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Old 11-05-2009, 11:38 AM
Leon Marcus's Avatar
Leon Marcus Leon Marcus is offline
 
Join Date: Jan 2008
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 241
Default Wells Fargo

Found this article on the web

Wells Fargo Bank is the target in a new class action lawsuit that accuses the mega-bank of fraudulently claiming that the property values of its customers had declined and using that as a pretense to shut off home equity lines of credit (HELOCs).
Homeowner Michael Hickman, of Westmont, Ilinois filed the lawsuit on behalf of himself and other Wells Fargo HELOC holders. The lawsuit claims that Wells Fargo used computer models to “appraise” the homes instead of licensed appraisers and that the bank did not give its customers sufficient notice of either its intent to “re-appraise” or what the consequences would be. It then required customers contesting the computer appraisals to pay for their own appraisal to show that the computer appraisal was incorrect in order to seek reinstatement of the HELOC.
In Mr. Hickman’s case, after Wells Fargo froze his HELOC, it then “offered” to flip him into a high-interest credit card. Bait-and-switch, anyone?
Note: This author opines that computer modeling is a wildly inaccurate method of appraising homes and can be easily manipulated to obtain the outcomes desired by those who employ them, especially when the algorithms are not made available so they can be validated. Home values can fluctuate significantly between neighborhoods and it is highly improbable that any programming either takes into account such variations or that it would even be possible to program the variations into the model.
Michael Hickman’s attorneys are Jay Edelson, Steven Lezell and Evan Meyers, all with KamberEdelson LLC. KamberEdelson has previously sued JP Morgan Chase, WaMu, and Citibank in class actions over similar HELOC cancellations or suspensions.
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Old 11-05-2009, 11:56 AM
panappr panappr is offline
 
Join Date: Dec 2007
Location: Los Angeles
State: California
Professional Status: Certified Residential Appraiser
Posts: 4,765
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These lawsuits have been going on for quite some time. I too (along with a few of my neighbors) am a victim of Chases valuation system. Seems they are forecasting, rather than determining current market value??? Their little matrix may backfire on them.....
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