Daily Archives: August 2, 2018

WELLS FARGO GETS POUNDED BY U.S. GOVT FOR $2.09-BILLION … WITH A “B” … FINE!

(BREAKING NEWS / OP-ED) — 

Why are we not surprised?

Wells Fargo Bank, N.A. has agreed to pay the United States $2.09-billion for purposefully misrepresenting the quality of loans it sold to 118 individual REMIC trusts.

See the Settlement Agreement here: Wells Fargo RMBS Settlement Agreement (August 1, 2018)

We caution you that when checking into your particular REMIC, if in fact one of these named entities shows up in your chain of title, to have any related assignments reviewed by competent counsel (we have one if you don’t) who can testify as to the false and misleading statements contained within said assignment in court, should you be facing foreclosure.  Any bank attorney making oral misrepresentations and false statements in court regarding any one of the named REMIC’s (given the fact we don’t yet know if the actual investors are being reimbursed out of these settlement funds and to what extent) risks disciplinary action before their particular state bar.

As with the Bank of America Settlement Agreement, where 530+ REMICs were involved, put back has to be verified.  If investors received settlement money in exchange for dropping their claims, then WHO is attempting foreclosure in their name?   How were investors harmed if they settled?  This goes back to our intimation that the mortgage loan servicers are the actual parties foreclosing behind the scenes and that they should be taken to task for their misrepresentations, especially if assignments to REMICs are involved and MERS is involved.

Again, despite the intense discovery that would have to take place in order to prove such, limited discovery into the documents to demonstrate falsity or misrepresentation is a statutory offense in all 50 states.  Many states even offer civil conspiracy causes of action involving the creation of the assignments, including title companies and law firms whose names appear on the documents!  I don’t make these statements lightly.  However, given the nature of the last two workshops we conducted, you can bet the law firms for the banks should take a second look at what they’re pontificating in court, because things are about to get dicey!

For an explanation of the foregoing, please tune into City Spotlight-Special Edition on kdwradio.com this Friday night at 6:00 p.m. EDT to hear Dave Krieger and R.J. Malloy cover this scenario.  Click LISTEN NOW and wait for the program to start.  You might be either pleasantly surprised at what you hear … or in the alternative … totally shocked!

 

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Filed under BREAKING NEWS, OP-ED, Securitization Issues