Wells Fargo - Articles

Mortgage Modifications Still Taking Banks Too Long, Report Says

By Andrew Miga WASHINGTON -- A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, the independent monitor of last year's... Continue Reading »

Do Banks or Homeowners Win in Mortgage Settlement?

Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal. Banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the 2008 financial... Continue Reading »

Mortgage Settlement's Next Step: Banks to Pay $8.5 Billion in 'Robo-Signing' Mess

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners. The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses... Continue Reading »

Banks Modify Home Loans, Reduce Rates for 300,000

By Les Christie More than 300,000 homeowners have received $26 billion in relief under the big foreclosure abuse settlement reached earlier this year, according to a recent government report. Five of the country's largest mortgage lenders have modified home loans, reduced interest rates or forgiven debt as part of a... Continue Reading »

U.S. Homebuilder Confidence Surges to 6-Year High

By Alex Veiga LOS ANGELES -- Confidence among U.S. homebuilders rose this month to its highest level in six years and many expect the housing recovery will strengthen in the next six months. The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday increased to 40 in September. That's... Continue Reading »

Wells Fargo Flip-Flops and Forecloses on Cindi Davis, Who Has Stage 4 Breast Cancer

Cindi Davis of Mount Holly, N.C., has been fighting breast cancer for four years. Now she has to fight Wells Fargo too. The bank had been threatening to foreclose on Cindi and her husband, Kirk (both pictured above), after her mounting medical bills made it difficult for the couple to keep up with their monthly... Continue Reading »

Expiring Tax Cut Poised To Take a Bite Out of Mortgage Settlement Payouts (Opinion)

By Adam Levin It just may become the latest outrage during a year of outrages. At the precise moment when the federal government finally delivers a modicum of justice and some economic relief to millions of homeowners victimized by the nation's largest banks, the government threatens to beat those victims over the head... Continue Reading »

Wells Fargo, Operation Homefront to Donate Homes to Military Families

Many military members are feeling significant financial strain these days for a number of reasons, but one group is attempting to help some servicemen and women get a better handle on their housing situations. Operation Homefront, the well-known nonprofit organization that helps military families and those who were... Continue Reading »

Fannie Mae Ranks Banks in 'Robo-Signing' Settlement as Top Servicers

Some of the most publicly reviled banks are currently industry leaders when it comes to good service, according to a report by Fannie Mae released Thursday. Fannie Mae gave three-star ratings to CitiMortgage, JPMorgan Chase, Ally Bank and Wells Fargo -- four of the five largest U.S. mortgage servicers, which were involved... Continue Reading »

Homebuilder Sentiment Rises to 5-year High

By Leah Shnurr NEW YORK, Aug 15 (Reuters) - U.S. homebuilder sentiment rose in August to its highest level in more than five years, a fresh sign that the battered housing market is turning the corner, data from the National Association of Home Builders showed on Wednesday. The NAHB/Wells Fargo Housing Market index gained... Continue Reading »

Bank of America Branch in San Diego Gets 'Trash Deposit' in Protest Over Blighted Vacant Home

What do you do when the bank-owned house next door is a vacant and blighted mess? If you're these San Diego residents, you remove the garbage piled out front and take it to its rightful owner: the bank itself. The Alliance of Californians for Community Empowerment, a homeowner advocacy group, gathered dirty rugs,... Continue Reading »

Los Angeles Sues U.S. Bank, Calls It a 'Slumlord'

By Jonathan Stempel The city of Los Angeles has sued U.S. Bank, accusing a unit of the fifth-largest U.S. commercial bank of becoming one of its biggest slumlords and blighting the city by allowing hundreds of foreclosed homes to fall into disrepair. Monday's civil lawsuit by the office of Los Angeles City Attorney... Continue Reading »

Wells Fargo to Pay $175 Million to Settle Case of Race Discrimination in Mortgage Lending

WASHINGTON -- Wells Fargo & Co has agreed to pay $125 million to resolve allegations it discriminated against certain borrowers on the basis of race and national origin in its mortgage lending, the U.S. government said on Thursday. Wells Fargo also agreed to contribute $50 million to help those buyers making down... Continue Reading »

Bank Threatens to Foreclose on Stage 4 Breast Cancer Patient

Cindi Davis (pictured above) has been fighting breast cancer for four years. She's now in Stage 4 of the deadly disease, and it's taken dozens of chemo treatments and $1,100 a month in prescription medications to keep her alive. Those expenses are crippling Cindi and her husband, Kirk, and they are hardly able to keep up... Continue Reading »

Whistleblowers Win $46.5 Million in Foreclosure Settlement

By James O'Toole NEW YORK (CNNMoney) -- Getting served with foreclosure papers made Lynn Szymoniak rich. While she couldn't have known it at the time, that day in 2008 led to her uncovering widespread fraud on the part of some of the country's biggest banks, and ultimately taking home $18 million as a result of her... Continue Reading »

U.S. Builder Confidence Reaches 5-Year High

By Martin Crutsinger Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving. The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, the highest reading since May 2007. It increased from a reading of 28... Continue Reading »

Banks Neglect REO Homes in Minority Areas, Study Says

After the housing meltdown, banks have repeatedly come under fire for allegedly using discriminatory lending practices against minorities. A study from the Center for Responsible Lending found that blacks and Hispanics with credit scores above 660 received subprime mortgages three times as often as whites with the same... Continue Reading »

Houston Family Foreclosed On Through No Fault of Their Own

In the ever-widening foreclosure crisis, stories of families losing their homes from predatory lending practices, free-falling property values and modification scams are legion. But for one Houston couple, the reason for their foreclosure was entirely out of their control. Brian and Khanklink Pryon purchased their... Continue Reading »

Homeowner Sues Mortgage Company, and Wins!

All Patrick Rodgers wanted was for someone at his mortgage lender to talk to him. But when the bank ignored repeated requests, the Philadelphia homeowner sued -- and won. According to Rodgers, all he wanted was for the lender to answer his questions about its demand for him to purchase more home insurance. Yet the bank... Continue Reading »

Foreclosure-Process Victims Cry Foul

As Wells Fargo joins the growing number of banks that had to admit there were problems with their foreclosure process, one can only wonder how many more lawsuits will be filed on the behalf of homeowners who were denied modifications. So far 700,000 people were denied modification through the Home Affordable Modification... Continue Reading »

New Homes: Builders (Slightly) More Confident

Signs of improvement in the new homes market made an unexpected appearance this morning. The National Association of Home Builders/Wells Fargo housing market index increased 3 points, to 16, in October, meeting the level reached in June. Many economists expected the index to remain flat at 13. The index measures builder... Continue Reading »

Lenders Give Locals Chance to Buy Foreclosures Ahead of Investors

Beware, real estate speculators: Your advantage is waning. The Obama administration announced today that major banks have agreed to allow local governments and nonprofit groups to purchase foreclosed properties before private investors. Congress granted $7 billion to enable local officials to acquire such properties with... Continue Reading »

Philadelphia Housing Chief in Foreclosure

The head of the Philadelphia Housing Authority can relate better than most housing officials to the mortgage default problems facing many Americans. That's because Wells Fargo Bank has foreclosed on his $615,035 condominium in the upscale Naval Square development in Philadelphia. The amount in dispute is $386,685.22,... Continue Reading »

Wells Fargo Eliminates Subprime Mortgage Lending

Getting a subprime, or non-conforming mortgage, just got a lot harder. Wells Fargo, the third-largest bank in the U.S., announced it is closing a division devoted to issuing what they call "non-prime" mortgages, car loans, and credit-card loans. The bank will no longer issue subprime loans and is eliminating 3,800 related... Continue Reading »

Refinancing Bias: Does Race Play a Role?

Looking to get a mortgage to refinance your home at a low rate? Better check not only your bank account and credit score but your neighborhood's racial profile. According to a new report that surveyed loans in seven major cities across the country: among the big four bank holding companies that now dominate the mortgage... Continue Reading »

Principal Reduction: Who Deserves It?

Tuesday's hearing by the House Committee on Financial Services was ostensibly on "Second Liens and Other Barriers to Principal Reduction as an Effective Foreclosure Mitigation Program," as the mouthful of a title indicates. Many housing experts and regulators have come believe that principal reduction is the most effective... Continue Reading »

Bank Sweepstakes Will Pay Off Your Home Mortgage Loan

Many banks give away plush animals and sports posters to lure in customers, but one East Coast bank is pulling out all stops amid the housing crisis with a sweepstakes that will pay off your home mortgage up to $250,000. The Big Three -- Bank of America, Wells Fargo and Chase -- could take a lesson or two from this... Continue Reading »

Wells Fargo No Longer Loves Condos

Wells Fargo, once the Hercules of condominium mortgage lending, is now apparently running from that faster than a runaway stagecoach. This is not good news for buyers who already find it tough, if not impossible, to obtain financing for condominiums. And not only condos are in trouble: Wells-Fargo apparently adopted a... Continue Reading »

Mortgage Mods Up, But Paperwork Still A Snag For Many

If you're one of the 787,231 people who now has a trial modification, you better be sure your paperwork gets completed on time. People whose deadline was December 31, 2009 received an extension until January 31, but the government says there will be no more extensions. The good news is that more people are successfully... Continue Reading »

Banks Skimming Mortgage Profits

The government may be making loud noises about how it wants to bring down home mortgage rates to help consumers. But the biggest beneficiaries of the government largess have been the banks -- not borrowers, according to a report in the Wall Street Journal. Backed by cushy government programs, banks have boosted their... Continue Reading »

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