Wells Fargo and the Foreclosure Mess
Foreclosure Mess: Here’s Who is Exposed
Excerpt (select article for chart!):
The banks are still getting hammered. Bank of America is down more than 5%, Wells and Citi are both down more than 4%.
The banks says it has no plans to initiate a foreclosure moratorium
Excerpt:
Wells Fargo said late yesterday it has no plans to initiate a foreclosure moratorium, as other lenders have done.
The bank said its affidavit procedures and daily auditing demonstrate its foreclosure affidavits are accurate.
Comment: As distasteful as Foreclosures are, it's to homes what repos are to cars. The truth is, if you have a mortgage, you don't own your home, the bank does. (a mortgage is a a loan secured by such real property - that property is the home! Default on the loan and foreclosure results!)
Most banks are obligated to try to work out a new payment plan (those that offer the HAMP program)when someone undergoes a hardship, which many have had, due to this economy. Loan modifications work when banks do not try at least twice to help a HAMP applicant get approval. Most people do not want to default on their mortgage and they should not be blamed for the unemployment rate or the greed of the banks.
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