WELLS FARGO FACES MULTI-MILLION DOLLAR CLASS ACTION LAWSUIT

By Michael Patrick Schmitt

• February 11th, 2010 3:45 am ET

Wells Fargo National Bank, the fourth largest bank in the United States, is facing multiple multibillion dollar class action lawsuits for what could be the largest mortgage fraud scheme in American history. 

A widespread pattern of deception and fraud has been noted by this writer, http://www.examiner.com/x-33820-Long-Island-Libertarian-Examiner~y2010m1d8-Obamas-mortgage-modification-fraud  and in other places. It is alleged that Wells Fargo utilizes "switch-and-bait" and other deceptive lending practices in its mortgage modification unit.  In the process of telling customers to take a temporary lower mortgage payment, Wells Fargo collects billions of dollars in stimulus money and then turns around and unilaterally increases the rates. It is further alleged that Wells Fargo misled customers and told them that modification would not effect their credit and, in reality, Wells Fargo destroys the homeowners credit by reporting them as delinquent even though all payments were made.

Wells Fargo and other banks are collecting billions of dollars from the Federal Government for the modification program but they are not helping many homeowners.  "More than 650,000 borrowers have been placed in trial modifications, but as of September, fewer than 2,000 had become permanent."  http://www.time.com/time/business/article/0,8599,1945176,00.html Wells Fargo does not even notify borrowers that they have a trial period and use any excuse to increase the rate for any reason at any time.

Customers have complained that Wells Fargo is committing fraud against the Federal Government, its customers, and has violated RICO, TILA and the Fair Debt and Collections Act.  Wells Fargo has been put on notice that a multibillion dollar lawsuit is pending and that it faces criminal investigations.  Dozens of faxes and calls to Wells Fargo for comment were not returned.

This class action lawsuit could make Wells Fargo the next AIG or Bear Stearns. 

TO FILE A COMPLAINT

AGAINST WELLS FARGO

GO TO THE

OFFICE OF THE 

COMPTROLLER OF THE CURRENCY:
 http://www.helpwithmybank.gov/complaints/index.html

Class action lawsuits will be filed in each state; first up:

http://www.housingwatch.com/2010/03/16/sue-your-lender-save-your-home/

In addition to filing a complaint with OCC and class action lawsuit; you can file a lawsuit on your own.

This is happenning to over 100,000 homeowners - this is intentional and it is criminal.

Authors Note:

TO FILE A COMPLAINT AGAINST WELLS FARGO GO TO THE OFFICE OF THE COMPTROLLER OF THE CURRENCY AND FILE AN ONLINE COMPLAINT: 

http://www.helpwithmybank.gov/complaints/index.html

Complaining to Wells Fargo directly is pointless.  They are digging their own grave.  I have warned them repeatedly of the consequences of their actions.  They are fully aware that they are committing crimes and violating various state and federal laws.  Several class action lawsuits are being pursued you need not have to do anything to be part of them but you can file your own which I encourage.  People are, in fact, losing their homes, jobs, reputations, etc... as a direct result of Wells Fargo continued and intentional abuse of its customers. Wells Fargo is collecting Federal money, basically, to pull a scam on homeowners.  They trick them into a modification or other Federally funded program, and then automatically begin foreclosure proceedings.   If your house is foreclosed on, you can use their false representations and fraud as a defense.  More and more homeowners are getting their mortages erased.

This is a shameful example of how a corporation acts when given public money.   This is what happens when we bail out banks and corporations.   

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By Michael Patrick Schmitt 

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