Wells Fargo caught with "how to defraud homeowners" manual.

[OnePercenter]

If you have a mortgage, it is important that you read the whole article to get an idea of how mortgage fraud works.

Wells Fargo made up on-demand foreclosure papers plan: court filing charges | New York Post

Attorneys, forensic accountants and consumer advocates have long suspected that banks were systematically creating improper documents to prove ownership of loans. Foreclosure defense lawyers use the term ‘ta-da’ endorsement to describe situations in which they say a document appears, as if by magic, in the bank’s possession as needed in a foreclosure case—even though the proper endorsement was not included in the original foreclosure filing. It might sound like a technicality, but correct proof of ownership lies at the heart of the foreclosure crisis for securitized loans, which were sold by the lender that originally issued the mortgage. To legally transfer a securitized loan, the endorsements and allonges have to be created in a very specific way and within a specific time frame, usually 90 days after a residential mortgage trust closes. For many loans in foreclosure now, which were originated years ago and then sold, it’s way too late to correct incomplete documents, experts said.

http://stopforeclosurefraud.com/wp-...3/foreclosure_attorney_procedure_manual-1.pdf

 

[R.C. Christian]

No way. They're all on our side dude. Blasphemy.

 

[OnePercenter]

No way. They're all on our side dude. Blasphemy.

Not good for Wells Fargo. They got nailed by the Obama Justice Department early in 2013 for Robo-signing credit card applications.

They must think Bush is still in charge!