Wells Fargo Home Mortgage Complaint
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Wells Fargo Home Mortgage - HOME MORTGAGE
ACORN, the nation's largest membership organization of low- and moderate-income people, filed a nationwide class action lawsuit against Wells Fargo Co. and Wells Fargo Financial, Inc on Monday June 28, 2004. The suit charges the company with a broad range of unfair and deceptive lending practices, including misleading borrowers about the real terms and conditions of their loans,
Updated On: Monday, May 26, 2008
Wells Fargo Co. has settled a class-action lawsuit over lending practices at its Wells Fargo Financial Inc.'s mortgage unit, which focuses on the subprime market.
Under the terms of the settlement, which must be approved by the court, Wells Fargo Financial will earmark 2.4 million for plaintiffs who are more than 60 days late on loan payments. In addition, qualifying members of the class may receive cash payments under a formula that would disperse up to 4.4 million.
The unit also commits to continue for three years several improvements it had already put into practice, which have further strengthened its nonprime real estate-secured lending practices, the bank said, and to implement other practices to benefit its customers.
The Association of Community Organizations for Reform Now, or ACORN, had alleged in the lawsuit, filed in 2003, that Wells Fargo Financial failed to properly disclose points and prepayment penalties to borrowers, and inaccurately reported loan balances for some California customers to credit reporting agencies.
San Francisco-based Wells Fargo is the fifth-largest U.S. bank by assets. The bank saw net income of 8.5 billion in 2006 on 35.7 billion in revenue.
Updated On: Monday, May 26, 2008
ACORN, the nation's largest membership organization of low- and moderate-income people, filed a nationwide class action lawsuit against Wells Fargo Co. and Wells Fargo Financial, Inc on Monday June 28, 2004. The suit charges the company with a broad range of unfair and deceptive lending practices, including misleading borrowers about the real terms and conditions of their loans, 'bait and switch' sales tactics, and routinely failing to inform borrowers with good credit that they can qualify for credit at significantly better rates and fees than those charged them by Wells. The lawsuit was be filed as a representative action in California state court.
On the same day that the suit was filed, more than 2,000 ACORN members from across the country participated in a march and rally in Los Angeles, California, demanding an end to Wells Fargo's predatory lending practices. Victims of Wells Fargo's predatory lending participated in the march, and talked about their experiences.
'ACORN did not allow Wells Fargo to continue to swindle and steal from our communities,' said ACORN National President Maude Hurd. 'We will fight until they stop their abusive loan practices, and the Wells stagecoach is no longer delivering misery to homeowners.'
The ACORN members in Los Angeles participated in the organization's biannual national convention, and the weekend also included other workshops and activities to strengthen ACORNs continuing work in protecting our neighborhoods from predatory lending.
The suit filed on Monday June 28, 2004 follows on a class action filed by ACORN in Illinois two weeks ago charging the company with collecting fees on high rate loans in excess of what is permitted by state law. In addition to private legal action, state regulators have begun to scrutinize Wells Fargo's lending. The Maryland Human Relations Commission opened an investigation of the company in connection with concerns about racial discrimination, and the Louisiana Attorney Generals office has issued a Civil Investigator Demand in connection with abusive loan practices in that state.
WELLS FARGO DID IT AGAIN!!! I got a loan with Wells Fargo on November 2006. I was given a loan with high interest, PREPAYMENT PENALTY, ADJUSTABLE RATE MORTGAGE (ARM). I was locked in without being able to refinance with any lender because of the prepayment penalty. Wells Fargo promised to refinance in a year. The year came by AND THEY COULD NOT HELP ME TELLING ME TO CALL BACK. ...After several letters explaining to removed my ARM and to get a lower FIX APR. I have had no luck. Even my counselor has a hard time trying to talk to them.
I WILL ELABORATE MORE ON THIS BUT FOR NOW I AM ASKING EVERYBODY THAT HAS A LOAN WITH WELLS FARGO TO JOIN ME TO STOP THIS PREDATORY LENDING MORTGAGE COMPANY FROM CONTINUING. IF YOU GOT A LOAN WITH WELLS FARGO AND STILL STRUGGLING TO GET SOME HELP..LETS GET TOGETHER SO WE CAN GET A LOWER AND FIXED RATE. I AM IN TUCSON ARIZONA and my email address is: mgseahorse2000@yahoo.com
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