With all of the political ‘Mania’ going on these days taking up the broadband of our attention, it’s easy to gloss over certain other stories that are out there. This topic is something Soles Of Passion takes very seriously, and thus compelled to highlight it here. Looking back over past 8-10 years it seems as if that period has truly been a ‘demolishion period’ for our nation and the middle class. Let us collectively pray that the next 10 years will see a reversal of fortune, filled with prosperity.
However, the greed and corruption of the Bankers and politicians is very much in play in real time. The plight of so many middle class homeowners is still very much an active daily struggle, all be it ‘under the radar’ of the mainstream press. As is well documented the banks and their ancillary supporters and accommodators put together the largest ‘Ponzi’ scheme in human history (as we know it), crashed the economy, got the tax payers to give them more money guised as a ‘bail out’ of their self created scheme. And then routinely side step the subsequent guidelines set up for helping distressed homeowners to recover, and stabilize their upside down mortgages so they could stay in their homes and move on with their lives.
The following story was written by By Lainey Hashorva, which documents the ongoing struggle this homeowner is having with ‘Money Monster’ Wells Fargo Bank. Here are some quotes from this article;
“Many homeowners have tried to refinance or modify their existing mortgages since the crash of the global economy, brought on by these very banks and Wall Street investment firms. Millions of people lost their jobs, homes, businesses, investments and retirement funds in the crash, as did all levels of industry and retail, small and large. This caused a perpetual ripple effect of fear and collateral damage, with more job and benefit cuts, insurance hikes, short sales, foreclosures – and consumers not consuming in a consumer-based society.
Not good. Fear begets fear begets paralysis, followed by more downward spiraling emotionally, economically and globally as visions of growth, productivity and recovery slip away. The U.S. government put programs in place that would supposedly assist homeowners to modify their mortgages on individual homes and/or rental properties, helping the economy and Main Street get back on its feet”
“Sadly, the servicing banks did not comply with their agreements via the TARP bailout and the SIGTARP (Special Inspector General for the Troubled Asset Relief Program) guidelines when it came to playing fair with consumers who applied for the Home Affordable Modification Program, aka HAMP. This would have stabilized the housing market and calmed the ripples to aid consumers, helping them get back to consuming and thus reviving the U.S. economy.
One homeowner I recently spoke with, Therese Crowley of Illinois, fell into the proverbial rabbit hole when she put her faith in Wells Fargo Home Mortgage. Banks don’t cheat, right? Why would they lie? Why wouldn’t they want to assist the very customers they service by helping them get the assistance they need to stay in their homes? Maybe it’s because they have more to gain when their customers lose. So figured Crowley, our latest Homeowner Hunger Games contestant…”
“On all four of my applications for a loan modification over the course of 12 months (in 2009-10), Wells Fargo personnel, up to and including the executive office of John Stumpf, repeatedly used false data entry in the loan software, made misleading and fraudulent representations to me, and when identified, Wells employees refused to correct it and simply continued with ongoing delays. According to their own employees, I would have certainly been cleared for a modification had they used the correct data and followed the guidelines”
“I was told by Wells Fargo that I was denied a modification by Fannie Mae, though months later I discovered that I had in fact been approved twice through the Chicago office of Fannie Mae. I have the documents that verify the approvals, tho the false statements by Wells Fargo – both to me and the government entity, Fannie Mae – reflect the opposite. While my applications were under review by Wells Fargo, and unbeknownst to me, Wells had conducted four or more hard credit checks which brought my 800 credit score down below 660”
“With the evidence of rampant fraud and criminal activity that has been exposed regarding business as usual at Wells Fargo, citizens can only hope that government unrigs this game and restores legitimacy to banking, mortgage servicing and the immeasurable losses suffered by so many. The forged accounts, excess fees and business practices executed by Wells Fargo are crumbs in comparison to the trillions of dollars the bank acquired by defrauding the government and American consumers”
To read the entire article and the FULL “interview” with the distressed homeowner (CLICK HERE)