Thursday, October 7, 2010

Wells Fargo Settlement with Arizona: Terry Goddard AG

Well it is a small start. Thank you AG. NOW can you make it more than just forcing a refi? What about hundreds of people already WRONGFULLY evicted from their home in past couple of years??? I do appreciate the good hard work done and some of my friends faceing foreclosure NOW will benefit.  I would like to see the CROOKS in JAIL though. And let me see if I understand this right..... the AG office is given 2 million by Wells FARGO to prevent foreclosure... meanwhile I have friends evicted and financially ruined,  who could not get relief earlier.

My friends won't get relief now, because you have to refinance to get the relief.  you can't refinance if you are out of the home.

Let's see:   So while you get 2 million for fighting foreclosure; my friends get the boot, and  upturned life  with the bonus of  a 7 year blight on credit.  All this and more  for fighting foreclosure and morgtage fraud.  Yup sounds equitable to me.  (sarcasm intended).

Don't get me wrong I am thrilled you got settlement. At least it's something; however,  I would still  like to see the CROOKS in JAIL

Arizona Attorney General Terry Goddard: "(Phoenix, Ariz. - Oct. 6, 2010) Attorney General Terry Goddard today announced a multi-state agreement with Wells Fargo Bank ('Wells Fargo') over allegedly deceptive marketing of payment option adjustable rate mortgage loans ('POAs') by two companies it acquired: Wachovia Corporation ('Wachovia') and Golden West Corporation ('Golden West').

At least 1,718 Arizona POA borrowers will be eligible for loan modifications that will provide almost $154 million in mortgage relief in Arizona, Goddard said. This sum includes more than $86 million in principal forgiveness for Arizona homeowners. The eligibility period for modifications to be made extends from April 1, 2010, to June 30, 2013. Wells Fargo will also pay $2.1 million to the Arizona Attorney General’s Office to assist the State’s efforts to prevent or mitigate foreclosures and prevent mortgage or loan modification fraud."

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