Another View: At Wells Fargo, a tone-deaf response to shattered lives
Originally posted at https://www.theintell.com/opinion/20190624/another-view-at-wells-fargo-tone-deaf-response-to-shattered-lives
The next time you see a commercial declaring a new era at Wells Fargo, or the next time you hear a Wells Fargo executive touting a new culture, remember Stan and Melissa West. The Wests were among several families in a powerful report by The Charlotte Observer’s Deon Roberts that detailed how a Wells Fargo mistake involving mortgage modifications upended the lives of customers. In 2011, Stan West lost his job and the couple fell behind on mortgage payments for their Lexington, Ky., home. They worked with Wells Fargo to stave off foreclosure, but when they were ultimately denied a mortgage modification request by the bank, they lost their dream home. Last year, Wells Fargo admitted that it wrongly denied or failed to offer approximately 870 mortgage modifications between 2010-2018. The bank also sent letters and checks to customers, including $15,000 to the Wests that hardly dented the $100,000 down payment they’d made on their house. Then, in response to Roberts’ questioning this month, bank officials couldn’t resist sharing the blame. Instead of leaving it at “we were wrong,” Wells Fargo spokesman Tom Goyda explained that despite the bank working with the Wests, “they were unable to keep up with their payments and we eventually foreclosed when they were two years behind.” It was a cringe-worthy tone deafness coming from a corporate office about a family whose lives the bank had helped shatter. Even worse — instead of vowing to fully pursue resolutions that reflect the damage that’s been done to the Wests and others, the bank also told Roberts that customers can pursue mediation or negotiate for more money. It’s yet another example of how Wells Fargo insufficiently recognizes the very real consequences that come from years of errors and unethical behavior. Certainly, it’s human nature for bank officials to want to put the best face on bad mistakes, and it’s true in this case — as Roberts noted in his report — that customers bore some responsibility by failing to make their mortgage payments. But Wells Fargo’s error compounded the burdens that job losses and other difficulties placed on families. Without the lifeline that a mortgage modification might have provided, their customers’ fates were sealed. Their lives, in at least some cases, crumbled. In response, the bank set aside $8 million — an average of a mere $9,195 per customer who was affected by the bank’s mortgage modification mistake. Customers have sued, saying that the small payments Wells offered don’t come close to the impact the bank’s mistake had on their lives. Wells Fargo has tried to dismiss some of those lawsuits. Read more
For information on foreclosure defense call us at 800-459-1215. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
If you or anyone you know is facing foreclosure, or has already lost a property to foreclosure, and want to sue for mortgage fraud, foreclosure fraud, wrongful foreclosure, or quiet title to your home FRAUD STOPPERS PMA can help you save time and money and increase your odds of success getting the legal remedy that you deserve. If you have received a Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) and you want to know how to respond to the Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) join FRAUD STOPPERS PMA today because FRAUD STOPPERS has a proven system to help you fight to save your home from foreclosure and sue for mortgage fraud. FRAUD STOPPERS turnkey Quiet Title Lawsuit package or Wrongful Foreclosure Lawsuit package includes a court ready complaint (petition for damages), Bloomberg Securitization Audit, Expert Witness Affidavit, Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to cloud the marketability of the title to the real property), and Pro Se legal education material that can show you how to win a Quiet Title Lawsuit or win a Wrongful Foreclosure Lawsuit. This entire court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package can help you save money in legal fees and help you increase your odds of success. Join FRAUD STOPPERS PMA today and get mortgage fraud analysis and the facts and evidence you need to get the legal remedy you deserve at www.fraudstopper.org/pma
FRAUD STOPPERS PMA
Feel free to connect with us . . .
Address: Birch Tree MO 65438
DISCLOSURE: NOTICE OF Copyright © 2019 FRAUD STOPPERS, FRAUD STOPPERS PMA. Disclaimer: Any information or answers are provided for informational purposes only, does not constitute legal advice, and does not create PMA-Member relationship. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Legal Information is NOT Legal Advice: This site provides “information” that is only designed to help users safely cope with their own general legal needs. Legal information is NOT the same as legal advice — the application of law to an individual’s specific circumstances. FRAUD STOPPERS is a National Private Members Association (PMA). PLEASE TAKE NOTICE OF THE FOLLOWING MARS Disclosure[s] 12 C.F.R. 1015.: (1) FRAUD STOPPERS PMA is NOT Affiliated with any Government Agency or Any Bank Lender; (2) Even if YOU Accept any of FRAUD STOPPERS PMA Products or Services Your Lender May Choose to NOT Change Your Loan. FRAUD STOPPERS products and services are only available to Active Members of the FRAUD STOPPERS PRIVATE MEMBERS ASSOCIATION. To join FRAUD STOPPERS PMA click here: https://fraudstoppers.org/members-only/