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Post by Forever Sunshine on Oct 13, 2012 21:22:44 GMT -5
"O-ho the Wells Fargo Wagon is a-comin' down the street…"
Let's see what kind of reckless mortgage lending it may have done in your neighborhood.
Palmer Court, Lindstrom, Minn. Can the buyer afford it? Who knows? Wells Fargo Bank did not get copies of the buyer's recent pay stubs.
Martin Luther King Boulevard, Newark. N.J. How's the buyer's credit? Who knows? Wells Fargo did not sufficiently analyze it.
Marsh Salt Court, Springtown, Texas. How much did the buyer put down? Who knows? Wells Fargo did not verify the down payment.
Albert Drive, Old Bridge Township, N.J. What's the ratio of buyer's income to the payment? What? It's 41%? That's enormous. Wells Fargo didn't sufficiently analyze it.
North Main Street, Laketon, Ind. Whoops. Data-entry error. Wells Fargo overstated the buyer's income.
West Summit Avenue, Seymour, Mo. Has the buyer paid the rent or the mortgage on past homes? Heck, Wells Fargo doesn't know.
Why should Wells Fargo know? Wells Fargo wasn't taking the risk. In 1986, the Department of Housing and Urban Development gave Wells Fargo authority to certify loans for Federal Housing Administration insurance. Once these lousy loans were FHA-insured, they were the government's problem.
All of these properties are listed in a lawsuit the government filed against Wells Fargo Bank in U.S. District Court in New York last week.
online.wsj.com/article/SB10000872396390443294904578050992234591514.html
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