Wells Fargo accused of fabricating foreclosure documents

The bank services roughly 9 million home loans

TRD New York /
Mar.March 16, 2014 03:00 PM

 The nation’s largest mortgage servicer, Wells Fargo, is being investigated for allegedly setting up detailed internal procedures to fabricate foreclosure papers on demand.

New York Attorney General Eric Schneiderman and three major regulators are handling the investigation into the foreclosure manual, which the lender maintains does not violate any rules.

“Wells Fargo’s foreclosure processes — today and back in 2012 — are appropriate [and] legal. To allege otherwise is simply misrepresenting the facts,” a Wells Fargo spokesperson said. “Wells Fargo’s Foreclosure Attorney Procedures Manual provides guidelines for outside attorneys to be compliant with state and regulatory requirements.”

But according to the New York Post, lawyers, forensic accountants and consumer advocates have long suspected that banks were habitually fabricating documents to prove ownership of loans — something foreclosure defense lawyers call a “ta-da endorsement,” which describes the miraculous appearance of documents as needed by the bank in a foreclosure case.

Wells Fargo services roughly 9 million home loans. [NYP] Christopher Cameron


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
The National Association of Home Builders Housing Market Index reached a record high for the second consecutive month in October 2020. (iStock)

Building up: Homebuilder confidence hits new highs

Building up: Homebuilder confidence hits new highs
Nextdoor CEO Sarah Friar (Getty; iStock)

Nextdoor social networking app considers going public

Nextdoor social networking app considers going public
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Marcus & Millichap CEO Hessam Nadji and Mission Capital principal David Tobin (Photos via Marcus & Millichap; Mission Capital)

Marcus & Millichap inks deal to buy Mission Capital Advisors

Marcus & Millichap inks deal to buy Mission Capital Advisors
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...