Wells Fargo Sued For Being Awesome
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Here is the Breast Cancer Awareness Month Link: http://www.nationalbreastcancer.org/
http://www.keep-a-breast.org … started by a friend
I am still waiting for B of A to call me or write me a letter saying my second( home equity loan has been forgotten nd i do nt need to pay it anymore.
Question I was aske dby a past c;eimt when she saw your show and is still waiting for the good news. Any idea if they are doing all of them or just some of them?
I just love TBWS daily news broadcast. You guys make me smile some days and laugh out loud on others – like today. Sure am glad I got out of originations and processing. Now I just audit and point out all the mistakes you originators, underwriters and processors are making out there. Now that’s a hoot! A believe me, they are legion!! Bonuses for underwriters? Hey, what’s wrong with that? Do you think a ‘smart’ underwriter is going to put her/his name on a crappy loan? Heheheheheh…. you bet they will – if they’re getting a bonus for number of files approved. Or do they get the bonus for just the number of files they underwrite – approved or not? Oh well. HK – who cares!
Diana Olick just did a piece for CNBC today(10/17/12) about appraisers. Too bad they couldn’t get someone who actually had a clue on whats going on(Joe was terrible)in this industry. Perhaps Diana should have checked out you May 29,2012 show to get the real scoop. Keep up the good fight guys.
AS A APPRAISER, I LOVE TO SEE ALL THESE LAWSUITS. I CAN’T WAIT! EVER SINCE THE BANK FAILURES, THE BANKS HAVE BEEN BLAMING THE APPRAISERS AND THE MORGTAGE BROKERS FOR THIS BIG MESS. THANK GOD, THE TRUTH IS COMMING OUT!! THERE “WILL” BE A TIME WHEN ALL APPRAISERS WILL COME TOGETHER AND FILE LAWSUITS FOR THE HVCC DISASTER TOO. FOR ALMOST 4 YEARS, THE AMC RIPOFF OF APPRAISER FEES HAS BEEN IGNORED AND EVEN SUPPORTED BY OUR GOVERNMENT. CUOMMO, FRB, FHA DIRECTORS, AND ALL THE OTHER AGNECY’S INVOLVED YOUR TIME WILL COME. HOW MUCH HAVE AMCs STOLEN FROM YOU??? I AM GOING ON $550,000 TO DATE; A HALF A MILLION DOLLARS!!!! IF THIS IS NOT A CRIME, WHAT IS??
Get the facts correct: Cumo’s fight was with WAMU, not Wells Fargo. I’m sure Wells Fargo was just as guilty as WAMU, Chase, BOA, Countrywide, and the roughly 60% market leading mortgage broker. Yep..we mortgage brokers held dominance for much of 2000-2006..hence the many, now kaput, conduit and correspondant lending players. We made more loans and more money than the average bank LO and yet we shoulder..or pretend to not be responsible for HVCC. How many of us can honestly say we never made contact with an appraiser in an attempt to push value? I can’t.
How many of us can honestly say we didn’t drive appraisals to a select few…those we knew would get value? Not I. Lets stop the melodramtic blame game…it’s getting old.
We are all to blame. Some of us may not have committed fraud, pushed value, originated a stated income I/O 2/28, or put a senior citizen on fixed income on an ARM product, but we know of those that did and yet we did nothing about it…and now we complain
I totally agree with every word you wrote. Stated income loans and “straight to close” loan underwriting that was in place for years on Freddie and Fannie loans are what put us where we are now. No doubt that stretched values did occur, but the reality is that the stretched values on a lot of properties in 2004-2007 actually became a real true value at some point after the appraisals were done, as rapid appreciation continued. The stated income and programs that conventional programs that did not verify any income or assets are the biggest factors looking back.
I can! I can say I never coerced an appraiser to give me a value. I spent most of my career in retail. I saw more pushing of values from those coworkers than anyone would ever believe. If you want to stand up and take the blame for yourself, then good for you. Don’t include all of us. Further, appraisers are being bullied more today by AMC’s and banks where L O’s are still talking to appraisers on deals than ever. The only difference is now the bullies have a corner on the market.
In my opinion Appraisers loose future work assignment when they stand there ground, and complete honest appraisals. Sorry folks. In the best interest of everyone honest appraisals is the only way to go. Honest appraisals where the appraiser was paid fairly, and allowed enough time to provide a quality appraisal report.
Mr. Moynihan looks more like a cross between Conan and his sidekick Andy Richter…………
Mr. Moynihan looks more like a cross between Conan and his sidekick Andy Richter……..
Let’s have attorney’s sue the prosecution for frivolous lawsuits and clogging the court system. That will show em!
Terry – TARP was passed, enacted, and amended under Bush you idiot. It was not an Obama initiative. Therefore, Bush “gave” money to the banks ..via Paulson’s plan .. And most of the banks did in fact need the loans to meet the liquidity requirements to continue lending under the asset valuation and reserve guidelines in place at that time. While they did not need money to lend, because most loans are funded with ahigh percentage of Fed money, and relatively little of the banks’ actual money, they still needed to show reserves to meet the legal requirements that were in place at that time, and that were not amended fast enough to keep up with the drastic drop in underlying asset valuations that occured with the downturn of the market. (Sarbanes-Oxley ring any bells?) You should probably take some time to revisit what actually happened during 2007-2009 as you were apparently asleep, or working in some other industry,… it’s only one of the most significant pieces of financial history in all of recorded history.
Yes, you couldn’t be more spot on. Clinton is at the root of some of these issues and the Bush admin. turned a blind eye, then enacted all this when the shit hit the fan. Nice response to Terry! Brian & Frank, today’s Wells portion was horrible. You guys sounded like spinning politicians. Wells was not following rules, trying to hide the fact & paying underwriters extra to turn a blind eye to some of the FHA underwriting policies. SHAME on you guys for making excuses for the type of behavior that got us into the mess. If they can’t get these FHA deals done the right way, then FHA is not viable. If it is not viable, then the death to it. Love you guys, but you made me sick, listen to the shit coming out of your mouth today!
And yes, you make a very valid point, Fred. The begginings of the legislation that deregulated the mortgage industry did take place at the end of the Clinton administration. To be clear, I was not putting a political slant on my post, just clarifying the actual facts of the beginnings of TARP, as I would have thought anyone in our industry would understand the most basic parts of TARP, how it started, and the actual reason that banks were forced to take money; the reserve requirements in place at the time…. and obviously not to take that money and make conventional loans with it. Terry obviously has no grasp of mortgage finance.
Are you saying that you don’t think it’s fair for an employer to reward a top producing employee? Key word being employee here, not independent contractor in which most Realtors are. What about commission structures that allows Realtors to make a higher % as their sales volume increases? That seems to be more like a bonus to me. Also, most commission for Realtors is 3% and loan officers is roughly 1/2 of that, you don’t hear loan officers claiming anything to be unfair, it’s just the way things are. If you want a bonus then switch over to the lending side and work for an employer that offers one.
My last comment was in reply to Michael Perez…
It was not Wells that caused HVCC it was Washington Mutual, now owned by Chase.
Yes, exactly, MKB . It was a huge case built against WAMU from alleged appraisal fraud in NY that started the entire investigation that lead to HVCC. Some of the appraisals in question went all the way back to 2001 & 2002 for WAMU.
The current President gives money to the banks. They did not need to forced loan in the first place. The current President now has his Czar sue for the profits banks made off the forced loan. When idiots are in charge you get this type of activity. Go to any state hospital and let the loons out. Put them in charge by your vote and then complain about the situation? Really!
The people of the United States are as responsible for those they blame. Remember you put these idiots in power with your vote. Want it to change? Good! Either be that change or vote for someone who actually cares about the outcome of America. No false Hope! No weak promise of Change! Look for someone with a real plan, not empty words with no action. Go do something to make your life and those you care about better. Take care
Terry – TARP was passed, enacted, and amended under Bush you idiot. It was not an Obama initiative. Therefore, Bush “gave” money to the banks ..via Paulson’s plan .. And most of the banks did in fact need the loans to meet the liquidity requirements to continue lending under the asset valuation and reserve guidelines in place at that time. While they did not need money to lend, because most loans are funded with ahigh percentage of Fed money, and relatively little of the banks’ actual money, they still needed to show reserves to meet the legal requirements that were in place at that time, and that were not amended fast enough to keep up with the drastic drop in underlying asset valuations that occured with the downturn of the market. (Sarbanes-Oxley ring any bells?) You should probably take some time to revisit what actually happened during 2007-2009 as you were apparently asleep, or working in some other industry,… it’s only one of the most significant pieces of financial history in all of recorded history.
Going soft on Wells Fargo? Not so fast! What about all the improper foreclosures and dual tracking? Not to mention the worst reputation in the business. Now that’s awesome!
Hey, B of A just told me they refused to pay WA. state excise tax on a SS. WHILE forgiving millions in 2nds? Go figure.
BTW: isn’t wells fargo who took away their product from mortgage brokers? I would sure like to get a bonus, but oh yeah, I can lose my license for that! Why should it be any different for LO’s?
I never understood why LOs got bonuses for doing their job, which is to find the best deal for their client. I don’t know a Realtor anywhere that benefits from a “bonus” in any real estate transaction. And if they do, they usually end up getting fined and/or losing their license. Why shoul it be any different for LOs?
Can’t believe you guys would celebrate Wells Fargo as a bastion of excellence. You seem to have forgotten that is was non other than Wells Fargo’s retail loan origination channel that ultimately gave us HVCC and all of the appraisal nonsense that has come since then. Well’s coercion of appraisers to “hit value” is what prompted Cuomo’s investigation and ultimately led to the compromise resolution of HVCC (that screwed everyone else). Wells is as dirty as they come and I wasn’t surprised for a moment when I heard about this latest civil suit for FHA.
“The suit contends that San Francisco-based Wells engaged in “regular practice of reckless origination and underwriting” of government-backed loans. The company said that more than 100,000 FHA loans met federal guidelines when more than half of them didn’t, according to the complaint.” -wsj
Did you get that? ALLEGEDLY, MORE THAN HALF OF THEM DIDN’T MEET GUIDELINES. Yeah I’d call that awesome….in bizarro land.
C’mon guys, you are better than this.
If Wells had done a very small amount of FHA loans, the government would have sued them for doing to few loans and would have cited discriminatory practices of some kind. Damned if you do…damned if you don’t
Got to love this new mortgage world where everyone but the LO can get a bonus for production. I know a way to fix all of this flat pay for everyone. No matter what you production is the government will set what you get paid. They will give you housing food and a cell phone. The madness needs to stop!!!!
I agree with John. The madness has to stop. Where will they draw the line?
Unfortunately, THEY will draw the line when all originators work for the big banksters and LO’s are paid minimum wage.
Please don’t fool yourself into thinking they have any other intention. Their ultimate goal is to control the mortgage market under the pretense of protecting the consumer from the “corrupt” originators not under their control.
The war was waged when they used brokers as scapegoats for the financial and real estate meltdown……and WE LET THEM.
Ray, I’ve been thinking the same thing. LO’s work harder than ever, longer hours to cover all our required compliance mandates, all for free, companies we work for forget we are not paid for this extra work and when added in lowers are pay for the hours we put in. Not to mention the amount of pre-qualfications we do for free. This may have LO’s drift to the big banks. Especially in towns with lower average loan amounts. It does seem that is what all regs and requirments are pushing towards.
Mocking law enforcement on the most corrupt industry in the nation. You guys are shills with zero credibility.
Let’s see… who’s more corrupt? Hmmmm…..
James,
This is a lawsuit not law enforcement.
If they found that laws were broken they should prosecute.
What’s really going on is:
Lawyers from the richest most corrupt ZIP codes in America-Washington, DC are doing a shakedown over a mere fraction of the FHA loans Wells wrote over the 10 years the investigation covered.
Sorry, you have that fact wrong. In Ct, we can’t even look sideways without the banking dept yanking our license yet all the worst originators who couldn’t pass the federal or state banking exam are now working for Bank America or Wells Fargo. As a broker, our personal credit must be impeccable. Ask your next bank LO what his credit is like? Many of them couldn’t pass that litmus test either! The few of us left are the best in the industry.
Now that Citibank has fired its CEO, is it going to do what Bank of America did with its non-performing 2nd trust deeds and HELOCS? And what’s happening at Ally?
Wells Fargo do something wreckless… no way. No their LO’s didn’t originate deals without offering borrowers disclosures. Hey, Frank and Brian… who got to you?
1st!! Great show as usual!