Hmmm... 'Wells Fargo (NYSE:WFC) Says No to Foreclosure Moratorium - All247News [View All]

[WillyT]

Wells Fargo (NYSE:WFC) Says No to Foreclosure Moratorium
October 10th, 2010.
Carlo Gabriel Simbajon.

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Hammond insisted that Wells Fargo will not “initiate a moratorium on foreclosures.” Hammond was quoted by the San Francisco Business Times as saying that the company’s mortgage foreclosure procedures “are accurate.” Hammond said “we continually review and reinforce our policies and procedures. If we find an error or if an improvement is needed, we take action.”

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Despite these assurances, North Carolina Attorney General Roy Cooper asked Wells Fargo and other major lenders to adopt a foreclosure moratorium in his state. Earlier, similar calls for a nationwide suspension were made by Senate Majority Leader Harry Reid and Rep. Edolphus Towns, head of the House Committee on Oversight and Government Reform. For her part, House Speaker Nancy Peloci called for a federal investigation.

The foreclosure fraud scandal started when the issue of “robo-signers” emerged in several court cases involving homeowners and the banks. “Robo-signers” are bank workers or contractors who rubber-stamped foreclosure papers without checking or verifying them. It is believed that this practice led thousands of homeowners to be wrongly evicted from their homes.

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More: http://all247news.com/wells-fargo-nyse-wfc-says-no-to-foreclosure-moratorium/6444/

:shrug: