The Real Deal New York

Wells Fargo accused of fabricating foreclosure documents

The bank services roughly 9 million home loans
March 16, 2014 03:00PM

 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

  • RodneyoH

    Wells Fargo and B of A two of the worst as far as faked,forged,fabricated documents,Whatever is needed send it on over to “Imaging”as they call it,while your at get the chain of title in order and notarized so we can steal another families home that they have been paying on.Work with them, no way with all these documents,who needs to waist time working.Follow the laws,the statutes,you dont have the docs=Too bad,Lost the Note=Too bad, would think thats incentive enough to work out a plan to keep people in their homes?They would rather behave as they are Untouchable [because they have been]and create whatever is needed even if they never funded those loans.And who ever did has been paid in full,because they sold those mortgage backed securities 3,4,5 times,then each loan had 4,5,6 insurance policies.GO FIGURE

  • Damn, that cold!

  • Fraud Stoppers

    Fraud-Fargo can only get away with this if you let them. Take action and fight.