Wells Fargo Admits Errors in 55,000 cases: Tries to Minimize Impact


October 27, 2010

Wells Fargo to Amend About 55,000 Foreclosures


After several weeks of insisting its foreclosure processes were sound, Wells Fargo & Company said on Wednesday that it planned to correct and resubmit up to 55,000 improperly filed documents by mid-November.

Wells Fargo said that current reviews found that bank employees had failed to “strictly adhere” to its required procedures during a final step in its documentation processes. It also acknowledged that “some aspects of the notarization process” had not always been properly followed, creating the potential for paperwork errors.

Wells officials said that the bank started to correct the 55,000 questionable files, and “out of an abundance of caution,” planned to resubmit them in 23 states where foreclosures require court approval. Bank officials maintained that the underlying information in the loan files was accurate and that the bank had not improperly foreclosed on any troubled homeowners.

Wells Fargo also said that it had no plans to temporarily freeze foreclosure sales, an action previously taken by its rivals Bank of America and GMAC.

Still, the revelations that Wells had identified as many as 55,000 improper foreclosure files add to the mortgage morass. Attorneys general in all 50 states are conducting a sweeping investigation into the industry’s practices, while a White House task force and several federal regulators have embarked on similar reviews.

In addition to Wells Fargo, four other large mortgage players are resubmitting tens of thousands of cases in large swaths of the country. Chase said it was looking at about 115,000 files in 41 states. Bank of America is looking at 102,000 in 23 states, where foreclosures require court approval. GMAC and PNC Financial have come forward to say they are resubmitting files with improper paperwork, too.

Still, Wells Fargo’s announcement was the second time a bank had backtracked on statements it had made about the extent of its foreclosure problems. After weeks of insisting that its review had not turned up any serious errors, Bank of America acknowledged a number of paperwork errors, including incorrect data and misspelled names.

Wells Fargo had previously taken an even more combative stance. In its Oct. 20 conference call with investors, bank officials said they were confident that the foreclosure processes and controls were sound. That statement gave the impression that there were few if any problems but left room for the possibility that the bank might have to fix a small number of mistakes.

During the conference call, Wells officials dismissed concerns that the bank had systematically engaged in so-called robo-signing, where a single employee would sign thousands of loan documents without verifying their contents, as the law requires. Instead, the bank emphasized that their policies called for the same employee who compiled the foreclosure file to sign off on it — a crucial legal requirement in many states.

But revelations in an obscure Florida lawsuit and elsewhere raised concerns about whether that process was always followed. Under questioning, Xee Moua, a Wells Fargo manager, said she would sign off on as many as 500 foreclosure files a day without verifying the accuracy of their contents. “We don’t go into the details with these affidavits,” she said in a deposition.

Oscar Suris, a Wells Fargo spokesman, declined to comment on whether any of the problems the bank identified stemmed from such violations. He previously called Ms. Moua’s testimony “one isolated case” that is being disputed in the courts.

Wells officials also acknowledged the possibility of notarization errors. Previously, Wells officials said they believed that their notarization procedures complied with the law in South Carolina, where the bank’s loan foreclosure operations were based. As a result of the reviews, bank officials now say they are taking into consideration the unique requirements of different counties and states.

20 Responses

  1. I’ve seen over and over in Agreements all of the members agree DTC – Cede & Co. will register the notes.


    Submitted by Tyler Durden on 02/10/2010 16:40 -0400

    Enter Cede & Co II; The Fed Is Now Backstopping $25 Trillion In DTCC Cleared Credit Default Swaps

    AIG American International Group Counterparties Credit Default Swaps Federal Reserve Lehman Moral Hazard Net Notional notional value OTC Transparency

    And you thought the $23 trillion in backstops for the financial system was bad, you ain’t seen nothing yet. Earlier today, the Depository Trust & Clearing Corporation, best known for its Cede & Co. partnership nominee which is the holder of virtually every single physical stock certificate in the known universe, and accounts for over $2 quadrillion in stock transactions per year, announced that “the Federal Reserve Board had approved its application to establish a DTCC subsidiary that is a member of the Federal Reserve System to operate the Trade Information Warehouse (Warehouse) for over the-counter (OTC) credit derivatives.” With this approval the DTCC is now the de facto legally accepted global repository for over-the-counter credit derivative transactions. Simply said, the Federal Reserve is now the guarantor behind all CDS transactions that clear via DTCC, which would be pretty much all of them (sorry CME, you lose). The total bottom line in terms of gross notional? 2.3 million contracts with a gross notional value of $25.5 trillion. When the next AIG implodes, and the CDS market is once again facing annihilation in the face, who will be on the hook? You dear taxpayer, that’s who.

    The new Fed-endorsed organization will settle CDS obligations in all currencies and process credit events. It will also include all OTC credit derivatives traded worldwide, and will be regulated by the Fed and the NY State Banking Department and will be overseen by other US and International regulators.

    To be sure, the net notional CDS amount, which is what counterparties would be on the hook for in the case of an orderly unwind of the financial system, is materially lower than the gross total. Yet, as systemic unwinds are never orderly, gross tends to become net in those occasions when Lehman bonds go from par to 10 cents in the span of 24 hours. Should systemic risk flare up again (and this time Europe will be both shaken and stirred, thank you Mr. Hazard… Moral Hazard), and fiat-based market values quickly catch up with fair values (which in our ponzi economy can easily be calculated: they are all zero).

    The actual organization that will soon be in need of a bailout, is the Warehouse Trust (there’s that word again) Company, which in turn will operate the DTCC’s Trade Information Warehouse, and will begin operations “once certain organizational conditions have been met, which are expected shortly.” Presumably, the TIW, which has been in operation for just over one year, is somehow supposed to inspire confidence that the DTCC has an idea of everything that goes on in the quadrillion + CDS Market. “The release of this information has been an important step forward in helping increase transparency in the marketplace. More detailed information on individual firm trading has been made available confidentially to regulators around the world with the consent of market participants.” Oh great, at least someone has information to the confidential information.

    What all this implies is that basis spreads will likely compress very shortly, once counterparty risk becomes a thing of the past and all systemic risk in the biggest derivative market out there (ex IR swaps) is fully backstopped by the Federal Reserve. It will also guarantee the DTCC monopoly status when it comes to CDS trading as nobody will desire to transact and/or clear elsewhere.

    We shudder to think if the Fed grants DTCC with exclusive status for IR and FX swaps as well, and the associated $600 trillion notional outstanding.

    And from an insider, we know that the company will be funded and commence operations by March 1.

  2. Interesting…perspective from 10/22/2010:

    Top bank executives sought to characterize the “robosigning” issue as a minor blip in recent days – even though it’s resulted in investigations by state and federal government and the delay of hundreds of thousands of foreclosures.

    By Lauren Tara LaCapra 10/22/10 – 08:12 AM EDT 1 CommentAdd Comment

    Interesting in that Wells Fargo & Co. John Stumpf CEO & Howard Atkins CFO did not sign any of the 10K’s of any loan trusts, certificates, trust funds, etc.

    Indeed as MASTER SERVICER responsible for spending the investors money how did Wells Fargo & Co. report all of their transactions?

    What does a Master Servicer as SELLER have to report when the loans were purchased at a discount and the BUYER purchased the NOTE separting the mortgage, deed, from the note.

    I’ve seen the 10K’s and you can see them for yourselves. What am I missing?

    Wells Fargo Bank NA ‘Trustee’ loan trust, trust fund, or certificate are not signed by John Stumpf CEO Or Howard Atkins CFO.

    Pete Wissinger was the last CEO to sign on he dotted line in 2003 10K Was that becaise of Sarbarnes Oxley?

    Are loan trusts and trust funds and certifications by ‘Trustee’ who push all of the curreny using private brand label ‘Wells Fargo Bank NA’ into INVESTORS signficant?

    What is significant is the Unique Model that John Stump and Howard Atkins his side-kick boast of and chorttle.

    Specifically, why has ‘John’ and ‘Howard’ stopped speaking of their unique model? And exactly what is that unique model that allowed the new business entity formed 11/2/98 using the existing tradename Wells Fargo & Co. who operated for benefit of (1) foreign owner? Was that Foothill Group Inc?

    Why did John and Howard stopped speaking of their unique model since 10/22/10?

    Why did not John and Howard not sign the 10K’s for the loan trusts that indeed Wells Fargo Bank NA as ‘TRUSTEE are responsible for conveyance of the mortgage loans?

    Wells Fargo & Co. financial holding company, parent, John Stumpf & Howard Atkins are responsible for Wells Fargo Bank, National Association Sioux Falls SD are they not?

    And the OCC said all ‘Mortgage Corporation’ business must be done inside of Wells Fargo Bank, National Assocaition, Sioux Falls SD did they not?

    And as MASTER SERVICER the SELLER of the discounted loans sold in secret to Master Servicer BUYER ‘Lehman Brothers Commodities agency – Aurora Financial Services, and subsidiary Structured Asset Securities Corp, and ‘Bear Stearns’ ‘Structured Asset Mortgage Investments Inc fka Bear Stearns Asset Mortgage Investments, and …you get the picture…

    Parent Company CEO & CFO? Wells Fargo & Co.are the MASTER SERVICER of a huge percent of the SEC Transactions as SELLER of the discounted loans to LEHMAN Brothers for example!

    Is Wells FArgo never the BUYER as Master Servicer? No because if they were they would have on their books assets and be accountable for the debt. No the debt was pushed to certain areas of Bear Stearns and Lehman so they could bo BK.

    Wells Fargo Bank NA as SERVICER may become Securities Administrator during a default event and instruct Credit Risk Managers to track the foreclosue is imminient tracking the loan#”s creating new debt to foreclose upon the consumer.

    As a matter of fact, during a default event the SELLER and BUYER Master Servicers were already in existing agreements in the event of a default after the PSA Closed that the SERVICERS could put on different hats and acquire the bad debt and present themselves as the LENDER owed the debt.

    The actual MASTER SERVICER as SELLER assigns the preselected TRUSTEE who works with the BUYER Master Servicer as Plaintiff and presents Assignment during default event.

    Why would Master Servicer, as SELLER who was in agreement to buy back the servicing rights want to purchase the bad debt that accumulates during the foreclosure, BK or modification?

    Wells Fargo Bank NA as MASTER SERVICER, Securities Admin, Credit Risk Manager, etc.do have a very interesting model and appears without risk. Why? Could there be a joint venture between the ‘Dealers’ of the DTD – EURO – ClearStream? Notes held in blank perhaps managed by intermediary Cede Co alike MERS?

    Bank of America (BAC_),
    Wells Fargo (WFC_),
    JPMorgan Chase (JPM_),
    Citigroup (C_) and
    GMAC Mortgage

    10/22/2010 the entities above are the biggest players; combined with a handful of regional servicers like

    U.S. Bancorp (USB_) and

    PNC Financial Services (PNC_),

    They leave a slim margin for others to compete.

  3. You know what is interesting.

    The 10K’s for any Wells Fargo Bank NA ‘Trustee’ loan trust is not signed by John Stumpf!

    Are loan trusts and trust funds and certifications by ‘Trustee’ who push all of the curreny using private brand label ‘Wells Fargo Bank NA’ into INVESTORS signficant?

    What is significant is the Unique Model that John and Howard boast of and stopped speaking of since 10/22/10.

    Why did not John and Howard sign the 10K’s for the loan trusts Wells Fargo Bank NA ‘TRUSTEE? They are everything when it comes to MASTER SERVICER as SELLER of the discounted loans sold in secret.

    Parent Company CEO & CFO? Wells Fargo & Co.

    MASTER SERVICER in a huge percent of the SEC Transactions as SELLER of the discounted loans to LEHMAN Brothers! Wells FArgo is never the BUYER unless there is a default event then the actual MASTER SERVICER sells bad debt using same loan # to Wells Fargo Bank NA as MASTER SERVICER, Securities Admin, Credit Risk Manager, etc.

    I’m always confused about this and hope Neil Garfield can shed some light on this matter.

    For example, John Stumpf CEO of Wells Fargo & Co. Parent RSSD ID 1120754 financial holding company 10/22/2010 boats Wells Fargo’s procedures are tight indeed I’ve found what he said to be true – one person handles pulling the ‘defaulted loan’ for their CLIENT Lehman Brothers and executing the Reconstituted Servicing Agreement or the Reconstitution Agreements.

    October 22, publically during Foreclosue Gate Blitz, both CEO & CFO on behalf of Wells Fargo & Co. in their official capacity did share the following:

    Wells Fargo CEO John Stumpf: “We did not and do not plan to initiate a foreclosure moratorium.”
    Wells Fargo hasn’t been shielded from scrutiny over its foreclosure practices, but has said repeatedly that it does everything above-board – from delinquency notices to workout attempts to signatures on the foreclosure documents. Wells has staunchly rejected the idea that it should implement foreclosure freezes like other big bank competitors have.
    During a conference call on Wednesday, CFO Howard Atkins indicated that Wells has been more careful than competitors in handling foreclosures: “Our process specifies that affidavit signers and reviewers are the same team member, not different people, and affidavits are properly notarized. Not all banks in our understanding do it this way.”
    Stumpf was asked about a case that’s received widespread attention in which a Wells employee admitted to signing off on paperwork that others had reviewed in a court deposition. Stumpf pointed out that the judge still found in Wells Fargo’s favor and suggested that one bad apple hadn’t infected the entire tree: “Humans do make errors, but that is what our process is – one reviewer, one signer, same person.”
    By Lauren Tara LaCapra 10/22/10 8:12 AM ‘Mortgages’ Foreclosue Crisis: What Bank Exex Day

    The stock quotes in this article include (interesting enough)

    ‘BAC’ ‘JPM’ ‘C’ ‘WFC’ ‘PNC’ USB’ ‘GS’ ‘MS’

    I don’t know about you but I am very interested in Howard Atkins relationship with Wells Fargo & Co/MN formerly Norwest and knowledge of Nationsbank owning BANCO Mortgage Norwest Mortgage 1985 acquriing GMAC Mortgage of Iowa 1995 was it? Have to look again at the Secretary of State Websites and Articles of Incorporation, Amendments and more. State of Maryland a good place to look not all states provide documents to view and the Corporate Securities Treasury of Norwest Asset Securities Corp renamed at some point to Wells Fargo Asset Securities Corp were in agreements with Nationsbank and BOA and UBS and Foothill Group Inc. ….

    Why would Howard Atkins not cooperate with officials and quit before Sarbanes Oxley reporting?


  4. Regarding the 55,000 documents filed by ‘Wells Farog & Co’ …. October 2010 Public Statement:

    Wells Fargo & Co.’s CEO, John Stumpf has declined to join Bank of America Corp., Ally Financial Inc.’s GMAC Mortgage and other banks in suspending foreclosures because of flawed paperwork that surfaced at several large banks.

    On a conference call with investors this month, Stumpf said the bank is “confident that our practices, procedures and documentation” are accurate.

    Depositions of two Wells Fargo employees have called the company’s foreclosure practices into question. A Fort Mill, S.C.-based Wells employee said in a deposition taken last March that she signed between 300 and 500 foreclosure documents per day,

    In another deposition taken in May, another Wells employee said he verified only the dates on up to 150 foreclosure documents he signed daily and relied on co-workers to ensure that other information was correct.

    Bank of America is scheduled to meet Thursday with state officials investigating allegations the bank rushed the foreclosure process without properly reviewing documents.

    A person briefed on the matter confirmed the parties will have a preliminary discussion about issues related to the foreclosure documents. The person did not give details about the meeting or who will participate. The person who spoke on condition of anonymity was not authorized to speak.

    A spokeswoman for the Charlotte N.C.-based lender declined to comment.


    Now I have a good question. Nationsbank acquired BANCO Mortgage, Norwest Mortgage, Inc.. Did they also do business as GMAC Mortgage Corporation and if so how do we know who the pretender lenders really are – the servicers who took consumer property into the pipeline for ‘Wells Fargo & Co’ who is the #1 Originator , #1 Servicer #1 Virtual bank since 2000.

    Were BOA – Nationsbank – joint ventures on Servicing Side the scam on consumers?

    11/2/98 the largest joint venture did occurr and owns the private brand label ‘Wells Fargo Bank NA’ (copyright 2005) and Wells Fargo & Co. copyright 11/3/98 owners are many dba Wells Fargo & Co.

    All of the former registrants (SEC) MEMBERS Agreements, joint ventures, business entities, trade names survived and married 11/2/98 taking on the SUR-Name ‘Wells Fargo & Co’ a new company owned by foreign owners outside the US. Beneficiary management company -Foothill Group Inc. subsidairy Foothill Capital Group.

    Of tremendous interest to the LivingLies members on this page Nationsbank acquired INDYMAC 92/93 and Countrywide Funding.

    John Stumpf CEO of Wells Farg & Co. is representing who in the unique business model?

    Wells Fargo & Co/MN formerly Norwest Corp
    Wells Fargo Bank NA (private brand label)
    Wells Fargo Securiites LLC prior to June 2009 private pass thru agency of Wells Fargo & Co/MN for 90 day or less transactions… and does not report federal taxes rather federal taxes for fees earned by Bitterroot Asset Management Corp in AZ reported elsewhere.

  5. Dear pelucheven, on October 28, 2010 at 9:15 am said: Hi Dave

    I like to share with consumers you can find information to reveal how the pretender lenders do business. Example your question regarding who is:.

    RE: First Magnus Financial Corporation
    (12/311996) dba CHARTER FUNDING

    I never would have known if I had not looked at every document filed with State of Arizona.

    It’s important to know that Charter Funding is a tradename and business type ‘Mortgage Banking’
    Domestic Business Entity began 8/12/1996.
    Status: Active
    Owner: First Magnus Financial Corporation
    Renewal 8/16/2001
    Amendment 11/26/2004
    Renewal 5/15/2006

    07826337 Corporation File:
    6393 E. Tamque Verde Suite 280, Tuscon AZ 85715
    Received 7/8/1997
    Business Corporation Annual Report & Certificate of Disclosure Domestic
    Statutory Agent: Gerald G. Hawley

    Corporate Name:
    First Magnus Financial Corp. &First Magnus Liquidating Trust
    4909 North 44th Street
    Phoenix, AZ 85018
    Toll Free Number: (888) 744-5100
    Direct Number: (520) 618-9255
    Fax Number: (520) 901-7963
    Primary Contact: MARY SLOAN
    Member Org ID: 1000392

    Lines Of Business:
    Originator, Servicer, Subservicer, Investor, Document Custodian

    eRegistry Participant: No
    eDelivery Participant: No


    You can search MERS MEMBERS 0-9 and A-Z

    Pervue the screens very interesting when you consider the SHAREHOLDERS (BENEFICIARIES) of the transactions required MEMBES to record in blank electronically transactions not to be lawfully recorded.

    Interesting One – Fictitious name for ‘servicing side’ acquired for Nationsbank.

    Should this name have been merged out of existence with Wells Fargo Home Mortgage, Inc. May 2004?

    The OCC clearly stated that all ‘Mortgage Corporation’ business had to be done inside of Wells Fargo Bank, National Association, Sioux Falls, SD May 2003 approving John Stumpf’s request to merge out of existence Wells Fargo Home Mortgage, Inc.

    Remember, Wells Fargo Home Mortgage, Inc. employees were working for a general purpose entity registered in some states other states Wells Fargo did not rename ‘Norwest Mortgage, Inc.’ and other states did not rename Directors…..

    When would Wells Fargo Home Mortgage employees be considered employees of a national bank? following merging out of existence ?

    For example, in NJ, Wells Fargo Home Mortgage storefronts employees email address is Wells Fargo Home Mortgage div Wells Fargo Bank NA (2005 copyright) – 2701 Wells Fargo Way, Minneapolis MN.

    In MERS you’ll find the entity to be recorded as a MERS MEMBER as America’s Servicing Company

    Corporate Name: America’s Servicing Company
    Address: 2701 Wells Fargo Way MAC x9998-012
    City,State,Zip: Minneapolis, MN 55467-8000
    Toll Free Number: (800) 842-7654
    Direct Number: (651) 605-3711
    Fax Number: (651) 605-7831
    Primary Contact: Masse Adjetey
    Member Org ID: 1002856
    Lines Of Business: Servicer, Subservicer, Investor, Document Custodian, Master Servicer
    eRegistry Participant: No
    eDelivery Participant: No

    So back to who is:

    “First Magnus Financial Corporation”

    In MERS we see Wells Fargo & Bear Stearns dba JPMorgan now required MEMBERS to be registered who would process transactions and paid for the Lines of Business they could process documents.

    Corporate Name:
    First Magnus Financial Corp. &First Magnus Liquidating Trust
    4909 North 44th Street
    Phoenix, AZ 85018
    Toll Free Number: (888) 744-5100
    Direct Number: (520) 618-9255
    Fax Number: (520) 901-7963
    Primary Contact: MARY SLOAN

    I go and look at the Business Entity Search in AZ to find out who is: “First Magnus”

    There are recorded in AZ:
    ID Type Name

    ‘Trade Name’ First Magnus Home Loans
    Owner First Magnus Financial Corporation’
    603 N Wilmot Rd, Tuscon AZ 85711 Registered 1/26/2007 – Expiration 1/26/2012

    Business Type: Financial Services
    File ID 393124
    Domestic Entity in AZ will do business in other states as foreign orgnaization

    First Magnus Financial Corporation
    ‘Pending File Inquiry
    File Number: N-1596932-9
    Reservation Number: 88776
    Expiration Date 8/16/2010

    David Kiah
    PO Box 600485
    Newtonville, MA 02460
    ‘Agent’ First Magnus Financial Corp

    First Magnus Financial Corporation
    603 N Wismot Rd
    Tucson AZ 85711
    Agent: Resigned 3/8/2011
    Agent Last Updated 11/01/2007
    Business Type Corporation:
    For Profit – Banking/Finance
    Domicile:L Arizona
    County PIMA
    Incorporation: 7/16/1996 (perpetual)
    Dissolution/Withdrawal Dates 5/30/2008

    Gurpreet S. Jaggi
    603 N Wilmot Rd
    Tucson AZ 85711
    Date of Taking Office 7/1/1996
    Last Updated 9/29/2006

    Thomas Sullivan Sr. ‘Shareholder’ over 20% of corporation when registered dba Charter FUNDING

    Articles of Organization 6/27/2007
    File No L-1376519-0
    Forms LLC pursuant to Chapter 4 of Article 29 of the Arizona Revised Statutes as amended (supra 29-601 et seq
    MEMBER c/o Douglas G. Lemke Esq.
    Management Company First Magnus Administration LLC
    Statutory Agent:
    Douglas G.

    Prior address of Statutory Agent:
    Douglas Gl. Lemke
    5285 E Williams Cir #2000
    Tucson AZ 85711 Changed to above address
    Approved by President
    Gurpreet S. Jaggi President

    Corporate Licensing Manager
    Deanna Nealon
    First Magnus Financial Corporation

    Corporation Statement of Change of Known Place of Business Statutory Aent

    1. First Magnus Consulting LLC
    2. Charter Insurance Group, Inc.
    3. First Magnus Financial Corporation (checked)
    4. FMHM Mortgage, LLC
    5. Vantage Mortgage Group, LLC
    6. FMLC Mortgage LLC and
    7. FMFC Lender Services LLC

    Jessica Whitney
    Legal Assostant
    First Magnus Financial Corporation
    President now CEO


  7. Solomon vs Eloan ;Wells Fargo et al

    Case: Civ.S-10-2565-JAM KJM

    BK Case. 10-37438-E-13L
    Adv. No. 10-02479-E

  8. Bill,
    OR … We could just stick to the rule of law and break out the orange jumpsuits! In fact, in my state (Oregon) we have the brand new $58 million Wapato Jail that has sat empty since its completion in 2004 and has drained already-stretched county coffers of $300,000 a year to maintain … EMPTY!!!
    It only holds 500+/- but it’s a good start!

  9. Lisa:

    Completely agree. I think free legal advice from our best is a must-have idea. Most of these robo-signers are peons in the scheme of things, and they have so much to tell!

    Let’s add 50 free Outback Steak dinners to the fifty runner’s up for document disclosures!

    So $10,000, $5,000, $3,000, then 50 Outback Steakhouse certificates for the best damning evidence copied multiple times and send to all our best web sites….. and free legal backup by our people in exchange. Again if we all coughed up $200 a piece, its cheaper than going to court again with no information.

    This is DISCOVERY Folks!

    We will all benefit and not wait for the White House & Governors to further frantically cover it up.

    The Ponzi banks would truly be concerned with such a reward system in place.

    They have been merciless.

    It’s their directors’ turn now!

  10. I never did get a straight answer and always wondered: if servicers have no right to collect payments, for the originator, (say New Century) where did all that monthly money go and to whom?

    Is that a form of grand theft? on the servicing company? Since New Century is in Bankruptcy and loan never made it into the pool…

  11. Bill,
    GREAT IDEAS … maybe if we just offered free legal advice and/or some type of class action i.e. Robo-signer employees vs the BANKS??? Their lawyers make $$$, the Robo-signer makes a few bucks AND they get complete amnesty … everybody wins (except the banks)!

  12. Neil

    After just reading Judge Shack’s opinion-transcprit of Ms. Johnson-Seck of MERS/Deutsche/US Bank/Indymac.

    It is time to offer complete amnesty to these lower Robo-signers employees, to rat out their bosses and those that pressured them, including insiders in the big banks & government.

    Let the rest of this sordid story unravel, like this wonderful beginning provided by Judge Shack & counsel.

    I suspect that that there are literally 100’s of similar stories and we need to hear them ALL, to completely expose every foreclosure mill and every bank.

    Let the robo-signers rat them ALL out in exchange for amnesty…. If they do it within the next 60 days….and,

    $10,000, $5,000 & $3,000 cash rewards for the three best damning internal memo’s passed over!. We could raise it quickly here. Here’s my $200.00 pledge now.


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  14. Wells Fargo is churning out counterfeit color photocopies from its South Carolina facility called the
    “Default Doc Department”. It appears to be mainly third
    party correspondent lenders for whom Wells Fargo is the servicer, so it may be they are not aware of the extent of the problem.
    My theory is that the “fly by night” correspondent lenders were counterfeiting Notes and selling them to multiple investors. These counterfeiters than destroyed
    the originals so they wouldn’t be caught with them. Then they would pack up, and “get out of Dodge” before the “heat” arrived. It should get interesting now
    when all the investors start scrutinizing all their Notes
    and realize they’ve been “royally screwed”. For the home owner a counterfeit Note means a free house!

  15. Wells Fargo, squeaky clean, they argued at first. But hey, it was ONLY 55,000 families kicked out, give or take a few. BofA? Why, only a measly 5% error level. Never mind that the 5% computed at around 100,000 more families kicked to the curb.

    I watched the congressional panels yesterday and I was stunned. HOW can anyone keep arguing with a straight face that this is insignificant! Only by arguing that it’s insignificant compared to the total number of foreclosures.

    Okay, I see. Now I feel better.

  16. From everything I am reading through CNN, The Huffington Post, MSNBC, it looks like the pretender/lenders are going to try and “cook the books” again and compound the forged documents that are already on the table. The only way out on these bogus documents is to commit more fraud. We can help. http://www.Challengingforeclosure.com Burmese8@yahoo.com 864-241-8602

  17. Hi Dave,

    I ordered your book “CLOUDED TITLES”, very good, very clear. I am trying to make sense of it for MD, Va and DC.

    Thanks for your help and effort to put this out there!

    The house for free argument is strong in the court houses in VA. There is so much bad case law in the books that some lawyers are looking into the actions to quiet title as a way to open the hornet nest.

    In your opinion what will happen with all those assignments in blank that are coming into the court houses, even though the PSA requires for those notes to have been assigned to a specific pool?

    The servicers are coming to the court houses with up to three different versions of promissory notes.

    are there nay forgery and forensic document analysts?

    There are notes I have seen that the ink is really funny, some are even signed with felt pens even though the documents at settlement were signed with rolling ball pens.

    EMC in one case is attesting they are the note holder and owner as weel the beneficiary on the deed of trust. but there are no assignments registered in the court house.

    As a servicer, I know they own nothing.

    Also have you seen anything regarding First Magnus Financial Corporation, They used MERS in all their deeds of trust and they sold (presold) all their loans to securitizers, they had lines of credit from Countrywide, WAMU, WELLS, etc.

    I looked in EDGAR and there are no records of them as an originator.

    Can some one shed some light about these one?

    email me at pelucheven@hotmail.com

  18. Wells Fargo or Wells Fraudgo. The bank that owned the builder in the neighborhoods, the bank who controlled the supply, the bank who hyper inflated the home prices and the bank who ordered the falsified appraisals. It is now the bank that needs to be to prosecuted to the end and removed from the system. Please order the orange jump suits for their C.E.O. and all officers.
    Include any former C.E.O. and officers as well.

  19. Ahhh, the Proctor & Gamble of the banking industry is going to amend 55,000 documents?

    The “New and Improved” documents should be challenged because they were in St. John’s County, Florida, effectively I might add, by Jim Kowalski.

    Once these assignments are recorded and preserved, the damage to the chain of title has already been done (slander). For them to come back with another doc is an admission of fraud. They can’t backpedal on a slander of title.

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