Illinois regulators have “outed” four mortgage servicers that it said did not respond to requests for information on their foreclosure procedures.
The Illinois Department of Financial and Professional Regulation last week sent letters to 17 firms that service mortgages in Illinois to voluntarily review their procedures and report back to the state.
On Wednesday, the state said four companies — Dovenmuehle Mortgage Inc., Saxon Mortgage Services, Inc., Barclays Capital Real Estate Inc., and American Home Mortgage Servicing, Inc. — did not respond to the state’s request. As a result, the state said it sent letters to the four companies telling them to show why they shouldn’t be barred from processing mortgage foreclosures in Illinois.
Large mortgage servicers Ally/GMAC Mortgage, Bank of America and JPMorgan Chase already have suspended the foreclosure sale process while they examine their documentation processes for sloppy paperwork and inaccurate information.
Also Wednesday, all 50 states launched an investigation of mortgage industry practices used to process residential foreclosures.
Wells Fargo made us fraudulent mortgage loan and foreclose our home based onfraudulent appraisal.
Wells Fargo teamed up with its attorneys and spent last 4 years in Nevada courts defending its appraisal and mortgage fraud.
Wells Fargo and its attorneys knew it’s Category C Felony to make mortgage loan based on fraudulent appraisal.
Wells Fargo and its attorneys knew it’s Category C Felony to foreclose home based on fraudulent appraisal.
Wells Fargo chose to violate the law and chose to defraud us.
Hold Wells Fargo Accountable! Save American Dream! Restore banking integrity.
Please sign the Petition at http://www.wellsfargomortgagefraud.com. Let our voice be heard!
Wells Fargo, looks like you got problems there. Donna, make sure you go after the CEO of this bank. What law firm is defending this bank?
Donna: Poor you! Did you buy a home you couldn’t afford? Blame it on the bank! Take no personal responsibility! Is that the version of the american dream you want?
keV: Based on what facts? Did the judge approve the foreclosure? Why do you want to know about the law firm? Looking for someone to serve in a frivolous lawsuit?
Comrades, please move to a socialist utopia, but don’t try to make America one
To Ethicist:
Are you another stupid attorney who robo-signs fraudulent documents and then says “I didn’t know any better”? Hopefully, you owe thousands to Sallie Mae or comparable for your worthless education in law and “ethics”.
Ethics is a two-way street, sweety, and if ignorance can’t save the unsophistcated homeowner, it sure can’t save YOUR a$$. It’s because of greedy rich people that some of these working class couldn’t get a proper education, and now the wealthy will steal thier homes, as well.
What Wall Street and the Mortgage Banker’s Association are doing is not equitable – not ethical – you, Ethicist, would probably not object to a newborn baby’s mother being executed for allowing her child to puke on your BMW – but you would protect a wealthy CEO from taking responsibility for his educated underdogs.
The Bankers and Wall Street need to take responsibility for thier actions – after all, they have better means to do it. You say prove it – don’t worry, WE WILL.
As a mortgage banker for the last 15 years, who is still in business too, I can tell you this disaster in the mortgage business has almost nothing to do with people buying homes they could not afford. Really, very, very little. I find that that many people like Ethicist above are badly informed on this issue.
Now, in my experience, Wells-Fargo is among the WORST originators and servicers around. Having said that, they have a lot of company. In a word, the mortgage fiasco we have all been experiencing for over three years can be summed up like this: GREED. Pure and simple. And on the part of multiple players in the game. But that’s a story for another time. For now, I wish Donna well.
To Ethics:
Drop dead you insensitive d’bag! Quit listening to your right wing spewage. The rest of the world is moving to socialism and are very happy with it, as opposed to our corrupt system of making money though fraud and accounting tricks. We’re a large, diverse society and have the greatest disparity between wealth and poverty in the world, but hey, lets get rid of those bothersome laws and regulations that protect average people from the perverted greed of people like you.
I bet you claim to be a Christian too! What a joke.
All of the companies listed in this story are in the business of making sub prime loans . Of course , they do not want to provide information to the State of Illinois about all the bad loans they made . Their loan portfolio is probably so lousy , they don’t want to look at it themselves, because they will reminded of what a bad job they did in lending money. This is assuming these sub prime lenders can even find the documentation on their loan practices.
just for the record, Wells Fargo and their practices in Nevada are not the subject of this article which was about certain mortgage service companies failing to comply with a request for an investigation. If they do not comply they will be shut down. Too many people , like donna, have their own personal agenda and topic and want to shout about it whenever and wherever possible. This makes reasonable discussion impossible. As long as I am picking on Donna , let me get in one more shot: everything she says in her post is a conclusion. she presented no facts to support her inflammatory and hysterical statements. Who knows if her story is even true? she has become part of the problem , not the solution.
I am getting xxxx py SAXON Mortgage