“Wells Fargo ‘Too Big to Fail’ Bank Is Going Down”
Tuesday, March 18, 2014 12:28
% of readers think this story is Fact. Add your two cents.
“Wells Fargo ‘Too Big to Fail’ Bank Is Going Down”
by Shah Gilani
“Last week I told you about “The Coming Curse of Zombie Foreclosures.” I described how folks – who thought they were foreclosed on – are suddenly finding out they are actually still on the hook for mortgage payments, taxes, and all kinds of maintenance on abandoned homes. What I didn’t tell you is that the nation’s largest mortgage-issuing bank – and the most profitable bank in 2013 – may have been bitten itself by the very zombie foreclosures it breeds. And now it could be a dead bank walking. The bank I’m talking about is Wells Fargo.
The New York Post’s Catherine Curan dropped that bombshell last Wednesday when she was the first to report that bankruptcy attorney Linda Tirelli had unearthed a Wells Fargo “how-to” document that instructs bank attorneys essentially how to commit fraud. Tirelli filed the 150-page manual in New York’s notoriously no-nonsense and hard-charging Southern District court on behalf of a homeowner in bankruptcy.
The “step-by-step procedure” document instructs Wells Fargo employees how to create (as in just make up out of thin air) an “endorsement” or an “allonge” to prove Wells Fargo is a homeowner’s creditor and therefore has a right to foreclose on the underlying property. An endorsement is something a lender signs over to a new lender who is taking over the loan or mortgage. An allonge is a string of endorsements attached to a note (mortgage or loan) showing the actual chain of endorsements.
What’s explosive is that this Wells Fargo Foreclosure Attorney Procedures Manual – created November 9, 2011 – “appears to provide step-by-step instructions for a Wells Fargo Home Mortgage ‘Default Docs Team’ and foreclosure attorneys if a blank endorsement is in a file and the attorney wants that note executed,” according to the New York Post. “In addition, the manual outlines steps for attorneys and the Default Docs Team to create allonges, endorsements to a note on a separate sheet of paper when there is no room left at the bottom of the note.”
Step 3 under the header “Allonge” on page 17 reads: “WFHM Default Docs Team: If file was ordered and received, review to determine what entities the attorney needs the note endorsement to reflect,” says Curan.
What’s sickening and incendiary for Wells is that the how-to-commit-fraud document was last updated in February 2012, which not coincidentally was the same month and year that the nation’s top mortgage lending banks and servicers agreed to a $25 billion settlement for “robo-signing” foreclosure documents to get homeowners out of their homes. Now it appears that robots aren’t to blame, but lawyers and bank employees committing fraud based on Wells’ how-to manual.
Of course, most of us figured robo-signers weren’t really automaton robots. But this is big news on account that this document has now been unearthed, brought into the light, and filed in court.
The Southern District of New York is a place a lot of prosecutors who aspire to the governorship of New York – or even the presidency of the United States – seek to make a name for themselves. Personally, I’m hoping someone over there is repulsed by the zombies and goes after Wells with the intention of burying them on criminal charges.
Like I said, I’m hoping. I realize the chances of a big bank being brought down for its criminal behavior is somewhere between slim and none. But hope springs eternal. And spring is just around the corner, or maybe the next corner…”
Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2014/03/wells-fargo-too-big-to-fail-bank-is.html
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).
MOST RECENT
HELP KEEP NEWS FREE
DONATE
HERE
| Online: | |
| Visits: | 1,601,598,675 |
| Stories: | 8,144,808 |
Wanted: Citizen Reporters,
Whistler Blowers, Insiders
Whistler Blowers, Insiders
"Not by might, nor by power, but by my spirit, saith the Lord of hosts." Zechariah 4:6
Today's Top Stories
Featured
Top Global
Top Alternative
Are they a member of the tribe?