The company Wells Fargo was clever enough to make a descriptive manual as to trying to fabricate loss of various documents during some foreclosure cases on various home owners in an attempt to cover some shady transactions. This has raised serious concerns amidst federal regulation companies and state law protectors and has made the company a major cause for critics.
While all these allegations have been hurled against the company, the bank continues to deny that they have ever committed something that is illegal. However, the bank still continues to suffer a lot of claims. One of which is their alleged practice known as the “robo-signing”. This is a practice in which Wells fabricate a lot of paper works in order to quickly facilitate foreclosure processes especially on home owners who are struggling to pay off their mortgages. This has been a common case during the recession which triggered this bank to do such a thing.
Indeed, such was abusive practice done by the Wells Fargo in which this has led to a national mortgage settlement provision for the bank amounting to $25 billion. This should have put an end to the problems on the mortgage problem but still the bank did nothing for it.
Homeowners fight back
Now, a certain bankruptcy lawyer by the name of Linda Tirelli decided to represent a certain oppressed homeowner who was currently facing foreclosure case with the bank. Accordingly, she found out of the 150 paged manual owned by the Wells Fargo bank which detailed in particular the process involved in the foreclosure proceedings.
It stated therein that in order to proceed with the foreclosure process, there has to have an endorsement letter from the homeowners themselves which would certify that such person own the said mortgage – otherwise, a foreclosure process would not at all be effective.
106 Malibu Colony News has even confirmed that such document, the endorsement letter, is one of the key documents needed for a foreclosure process to even take place. This is where the homeowners who are fighting for foreclosure process are not fighting for as they recall to not have signed any papers of such. In fact, this is also considered to be a strong case as also pointed out by Attorney Tirelli.
The said 150 page outline found from the Wells Fargo has been considered to be a main evidence for fraud as absence of the said documentation provides solid grounds for fraud to be filed for the bank.
On the other hand, the Wells Fargo is clear on making any feedbacks or comments whatsoever as to the existence of the said outline or manual. It was even claimed to have been considered to be a legitimate set of documents however that was only verified by one of its spokeswoman, Vickee Adams which may declare biased statement on behalf of the company.
But whatever the cause it may be, there is indeed a misrepresentation of documents and facts as Wells Fargo was not at all accurate in the documents presented throughout the whole process.