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Economy Watch – Inside the foreclosure factory, they’re working overtime

April 19, 2012 2 comments

 

In a quiet office in downtown Charlotte, N.C., dozens of Wells Fargo’s foreclosure foot soldiers sit in cubicles cranking out documents the bank relies on to seize its share of the thousands of homes lost to foreclosure every week.

They stare at computer screens and prepare sworn affidavits that are used by lenders in courts across the country to seize homes. Paid $30,700 to start, these legal process specialists, the title that goes with the job, swear an oath under penalty of perjury that they’re corporate vice presidents. They’re peppered with e-mails from managers to meet daily quotas of at least 10 or 11 files day.

If they fall short, they face a verbal warning. Then written. Two written warnings could cost them the paycheck that supports a family. As more than one source for this story told msnbc.com, “I can’t afford to lose this job.”

Pressured to meet daily production quotas, they are likely making mistakes that inadvertently could toss a family out of its home and onto the street, according to these workers.

State and federal prosecutors, in a recent settlement with five banks that included Wells Fargo, agreed. The joint state and federal settlement spelled out how the document procedures at the five banks resulted in “loss of homes due to improper, unlawful or undocumented foreclosures,” according to the complaint.

“These are mistakes that could cost someone their home,” a Wells Fargo document preparer told msnbc.com.

Read the Entire Article: Economy Watch – Inside the foreclosure factory, they’re working overtime.

Message to Wells Fargo – Lopez Family

March 14, 2012 Leave a comment

The Lopez family qualifies for a Homes Affordable Modification but Wells Fargo has denied them repeatedly. Tell Wells Fargo to end discriminatory practices and treat the Hispanic community fairly and equally.

Wells Fargo Blatantly Discriminating Against Hispanic Homeowner *Update*

February 22, 2012 1 comment

Wells Fargo is blatantly discriminating against our Hispanic client. They clearly qualify for a HAMP loan modification, but Wells Fargo is refusing to modify the loan and postpone the auction that is scheduled for Thursday, February 23, 2012. We are very disappointed with the treatment our clients are experiencing. This loan is predatory and discriminatory. We will update with more information and the complete story tomorrow.

Update: Wells Fargo postponed this auction. The new date is March 26, 2012. Our hope is that Wells Fargo will follow the guidelines and modify this mortgage.

Have you signed Rachel Kendall’s Petition with Change.org yet?

February 9, 2012 Leave a comment

Please stand with Rachel Kendall and other homeowners who have been victims of unfair and deceptive foreclosure practices! Sign our petition with Change.org.

Letter to Wells Fargo From 8 Year Old Travis Kendall

February 9, 2012 1 comment

Dispatch from Sacramento Wells Fargo Home Preservation Event Protest

February 9, 2012 1 comment

We’re very proud of Rachel Kendall for standing up for homeowners!

Rachel Kendall and Supporters will be Protesting at Wells Fargo Event

February 6, 2012 4 comments

Rachel Kendall and supporters will be protesting at the Wells Fargo Home Preservation Event in Sacramento, California on February 8, 2012. They will be protesting Rachel’s wrongful foreclosure and Wells Fargo’s unfair and deceptive practices towards other homeowners.

The address is:

Sacramento Convention Center

1400 J Street Sacramento, CA 95814

Feb 8th – 9am – 7pm

You can read more about Rachel Kendall here on our blog. Please support her fight to have her wrongful foreclosure rescinded by stopping by the event and/or signing our petition at Change.org.

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