Obama Administration Doesn't Support Foreclosure Moratorium
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(Creative Commons)
"We believe freezing foreclosures for all banks in all states, whether we have reason to believe them to be in error or not, is simply not the prudent step to take in this fragile housing market," Federal Housing Administration Commissioner David Stevens said in an e-mail to the Washington Post.
But the administration does say it is making sure the banks speed up their review process.
Bank of America said Friday that it will expand its foreclosure freeze nationawide. They had previously stopped foreclosures in the 23 states that require judge approval before a foreclosure can move forward. JPMorgan Chase & Co., Ally Bank's GMAC Mortgage unit and PNC Financial have halted foreclosures in only those 23 judge approval states.
Some say the administration's decision, though, doesn't matter, because states are clamping down on lenders.
An Inman News article says: "Federal regulators and attorneys general in several states have already put lenders on notice that they should discontinue foreclosures unless they are sure their procedures are in full compliance with the law."
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Letter to Wells Fargo spokesman Chris Hammond,
Dear Mr. Chris Hammond,
In recent Wells Fargo's press release, it declared that "We are working hard to do all that is possible to
keep homeowners in their homes,”
That's a lie. I can say for a fact that Wells Fargo made mortgage loan and foreclosed my home based on hugely inflated and fraudulent appraisal,
Wells Fargo and its army of attorneys knew it is Category C felony to make mortgage loan and foreclose home based on fraudulent appraisal. However they chose to defraud us by foreclosing our home.
For almost a year, we pleaded with Wells Fargo to carry out its promises to us to rescind the loan contract and help us to recovery our finanical losses. Wells Fargo bluntly refused and challenged us to sue it for justice.
Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: - Wells Fargo's fraudulent appraisal valued our home at $718,000
- Wells Fargo's own review appraisal valued our home at $475,000
- Nevada Attorney General's office suspended the appraiser's license for committing appraisal fraud on our home.
- Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
- Nevada Revised Statue NRS 205.372 states that it's category C felony to make mortgage loans based on fraudulent appraisal.
- Cases of Attorney General's indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.
You can find all the facts on our website. www.wellsfargomortgagefraud.com.