley faulted for $73 billion residential mortgage-backed securities servicing

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Wells Fargo, Morgan Stanley faulted for $73 billion residential mortgage-backed securities servicing

Wells Fargo, Morgan Stanley faulted for $73 billion residential mortgage-backed securities servicing

Can I get a Kaaa-BoooM! Only makes sense because Wells Fargo controls 1 in 3 U.S. mortgages…

Bloomberg-

A law firm that won an $8.5 billion settlement from Bank of America Corp. (BAC) tied to faulty mortgage bonds said Wells Fargo (WFC) & Co. and Morgan Stanley (MS) failed to service $73 billion of similar securities, creating a default.

Gibbs & Bruns LLP cited at least $15 billion of Wells Fargo’s residential mortgage-backed securities and $5 billion from Morgan Stanley where holders have 25 percent or 50 percent or more of the voting rights, according to a statement today from the Houston law firm. The dispute also covers $23 billion of Morgan Stanley-issued RMBS and $30 billion of Wells Fargo’s RMBS where holders “have significant voting rights, but less than 25 percent or 50 percent,” the firm said.

[BLOOMBERG]

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2 Responses to “Wells Fargo, Morgan Stanley faulted for $73 billion residential mortgage-backed securities servicing”

  1. The banks seek to pay pennies on the dollar for their crime and send private cops to arrest homeowners from running from housed the homeowner owns outright by law. Only in America the land of the betrayed.

  2. Charles Reed says:

    Wells Fargo is in big trouble as they are illegally servicing Washington Mutual Bank ex-loans that Ginnie Mae is hold the blank Notes too. They cannot foreclose on a single government insured loan in the states of Washington & Oregon because MERS is not the beneficial to the loans.

    I guess we will have to wait until after the election because this is an embarrassment to the current Administration!

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