The International Bank Activities Reform Commission is charging Wells Fargo, partly owned by Warren Buffet and the Gates Foundation with fraud in their global involvement with the mortgage morass which continues impacting the global economy.
In a complaint filed with the European Monetary Commission and the World Court in the Hague, Gabor S.Acs. one of the founders of IBARC stated, "Wells should get a Wells Notice from the United States Securities and Exchange Commission soon if they are on top of this investigation at the Justice Department."
The complaint alleges that Wells Fargo, their Directors, Officers and Major Institutional Stockholders including Goldman Sachs knew or should have known that billions of dollars in first and second mortgages originated, packaged and sold as securities by Wells contained false financial information provided by real estate brokers. mortgage brokers and borrowers, making it impossible for the borrowers to pay back the loans or to be qualified to even make the monthly payments without refinancing over and over during a 30 year period that falsely inflated the cost of housing in the United States and the world over as a result, causing serious economic damage to hundreds of millions of humans around the world.
In Washington State Wells Fargo Financial recently announced it is shutting 25 of its stores which are currently located in Auburn, Bellingham, Bellevue, Bremerton, East Wenatchee, Everett, Federal Way, Kennewick, Kirkland, Lakewood, Lynnwood, Marysville, Olympia, Puyallup, Seattle, Shoreline, Spokane (two), Spokane Valley, Tacoma (two), Tukwila, Vancouver (two) and Yakima.
Read more: Wells Fargo shutting 25 Financial outlets in Washington - Puget Sound Business Journal (Seattle)
Full Motion Commercial Grade Video Tours of Yakima, WA Real Estate, surrounding areas..and the Pacific Northwest with map based browsing of Real Estate Videos. We can help you sell your Yakima Homes for pennies-on-the-dollar when compared to traditional print advertisement. If you are a Realtor/Agent or a Home Owner and you are serious about getting huge exposure to your Yakima, Washington listings for sale, give us a try and watch how Real Estate Video can give you an edge over the competition.
Wednesday, July 21, 2010
Yakima Real Estate & Homes | Wells Fargo Charged With Fraud In Mortgage Morass
via examiner.com
Subscribe to:
Post Comments (Atom)
I can't believe that Wells Fargo can do this but I will follow this issue until it’s been solve. This kind of issue damages the reputation of mortgage brokers.
ReplyDeleteYes and I know that some real estate company will also affect on this issue. I hope that New Homes For Sale Antelope Valley will not be affected on this because I am planning to buy a new homes on this place. Visit here for more information about New Homes For Sale Antelope Valley.
DeleteThis comment has been removed by the author.
ReplyDelete