At the same time, Wells Fargo’s management applied pressure on its underwriters to approve more and more FHA loans. The bank also imposed short turnaround times for deciding whether to approve the loans, employed lax underwriting standards and controls and paid bonuses to underwriters and other staff based on the number of loans approved.
2016 September 8: Fake-accounts scandal breaks wide open. limited property tax revenue and drove up foreclosures. The bank says the allegations "do not reflect how we operate in the communities we.
Wells fargo admits loan modification error, Wrongfully Foreclosed On Homes. who sits on the Senate Banking Committee, Wells Fargo's remediation plan.
At issue are deficient practices on mortgage servicing and processing, improper fees, wrongful denial of modification, and the robo-signing scandal — the practice of assigning bank employees to.
The former director of community development at the National Community Stabilization Trust, a national nonprofit that works to stabilize communities affected by the foreclosure crisis. Garcia are.
Nationally, foreclosures slowed down after the "robo-signing" scandal, when banks were caught routinely using. the governor last fall signed a much stricter law that made it a felony for bank.
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Will Bank Of America, (NYSE:BAC), ever work through its problems? Between the bad loans it inherited from the Countrywide and Wachovia takeovers, and the robo-foreclosure scandal, this bank has been.
If last year was the year in which faulty foreclosures and bank errors became a full-blown scandal, this has been the year of waiting for something to be done about it. First, there’s the.
Homeowners fight back against foreclosure, saying that the lender or servicer has no legal authority to foreclose on their home.. $5.4 million in foreclosure fraud suit against Wells Fargo.
· A Wells Fargo bank branch in Los Angeles. The bank is facing fresh outrage after it disclosed that errors led to foreclosures against hundreds of people.
· onewest bank pays 7 figures in mortgage fraud case. with U.S. Bank the only bidder. A notice of foreclosure was posted on the couple’s home’s door.
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However, the recent foreclosure scandal does not just affect those who are facing foreclosure or are in the process of purchasing a recently foreclosed home; but it also greatly affects those who work within the real estate industry.