Wells Fargo Attempting to Cause Misleading Report?

[Restrain]

There are fraud links on the Internet for Fannie and Freddie. The data goes to various enforcement agencies, including law enforcement, and OFHEO. Be sure to include them in all fraud reports. They may get ignored at one level, but not necessarily at others.

 

[SmilingDog]

The WF AE must have read the memo Denis posted last week.

http://appraisersforum.com/showthread.php?t=134225

Michael, thank you for that. So now it seems that this is WF policy and not a rogue AE trying to get her bonus.

I've also received the following BS from HSBC: A former underwriter and now our account manager for HSBC will be glad to talk to you on the commentary to see if they could exempt subject from the general declining value of the area. Her name is XXXXX her number is XXXXXX

BTW - I'm forwarding these to my Congressman and the California AG office. So far no replies on anything I've been sending them... no one cares.

Those AE's should be prosectuted and WF shouyld be sanctioned. I will be mailing the Prez of WF in the next few days.

If Pam needs this info, I will send it to her if she requests it. I don't want to flood her with more stuff...

 

[Michael Tipton]

Michael, thank you for that. So now it seems that this is WF policy and not a rogue AE trying to get her bonus.

I've also received the following BS from HSBC: A former underwriter and now our account manager for HSBC will be glad to talk to you on the commentary to see if they could exempt subject from the general declining value of the area. Her name is XXXXX her number is XXXXXX

BTW - I'm forwarding these to my Congressman and the California AG office. So far no replies on anything I've been sending them... no one cares.

Those AE's should be prosectuted and WF shouyld be sanctioned. I will be mailing the Prez of WF in the next few days.

If Pam needs this info, I will send it to her if she requests it. I don't want to flood her with more stuff...

Don't forget to include the attached WF article regarding the California market.

http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/

 

[Carnivore]

Never fear, we'll get you guys out!!

Donna, Good friends would be sitting right next to them in the adjacent cell.

 

[Caligirl]

BTW - I'm forwarding these to my Congressman and the California AG office. So far no replies on anything I've been sending them... no one cares.

Try contacting Jerry Brown's office

http://ag.ca.gov/ag/brown.php

As former Mayor of Oakland, I believe he will care about the foreclosure problems. Note Alameda county is listed on the linked list from WFB as a 'distressed' market.

 

[CANative]

This has NOTHING to do with Wells Fargo - It has everything to do with a broker translating guideline changes into requirements.

I don't see Wells doing anything wrong here, anyone else?

Possibly. Wells sent out a memo to their loan staff detailing requiremetns for maximum financing loans. It spelled out what was needed in an appraisal. Well that's fine. The memo is just a memo stating what market conditions had to be in order to make that type of loan. But then the memo goes on to say that loan staff should forward this memo, apparently unaltered, to the appraiser. The way it's written, it could be interpreted that the appraiser was to prepare the appraisal with those requirements whether or not they were true and as an assignment condition.

Perhaps the Wells loan staff is now forwarding this memo to the brokers.

You should investigate this and post a response from Wells. And don't get me thrown off the Rels/Wells panel for posting this. I like working for you guys.