October 21st, 2010 in CDPE by cdpe
Wells Fargo says it has no plans to freeze foreclosures today or in the future. Since the beginning of the "robo-signing" scandal, where large banks allegedly processed hundreds of thousands of foreclosure documents improperly, Wells Fargo has maintained that its processes have been thorough and in accordance with the law.
John Stumpf, Chairman and CEO of Wells Fargo, released the following statement: "We are confident that our practices, procedures and documentation for both foreclosures and mortgage securitizations are sound and accurate. For those reasons, we did not, and have no plans to, initiate a moratorium on foreclosures."
Also, in a possible sign of what's to come in the 23 states requiring judicial review for foreclosure, New York became first state to pass legislation requiring attorneys handling residential foreclosures to sign an affidavit that they took "reasonable" steps to review and verify the accuracy of foreclosure paperwork. Jonathan Lippman, chief judge of the New York Court of Appeals, estimated that there are 80,000 foreclosure actions pending in the state's courts.
We see a great deal of homeowner misinformation regarding what the foreclosure freeze and subsequent actions mean to their individual situations. This is a strong opportunity for agents to display their service and expertise, and to help homeowners in need.