Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Standard view
Full view
of .
Look up keyword
Like this
1Activity
P. 1
Wells Fargo Bank Foreclosure Attorney Procedure Manual is Being Investigated by Four Federal Regulators

Wells Fargo Bank Foreclosure Attorney Procedure Manual is Being Investigated by Four Federal Regulators

Ratings: (0)|Views: 21|Likes:
Published by Barry Fagan Esq.
The attached Wells Fargo Bank Foreclosure Manual is being investigated by the New York Attorney General Eric Schneiderman and three major regulators (the Consumer Financial Protection Bureau, the New York State Department of Financial Services and the United States Trustee Program — a unit of the Department of Justice that oversees bankruptcy courts) due to allegations made in a federal court case that Wells Fargo has set up detailed internal procedures to fabricate foreclosure papers on demand.

Lawyers, forensic accountants and consumer advocates have long suspected that banks were systematically creating improper documents to prove ownership of loans. Foreclosure defense lawyers use the term “ta-da endorsement” to describe situations in which they say a document appears, as if by magic, in the bank’s possession as needed in a foreclosure case — even though the proper endorsement was not included in the original foreclosure filing.

This information is consistent with a report out of the San Francisco Assessor Recorder's Office entitled "Foreclosure in California A Crisis of Compliance"

Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.

Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.

The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.

Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.

Kathleen Engel, a professor at Suffolk University Law School in Boston said: “If there were any lingering doubts about whether the problems with loan documents in foreclosures were isolated, this study puts the question to rest.”

The San Francisco analysis points out, “ it is a felony to knowingly file false documents with any public office in California.

The depth of the problem raises questions about whether at least some foreclosures should be considered void, Mr. Ting said.

California has been among the states hurt the most by the mortgage crisis. Because its laws, like those of 29 other states, do not require a judge to oversee foreclosures, the conduct of banks in the process is rarely scrutinized. Mr. Ting said his report was the first rigorous analysis of foreclosure improprieties in California and that it cast doubt on the validity of almost every foreclosure it examined.

“Clearly, we need to set up a process where lenders are following every part of the law,” Mr. Ting said in the interview. “It is very apparent that the system is broken from many different vantage points.”
The attached Wells Fargo Bank Foreclosure Manual is being investigated by the New York Attorney General Eric Schneiderman and three major regulators (the Consumer Financial Protection Bureau, the New York State Department of Financial Services and the United States Trustee Program — a unit of the Department of Justice that oversees bankruptcy courts) due to allegations made in a federal court case that Wells Fargo has set up detailed internal procedures to fabricate foreclosure papers on demand.

Lawyers, forensic accountants and consumer advocates have long suspected that banks were systematically creating improper documents to prove ownership of loans. Foreclosure defense lawyers use the term “ta-da endorsement” to describe situations in which they say a document appears, as if by magic, in the bank’s possession as needed in a foreclosure case — even though the proper endorsement was not included in the original foreclosure filing.

This information is consistent with a report out of the San Francisco Assessor Recorder's Office entitled "Foreclosure in California A Crisis of Compliance"

Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.

Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.

The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.

Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.

Kathleen Engel, a professor at Suffolk University Law School in Boston said: “If there were any lingering doubts about whether the problems with loan documents in foreclosures were isolated, this study puts the question to rest.”

The San Francisco analysis points out, “ it is a felony to knowingly file false documents with any public office in California.

The depth of the problem raises questions about whether at least some foreclosures should be considered void, Mr. Ting said.

California has been among the states hurt the most by the mortgage crisis. Because its laws, like those of 29 other states, do not require a judge to oversee foreclosures, the conduct of banks in the process is rarely scrutinized. Mr. Ting said his report was the first rigorous analysis of foreclosure improprieties in California and that it cast doubt on the validity of almost every foreclosure it examined.

“Clearly, we need to set up a process where lenders are following every part of the law,” Mr. Ting said in the interview. “It is very apparent that the system is broken from many different vantage points.”

More info:

Published by: Barry Fagan Esq. on Mar 18, 2014
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
See more
See less

09/15/2014

 
 
Lnr`cinsur` Attnrd`y Vrnc`hur`s Jaduai mdt`rdai us` ndiy Vak` 1 Xbms ms mdt`dh`h ndiy lnr prmvmi`k`h cndlmh`dtmai us`
[`iis Larkn Bnj` Jnrtkak` Lnr`cinsur` Attnrd`y Vrnc`hur` Jaduai, \`rsmnd 1
Status7 _`vmsmnd 3 Nrmkmdatmnd Hat`7 11/6=/?611 Hat` Iast Vuoimsb`h7 6?/?8/?61?
Vurpns`
Vr`-Mdtrnhuctmnd
[` ase tbat ynu sbar` tbms jaduai wmtbmd ynur nllmc`, mdciuhmdk tbns` wbn jay dnt o` hmr`ctiy mdvniv`h, tn `hucat` ynur stall nd tb` Lnr`cinsur` prnkraj
Bmkb I`v`i H`scrmptmnd nl Vrnc`ss
H`imdqu`dt inads wmii o` r`l`rr`h tn tb` attnrd`y ndc` s`t up md tb` Lnr`cinsur` [nrestatmnd alt`r tb` `xpmratmnd nl tb` h`jadh. Xb` attnrd`y wmii o` badhimdk tb`s` inads lrnj _`l`rrai tn Sai`/Cndlmrjatmnd/_`h`jptmnd. Xb` assmkd`h [`iis Larkn imamsnd wmii assmst tb` attnrd`y wmtb ady mssu`s tbat arms` nutsmh` nl tb` dnrjai prnc`ss adh r`vm`w auhmt r`suits. Ppnd cnjpi`tmnd nl tb` r`qumr`h hncuj`dtatmnd, tb` attnrd`y wmii o` autbnrmz`h tn lmi` tb` Lnr`cinsur` Dntmc`, e``p [`iis Larkn up tn hat`, adh ahhr`ss nog`ctmnds tn tb` Lnr`cinsur` wmtbnut inad i`v`i apprnvai udh`r `staoimsb`h tmj`lraj`s/kumh`imd`s. Ady nv`r-aiinwaoi` nr bnuriy l`` r`qu`sts dnt imst`h md tb` pr`-apprnvai lnrj wmii r`qumr` inad i`v`i apprnvai lrnj [`iis Larkn. Ml tb` attnrd`y r`c`mv`s dntmc` nl ad ahv`rsary, imtmkatmnd mssu`, jntmnd lnr sadctmnds, nr ady mssu` tb` attnrd`y caddnt cnjpi`t` md a tmj` jadd`r tmj`iy nr ady mssu` tbat wmii caus` a h`iay md tb` tmj`iy `x`cutmnd nl tb` sai`, r`l`r tn tb` Imtmkatmnd s`ctmnd nl tbms jaduai. [`iis Larkn wmii prnvmh` lurtb`r mdstructmnd upnd r`c`mpt nl tb` cnjjudmcatmnd lrnj tb` attnrd`y. Xb` attnrd`y wmii aisn o` r`qumr`h tn r`c`mv` autbnrmzatmnd lnr aii nv`r-aiinwaoi` l``s adh cnsts as w`ii as bnuriy omiimdk r`qu`sts lnr mt`js dnt cnv`r`h oy tb` pr`-apprnvai lnrj.
 
Ml tb` jnrtkaknr cndtacts tb` attnrd`y, adh tb` attnrd`y ms udaoi` tn adsw`r, tb` custnj`r sbnuih o` hmr`ct`h tn tb` apprnprmat` custnj`r s`rvmc` dujo`r imst`h o`inw.
At dn tmj` sbnuih tb` [`iis Larkn Imamsnd”s hmr`ct pbnd` imd` o` prnvmh`h tn nutsmh` partm`s. [`iis Larkn Bnj` Jnrtkak` Lnr`cinsur` Custnj`r S`rvmc` – 1-266-2<2-6683 Aj`rmca”s S`rvmcmdk Cnjpady Custnj`r S`rvmc` – 1-222-2?2-?3;;
Nv`rvm`w
Xb` Lnr`cinsur` prnkraj bas o``d h`smkd`h tn cnjpi`j`dt a Lnr`cinsur` attnrd`y”s curr`dt prnc`ss, prnc`hur`s adh r`spndsmomimtm`s tbrnukb str`ajimdmdk tb` d`c`ssary cndtact pnmdts wmtb [`iis Larkn adh prnvmhmdk kr`at`r mdh`p`dh`dc` tn tb` attnrd`y”s lmrj. Xb` prnkraj aisn i`v`rak`s `xmstmdk [`iis Larkn autnjatmnd. Nd` nl tb` e`y trmkk`r pnmdts lnr autnjatmnd ms tb` ahhmtmnd nl scb`hui`h st`ps adh tb` cnjpi`tmnd nl st`ps (tbnukb tb` mdput nl tb` actuai hat`.) Xb` `xpadh`h prnc`hur`s nl tbms s`ctmnd lncus sni`iy nd tb` d`w `xp`ctatmnds nl tb` lmrjs. @acb prnc`ss s`ctmnd wmii bav` a or`aehnwd nl tb` nv`raii linw, `xact st`ps lnr `xc`ptmnd prnc`ssmdk, ad nutimd` nl ady r`pnrts tbat wmii o` s`dt tn tb` attnrd`y, adh sp`cmlmc cnjpimadc` `xp`ctatmnds adh quaimty j`asur`j`dts. Vi`as` r`j`jo`r tbat tb` r`pnrts ar` tn o` a tnni tn assmst md j``tmdk aii tmj` lraj`s, knais adh cnjpimadc` r`qumr`j`dts.
www Stnp nr`cinsur` rauh cnj
b/t H`ndtns
 
 
Lnr`cinsur` Attnrd`y Vrnc`hur`s Jaduai mdt`rdai us` ndiy Vak` ? Xbms ms mdt`dh`h ndiy lnr prmvmi`k`h cndlmh`dtmai us`
[`iis Larkn Bnj` @qumty / [acbnvma @qumty / [`iis Larkn Lmdadcmai
]nur nllmc` jay r`c`mv` r`l`rrais lnr lmi`s tbat ar` lnr sp`cmaity pnrtlnimns. Xb`s` lnr`cinsur`s sbnuih o` prnc`ss`h lniinwmdk ynur dnrjai prnc`hur`s. HN DNX cndtact ynur imamsnd lnr qu`stmnds nd tb`s` lmi`s. Aii qu`stmnds adh cnjjudmcatmnd sbnuih o` hmr`ct`h tn tb` prnc`ssnr imst`h md \`dhnrScap`, H`setnp, nr nd tb` LN_1 scr``d md JSV.
H`setnp _`l`rrais
As nl Gud` <, ?611, aii d`w r`l`rrais wmii o` s`dt tbrnukb H`setnp mdst`ah nl \`dhnrScap`. H`setnp r`l`rrais cad o` mh`dtmlm`h oy tb` E33 st`p, _@L@__@H MD H@SEXNV nd tb` LN_3 scr``d md JSV. ]nu wmii stmii bav` inads tbat w`r` pr`vmnusiy r`l`rr`h tbrnukb \`dhnrScap` tbat sbnuih cndtmdu` o`mdk prnc`ss`h hurmdk tbms tmj`.
_`pnrts
]nu wmii r`c`mv` s`v`rai hamiy, w``eiy, adh jndtbiy r`pnrts tn assmst ynu md `ll`ctmv`iy jndmtnrmdk adh prnc`ssmdk nl ynur pnrtlnimn. Xb` r`pnrts wmii o` imst`h wmtbmd tb` apprnprmat` s`ctmnd nl tb` jaduai. @ll`ctmv` L`oruary 10, ?61?, lnr attnrd`ys, tb` r`pnrts wmii o` upinah`h tn ynur HXS jamionx. Lmrst, r`l`r tn ynur Xradsjmssmnd Cndlmrjatmnd Hncuj`dt. Xb`d, acc`ss ynur Vrnh P_I. Lmdaiiy, e`y md ynur Pdmv`rsai MH/Inknd MH. Lnr imamsnds, tb` r`pnrts wmii o` md tb`
HS^LC^Attnrd`y_pts
 lnih`r nd tb` sbar`h hrmv`. _`pnrts ar` tn o` cndsmh`r`h `mtb`r ’r`l`r`dc`‚ nr ’actmnd r`qumr`h.‚ _`l`r`dc` r`pnrts ar` j`adt tn kmv` a status nl tb` pnrtlnimn. Actmnd r`qumr`h r`pnrts ai`rt ynu nl a tase tbat d``hs tn o` p`rlnrj`h. Xb` lniinwmdk r`pnrts ar` j`adt tn kmv` ynu a k`d`rai nv`rvm`w nl tb` status nl ynur pnrtlnimn.
Attnrd`y
 – Xrmai Oaiadc` _`pnrt7 Vrnvmh` attnrd`y wmtb a w``eiy imst nl aii pr`-sai` inads md bms/b`r mdv`dtnry (_`l`r`dc`). Iat` St`p _`pnrt7 Vrnvmh` attnrd`y wmtb a hamiy imst nl aii lnr`cinsur` st`ps nd LN_3 tbat ar` p`dhmdk nr past hu`. Xb` attnrd`y ms tn wnre tbms r`pnrt tn `dsur` tb` lnr`cinsur` ms wmtbmd mdv`stnr tmj`imd` (Actmnd _`qumr`h).
Imamsnd
 – Iat` St`p _`pnrt7 Vrnvmh` imamsnd wmtb a imst nl aii lnr`cinsur` st`ps tbat ar` p`dhmdk nr past hu` (Actmnd _`qumr`h).
Gno Xmti`s/_ni`s/H`partj`dts _`spndsmoi`/Nv`rvm`w nl K`d`rai Hutm`s
Lnr`cinsur` _`l`rrai Ar`a _`spndsmomimtm`s ([LBJ)
 QC _`vm`w nl lmi`s lrnj cnii`ctmnds
 S`t up nl LC wnrestatmnd adh varmnus scr``ds md JSV mdciuhmdk mdmtmai cnhmdk
 S`dh cnpy nl H`jadh tn attnrd`y
 S`dh r`l`rrai tn attnrd`y tbrnukb \`dhnrScap` nr H`setnp
 S`dh BPH Nccupadcy I`tt`r lnr XR adh KA. Md tb` `v`dt tb` BPH Nccupadcy I`tt`r d``hs tn o` r`-s`dt, tb` attnrd`y wmii s`dh nut i`tt`rs lnr aii stat`s at ad akr``h prmc`.
Hncuj`dt Vrnc`ssmdk Ar`a _`spndsmomimtm`s ([LBJ)
 Nrh`r nrmkmdai hncuj`dts lnr nrmkmdai hncuj`dt stat`s
 @dsur` cnpm`s nl cniiat`rai hncuj`dts ar` avamiaoi` lnr aii ntb`r stat`s
 S`dhmdk apprnprmat` hncuj`dtatmnd tbrnukb \`dhnrScap` nr H`setnp
 @dsur` attnrd`y bas d`c`ssary hncuj`dts tn cnjpi`t` 1
st
 I`kai adh Assmkdj`dts
 Cndv`dtmndai Inads wnre wmtb tb` Mdv`stnr tn notamd smkdatur`s nd Assmkdj`dts
 Jadak` mdcnjmdk jami lrnj jnrtkaknrs, tbmrh partm`s, `tc.
 Ml d``h`h, `dsur` cnpm`s nl Jnrtkak`, Dnt`, BPH-1, Xmti` Vnimcy, adh Assmkdj`dts ar` avamiaoi` vma \`dhnrScap` nr H`setnp
www Stnp nr`cinsur` rauh cnj
 
 
Lnr`cinsur` Attnrd`y Vrnc`hur`s Jaduai mdt`rdai us` ndiy Vak` 3 Xbms ms mdt`dh`h ndiy lnr prmvmi`k`h cndlmh`dtmai us`
Imamsnd _`spndsmomimtm`s ([LBJ)
 Notamd Mdv`stnr apprnvai lnr nv`r-aiinwaoi` `xp`ds`s
 Jndmtnr wnrelinw adh p`rlnrjadc` nl attnrd`y
 Ahhr`ss ady cnjpimadc` lmdhmdks
 Assmst wmtb `scaiat`h mssu`s
 Att`dh jndtbiy Attnrd`y Caii
 Xn h`t`rjmd` o`d`lmcmary v`stmdk mdlnrjatmnd acc`ss Mdv`stnr Jatrmx nr _LC Jatrmx at bttp7//s`rvmcmdk.wlbj.bnj`st`ah.w`iislarkn.cnj/lnr`cinsur`/imdes.asp.
Lnr`cinsur` Sp`cmai X`ajs _`spndsmomimtm`s ([LBJ)
 Vr`par` aii r`mdstat`j`dt lmkur`s nd `xc`ptmnd inads wb`r` lmkur`s caddnt o` nrh`r`h tbrnukb \`dhnrScap` nr H`setnp
 Vr`par` aii paynll lmkur`s nd `xc`ptmnd inads wb`r` lmkur`s caddnt o` nrh`r`h tbrnukb \`dhnrScap` nr H`setnp
 Vrnvmh` jndtbiy uphat`s tn Mdv`stnr/Mdsur`rs (HMJA)
 Vrnvmh` omhhmdk Mdstructmnds
(`xc`pt nd LBA adh LBIJC H`smkdat`h inads-attnrd`y r`spndsmomimty)
 Cndv`dtmndai Inads – prnvmh` Vrmvat` Mdv`stnrs wmtb sai`s r`suits wmtbmd ?8 bnurs nl sai` – varmnus lnrjs utmimz`h – (HMJA)
 LDJA/LBIJC – prnvmh` sai`s r`suits tbrnukb Jmhad`t/BSSD. @dsur` accuracy nl aii stnps adh cnhmdk adh rnut` cnjpi`t`h lnr`cinsur`s tn _@N/Ciamjs
 Cnjpi`tmnd nl 16==(a)
 Casb appimcatmnd adh prnc`ssmdk
 Hncuj`dt pr`paratmnd adh `x`cutmnd – prnvmh` attnrd`y wmtb ady d`c`ssary hncuj`dts adh `x`cut` ady d`c`ssary hncuj`dts, sucb as allmhavmts, `tc. (S`` @x`cutaoi`s)
 _`vm`w nl r`pnrt nl inads md wbmcb 1
st
 I`kai ms apprnacbmdk nr past tmj`lraj`s adh cndtact attnrd`y lnr status. (S`` Lmrst I`kai Actmnd)
Attnrd`y _`spndsmomimtm`s
 Jadak` aii inads hurmdk tb` lnr`cinsur` actmnd tn prnt`ct [`iis Larkn's o`st mdt`r`st adh ai`rt [`iis Larkn's jadak`j`dt nl ady pnt`dtmai rmse.
 @dsur` lnr`cinsur`s ar` cnjpi`t`h wmtbmd mdv`stnr adh stat` kumh`imd`s.
 Jadak`j`dt nl a lnr`cinsur` lmi`, `mtb`r pap`r nr `i`ctrndmc. _`tamd`h cnjpi`t` lmi` lnr auhmt purpns`s lnr a p`rmnh nl 2 y`ars nr stat` r`qumr`j`dt. Mdvniv`s jadak`j`dt nl `i`ctrndmc lmi` nl aii hncuj`dts, wbmcb wnuih r`qumr` mjakmdk, nr a pap`r lmi`. [LBJ wmii dntmly tb` attnrd`y wb`d tn h`strny ady auhmt lmi`. Dn attnrd`y wmii h`strny a lmi` wmtbnut apprnvai lrnj [LBJ h`lauit Cnjpimadc` ar`a.
 _`vm`w lnr ady hmll`r`dc`s md tb` prnp`rty adh jamimdk ahhr`ss`s lnr tb` jnrtkaknr adh s`dh aii dntmc`s tn ontb ahhr`ss`s ml r`qumr`h oy ynur stat` kumh`imd`s.
 Cndlmrj tb` onrrnw`r”s jmimtary status oy r`vm`w nl tb` H`partj`dt nl H`l`ds` w`osmt`. Dntmly [`iis Larkn nl aii SC_A Snihm`rs & Saminrs prnt`ct`h inads vma tb` SJC_AFw`iislarkn.cnj.
 S`dh H`jadh I`tt`r at ad akr``h prmc`. (S`` _`l`rrais/ H`jadh I`tt`rs)
 H`t`rjmd` 1st I`kai h`ahimd` adh `dsur` tbat tb` h`ahimd` ms j`t as h`lmd`h oy tb` stat`-i`v`i jatrmx. Xbms ms lnr LBA lmi`s ndiy. (S`` Lmrst I`kai Actmnd)
 _`vm`w aii hncuj`dts, mdciuhmdk \`dhnr Mdstructmnds, prnvmh`h md \`dhnrScap` nr H`setnp.
 Notamd Xmti` _`pnrt tn `dsur` dn tmti` h`l`cts. (S`` Xmti`)
 Ci`ar aii tmti` h`l`cts/ lmi` ciamj. (S`` Xmti` Mssu`s)
 Dntmly [`iis Larkn nl ady im`ds tbat jay all`ct nur pnsmtmnd nr nur aomimty tn lnr`cins`.
 Hn dnt Lnr`cinsur` md tb` daj` nl J@_S.
 Jndmtnr Susp`ds` ludhs/jae` r`cnjj`dhatmnds tn appiy adh r`sniv`. (S`` Susp`ds`)
 [nre wmtb tb` Xax ar`a ml w` ar` dntmlm`h nl ady h`imdqu`dt tax`s. (S`` H`imdqu`dt Xax`s (G`nparhmzmdk Im`d)
 Jadak`j`dt nl inads o`mdk susp`dh`h, mdciuhmdk inss jmtmkatmnd, hmsast`r ar`a, `tc. (S`` Bnihs)
 Dntmly [`iis Larkn nl r`c`mpt nl ady oaderuptcy dntmlmcatmnds. (S`` Oaderuptcy)
 Nrh`r \A appramsai wmtbmd 80 hays nl sai` hat`. (S`` \A Appramsai Nrh`rmdk Vrnc`ss)
www Stnp nr`cinsur` rauh cnj

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->