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Buffett's Pet Bank Joins The Fraudclosure Circus: Wells Caught Lying About Affidavit Practices After Clerk Admits She RoboSigned
The last bank, and arguably the one that has the most to lose, Wells Fargo, which up until now has fervently denied it engaged in robosigning and thus refused to halt foreclosures, has just been caught red-handed by the FT. In a sworn deposition, which will certainly lead to a foreclosure halt by Warren Buffett's pet bank, and confirmation that WFC was merely lying like everyone else on Wall Street, the Financial Times has obtained legal documents that prove Wells was merely one of many. Per the FT: "Legal documents obtained by the Financial Times suggest that Wells Fargo, the second-largest US mortgage servicer, also used a “robo signer”. Unlike its rivals, Wells Fargo has not halted foreclosures. The San Francisco-based bank said on Tuesday it was reviewing some pending cases, but it has maintained that it has checks and balances designed to prevent serious procedural lapses." Now that Wells' checks and balances end up neither checking nor balancing, perhaps it is time for Charlie Munger to tell the shareholders of Wells to "suck it in", as the bank is about to be faced with a rather simple dilemma: beg for TARP 2 (and confirm that Munger, and his partner, are nothing but a bunch of pathetic senile hypocrites) and thus more taxpayer bailouts, or see a huge portion of its shareholder value (and thus Charlie Munger's precious, precious money) about to be wiped out.
In a sworn deposition on March 9 seen by the FT, Xee Moua, identified in court documents as a vice-president of loan documentation for Wells, said she signed as many as 500 foreclosure-related papers a day on behalf of the bank.
Ms Moua, who was deposed as part of a foreclosure lawsuit in Palm Beach County, Florida, said that the only information she verified was whether her name and title appeared correctly, according to the document.
Asked whether she checked the accuracy of the principal and interest that Wells claimed the borrower owed – a crucial step in banks’ legal actions to repossess homes – Ms Moua said: “I do not.”
Ms Moua nevertheless signed affidavits that said she had “personal knowledge of the facts regarding the sums of money which are due and owing to Wells Fargo”. The affidavits were used by the bank in foreclosure proceedings.
Ms Moua added that before reaching her desk, it was her understanding that the foreclosure documents had been reviewed by outside lawyers.
Wells declined to comment on the deposition but said its records show its “foreclosure affidavits are accurate”. The bank added: “When we find team members who do not follow procedure, we fix what is done incorrectly. Until this case is resolved, we should keep in mind that a deposition does not suggest a wrongful foreclosure.”
And with that, the foreclosure moratorium which TurboTaxing Tim so had hoped to avoid, becomes a self-imposed reality...Or is it: to our big surprise we read in the News-Press.com, that despite the banks' self-imposed moratorium, the foreclosures are, in fact, continuing:
But in Lee County, court records show both of those banks have continued to get court judgments allowing the sale of mortgages on foreclosed houses at public auction.
That’s despite statements from both banks that they stopped doing that about two weeks ago.
April Charney, a Jacksonville-area legal aid attorney who’s an expert on foreclosure issues, said she’s hearing similar reports from around the country.
She scoffed at the banks’ protests that they didn’t intend for the judgments to be issued.“It’s a farce,” she said. “We’re all being played.”
JP Morgan spokesman Tom Kelly said Tuesday he didn’t know the bank’s attorneys were continuing to get judgments allowing them to go forward with auctions.
Twelve judgments have been issued in Lee for JPMorgan since Oct. 2, the latest on Tuesday, according to court records.
“We reached out to our local foreclosure counsel and asked them to ask the courts not to enter judgments,” Kelly said. “I don’t know what happened there.”
At this point we wonder: will Wall Street ever stop lying to the American public (no), and even when it pretends to do so, will it at least be true to its word for at least a few days. Ultimately, these two questions are far more imporant than whether or not a bunch of documents were filed properly and reside where needed. If 99% of the American population can not have any faith and trust in those who truly rule the country (Wall Street for those who may be confused) then America is one food crisis away (and thanks to Bernanke's liquidity laxatives we give that a few months at most) from outright social unrest.
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I, for one, am rather pleased with how things have been going thus far.
As noted, a food crisis will lead to the real deal: blood-and-bile, broken windows and fires in the streets, social unrest. That would kinda suck for most folks.
But that hasn't happened. And it may be completely avoidable.
When the Soviet Union collapsed, things were damn ugly and everyone suffered, but there was not much of a violent uprising or bath of blood.
The best possible outcome here is that the financial/governmental complex collapses under its own weight, and the citizenry finds a way to maintain a generally civil societal structure. Poverty can result in improved efficiencies of lifestyle, greater demand (and respect for) artisanal skilled labor, and dispersal of population into more agriculturally fertile regions.
So maybe there has to be a very uncomfortable period of adjustment--we're not going to maintain the relative level of luxury in terms of cheap gas, cheap electronics, and "service-based" employment, but really, there are plenty of us don't care much for that stuff anyway.
To quote Crazy Earl: "These are great days we're livin', bros."
True, we could have improved lifestyle efficiency, artisanal labor elevated and dispersal of populations. We could also have massive riots and some of the 41 million on food stamps, wic, etc burning down large portions of our urban infrstructure as food becomes a luxury. I do not think you appreciate how jolting the experience will be for many of your fellow citizens and how that may affect you and yours. I would hope this never comes to pass or mako will be proven right and my slow crumble thesis will be crushed (sarc). But we should be mindful and frankly sensitive of those with as great a stake in societal systems maintaining their integrity but with less cushion to absorb shocks. We are talking about people with children sans the benefit of education and world experience many of us take for granted. Please, don't wish for this, it could be hell.
Calm yourself.
In your view, what SHOULD I wish for to be a decent person?
Continuation of the current track?
Looting the republic, driving the majority of the population into further economic hardship, and sacrificing any semblance of rule of law and public/private accountability for the benefit of the hundred thousand Americans who own the world?
Do you think I'm missing something obvious? What minor little adjustment fixes everything?
I don't wish bad on anyone. I *do* believe we can work it out. The rioting and destruction of the cities sounds like your apocalyptic fantasy, not mine. I am the poor, and I live with them. Most of them are damn fine people. There are a few ZH'ers like to brag about their guns, but that ain't me, yo.
I think you might be scolding the wrong dog.
BD,
I don't mean to scold or advocate a continuation of the current track, it is unsustainable. We agree on virtually every word you have written. I think several people smarter than I have laid out agendas that would begin to fix our major problems. I am simply asking that we acknowledge that in a worst case scenario no fantasy will be required and we should all be working toward solutions right now. Solutions including crashing the big banks prior to them crashing us, political solutions that will attempt to put our federal fiscal course on a better trajectory. It will be bad, very bad if you are among the poor, you know what will happen in the cities. I am perhaps hoping against hope that this will never occur and the chastisement and hedge against reality may be my own..
Did we get sucked up into one of those Fargo-timeloop thingies where history is altered?
"perhaps it is time for Charlie Munger to tell the shareholders of Wells to "suck it in","
Blasphemy!
Remember sucking it up and coping is for mere mortals like us!
For Charlie Munger there is Government amd Fed's tits (stuffed with tax-payers money) to suck off to his heart's content
I can't find it now, but Tuesday there was a PR released by some skank bitch named Vickie something from Wells Fargo who claimed they had been "reviewing" all their foreclosures and they have found no problems and didn't expect any.
These fucking bankers are nothing but lying scum and people need to start burning their fucking businesses to the ground real soon, or we are all in trouble. I get sick of reading about this crap and hearing about it day in and day out, and this crooked ass Obama and his little scumbag regime are sitting on their high chairs allowing it to go on.
Man, it is time for the people to start tearing up shit. Starting with bankes lined up on Wall St. Nothing is going to change until it happens. They sit back and laugh in our face every night as they count their wads. It's getting mighty sickening folks.
Warren, Warren, Warren (shaking my head)... Rates can't go any lower now, what ya gonna do? I feel sorry for my soon to be unemployed bankster friends, but with this I stick my middle finger up to the US/European equity investing crowd. R.I.P.
Maybe people are starting to see that low rates were never what they were all cracked up to be. Ben will try to make rates 2% but the people want cheaper homes not lower rates.
Wall Street meet dynamite. Dynamite meet Wall Street.
TARP ME ONCE, shame on you...
"a rather simple dilemma: beg for TARP 2 (and confirm that Munger, and his partner, are nothing but a bunch of pathetic senile hypocrites)"
TARP ME TWICE, shame on me...
Just imagine when they all start calling the mortgages.
Aaahh. That's 4closure.
But the great sucking sound will be when CONFIDENCE in money erodes past flation.
Yeah, why quit - if they have 10 bad loans they have Mini Mouse sign 12 affadavits just in case and voila!!! they foreclose on 12 houses... the 2 losers that get thrown out of their F&C homes are just collateral damage, like when the US sends a drone as a wedding present.
Wells is run like a sweat shop. Nobody knows what they are doing in that place.
I tend to believe Wells has the most fraudulent financials of all the big banks so it follows that they would be the biggest liars as well.
Really this is a great post from an expert and thank you very much for sharing this valuable information with us.
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