Arizona Loan Modification Couple Says Wells Fargo is the Scammer
Originally posted in May 2010.
Yet another Arizona homeowner in foreclosure and trying for a loan modification is about to lose their home to Wells Fargo Bank. They say they worked directly with their bank and were scammed⌠by the bank⌠Wells Fargo Bank. This family says they went to a Wells Fargo Arizona Loan Modification Workshop where they were told the Trial Modification Lie: Just make three trial payments on time and as agreed and weâll modify your loan.
Well, they did.
But the bank didnât.
Okay, so what, right? Certainly not the first time this has happened. Not even close.
So, next thing that happens? Wells tells them they have five days to make a payment of $9,200 or home goes into foreclosure. No options, no extensions. The clock is ticking. Hurry!
Okay, hold it right there. Freeze! Why is this okay with anybody?
The 5-day requirement, I mean. Why is this necessary? Why are the banks allowed to do this? Five days and thatâs it? The bank canât give these people 30-days to come up with the $9200, for example? No? Really? Why⌠exactly? Weâre trying to stop foreclosures as much as possible, right? We certainly donât need extra foreclosures, wouldnât EVERYONE agree? So, why exactly do we put up with this? Why does Wells Fargo need that $9,200 in 5-days⌠or else?
I called a guy I know who is a loan shark. He says he gives people 30-days all the time⌠before breaking their thumbs.
We, and when I say we I really mean us⌠the taxpayers⌠have made so much free money available to Wells Fargo and their brethren⌠and I do mean, trillions of dollars⌠surely Wells and the others can go a month, for example on the $9,200. I mean, theyâre the ones that told the homeowner to make only the trial payments, and not their full payment, right?
Given thirty days homeowners might have a shot at bringing everything current and we might avoid a foreclosure or two. I donât care which side of this foreclosure crisis youâre on, whether you blame the borrowers or the banks, you should hate that this is ever handled like this.  Itâs like the bank is saying:
âOkay, so I know we told you that youâd get a loan modification, but we changed our mind. Now weâre going to give you an hour to come up with ten grand. Oh, and you have to do it wearing roller skates. And weekend days count too, not just business days. And donât be short, not even a dollar, or weâre taking the house.â
You know what, Wells Fargo and the rest of you⌠thatâs crap. Anybody knows thatâs crap. And itâs going to hurt you, I promise. I donât know exactly how, and I donât know exactly when, but I can tell you this⌠Iâll never do business with you again, given any choice at all. And thereâs always a choice.
Iâll never support your political agenda, and I know you may not care about that today, but Iâm gosh darn sure Iâm not the only person out there that feels like I do, and you havenât even foreclosed on my home.
Oh, and count on me making sure others hear my point of view too. Like my fourteen year-old daughter. Did I mention that she gets straight Aâs and is extremely likely to grow into quite the American consumer one day? Yeah, well she wonât be doing anything with your stupid stagecoach any time soon either. Like never, would be my best guess. Are you feeling me?
And as the saying goes, any friend of yours⌠is a friend of yours.
Plus⌠the homeowners in Phoenix say that in that $9200 are plenty of late fees and penalties, even though paperwork they were given at the Wells workshop said, âIf you fulfill the terms of the trial period, we will waive all unpaid late charges at the end of the trial period.â
What up with that, CEO John Stumpf? Donât you live up to your written agreements? Youâre an insolent prick John-boy, and Iâm making a hobby out of telling people about the accounting regulations that youâre being allowed by your banking buddies in Washington to ignore.
Maybe one day you wonât be allowed to have âOFF-BALANCE SHEET GARBAGE,â in the form of QSPEâs, Qualified Special Purpose Entities. I guess ENRONâs âSPEsâ werenât allowed anymore, I guess cause theyâre FRAUDULENT⌠so you guys all figured if you stuck a âQâ in front, weâd never notice. Yeah, and I know⌠you only own 49% which makes it kosher, right Stumpf? BWHAHAHAHAHAHA! Youâre an ass.
The Phoenix homeowner, Kevin Harper, according to KPHO Channel 5 in Arizona, said to him, âIt sounds like a scam. It sounds like theyâre trying to take the house so that they can make more money.â
Well, the only reason it sounds like that to you, Kevin, is because thatâs exactly what it is. And the only reason theyâre being allowed to get away with this unadulterated horse manure is that they have friends in high places⌠like on Capitol Hill to be specific, and in the Treasury Department where theyâre all convinced that if we donât all kowtow to bankers like you, weâre going to become Zimbabwe over the summer.
Yeah, well⌠weâre not, and that scary bedtime story your lobbyists keep telling my elected representative isnât going to work forever, because Iâve a few scary bedtime stories of my own, and Iâm going to be telling them to my elected representatives too. Have you heard the one about the Senator who got tossed out of office unexpectedly?  Ooooh, itâs chilling, let me tell you.
âThey figured out a way to make money in this economy and take good homes and essentially steal them,â said Keven Harper, according to the KPHO story.
Kevin, thatâs only partially true. They may have figured out ways to be given money, and perhaps look like theyâre making it, but thatâs only because theyâve high-jacked our legislature and our political process. We can take it back anytime, just so you know. Itâs going to take some work, no question, because theyâve been capturing and compromising for some 30 years now, so it may take quite a bit of effort, but until we do, I promise you and everyone else⌠this too, shall not pass.
The bankers and other finance industry executives are the new American âoligarchyâ.
Youâve heard of âmonarchs,â right? Like King George of England? The royal ass we kicked the hell out of starting right around 1776 in this country? Of course. Well, the bankers are our new âoligarchsâ. Oligarchs are like monarchs, except that instead of ruling by divine right, like King George thought he did until weâd had enough of his ârule,â oligarchs use their economic power to gain political power. In other words, they buy whatever they want.
(If you want to know just how bad the situation is, click here to read my review of â13 Bankers,â by Simon Johnson and James Kwak. Â Itâs just 200-odd pages and then youâll be ready to be fitted for a torch or a pitchfork.)
Thatâs where we are today in this country, Kevin. In my damn country. Yours too. Thomas Jefferson would have shot himself in the head before living under such an oligarchy of bankers. We need to take it back, Kevin. You, me and quite a few others as well. And until we do, donât be surprised by anything Wells Fargo does or is allowed to do. Itâs not personal, itâs happening to hundreds of thousands of homeowners across this country month after month. In fact, I just read it⌠weâve had 14 months of over 300,000 foreclosures each month. (Iâd look that up to tell you the source of the data, but Iâm too pissed off at the moment⌠check it yourself, if you donât believe me. Iâm right.)
It should go without saying: âA representative with Wells Fargo Bank told CBS 5 News they are looking into the Harpersâ situation.â
Of course they are, silly. They always look into something that makes the news, right Stumpy? Because what we donât know canât hurt you, but boy, someone sends out a news crew and you send out the damage control people to âlook into thingsâ faster than I can say, âbad P.R.â
And, by the way, the more I think about it, that stupid stagecoach youâre so fond of is the perfect logo for you guys, cause itâs indicative of how fast your bank responds to homeowners when the cameras arenât rolling.
Well Mr. Stumpf, if the old adage is true⌠that what you donât know canât hurt you, then you are practically invulnerable.
~ ~ ~ ~ ~ ~ ~
Senator Carl Levin framed it exactly right just a couple of weeks ago:
âItâs a sad day when the power of Wall Street can overwhelm the power of the American people in the US Senate.â
Hereâs a link to the original story on Phoenixâs KPHO Channel 5:
Phoenix Couple Says Calling Wells Fargo Directly is the Scam