Ghetto Loans

MFI-Miami Featured In BBC Doc About Wells Fargo Ghetto Loans

BBC Crew Travels Around Baltimore Researching Wells Fargo Ghetto Loans This is a piece the BBC broadcast two years ago. It tells the story of how Wells Fargo preyed on African-Americans in Baltimore. Wells Fargo sold them high cost “Ghetto Loans. Yet, Wells Fargo underwriters knew these homeowners could qualify for better programs. One of […]

Mortgage ‘robo-signing’ goes on

Michelle Conlin, AP Mortgage industry employees are still signing documents they haven’t read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures. County officials in at least three states say they have received thousands of […]

Wells Fargo private mods outnumber HAMP 5 to 1

Jon Prior, Housing Wire Wells Fargo completed or started trials on roughly 585,000 mortgage modifications through its private programs since the beginning of 2009, more than five times the 101,000 initiated through the Home Affordable Modification Program. HAMP launched in March 2009 but almost immediately drew criticism. Treasury officials admit the more than 3 million […]

Wells Fargo Illegally Forecloses On Deployed Military Man

Shannon Behnken, Tampa Tribune United States Coast Guardsman Keith A. Johnson returned last year from serving in a defense role overseas to find his bank had foreclosed on his home. It was set to be auctioned off at the courthouse the next day. It was a shock, Johnson said. He never was served legal notice […]

New Questions about Banks’ Force-Placed Insurance Deals

QBE, carrier used by Wells Fargo and SunTrust, avoids oversight through ‘surplus lines’ structure Jeff Horwitz, American Banker The first time Luis Juarez heard of force-placed insurance was when he received a $25,000 bill for it in the mail. A Florida doctor and homeowner, Juarez had been dropped by his previous insurer over a roofing […]

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