Mr Mortgage Exposes Wells Fargo’s Toxic Waste 4/7/08

June 19, 2009 by · 25 Comments
Filed under: Blog 

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Wells Fargo Subprime toxic waste exposed. Do they have to raise capital? Mr Mortgage shows a 2006 Wells rate sheet. This is hard evidence of Wells doing nasty subprime loans for borrowers with scores as low as 500 and 120-day mortgage late payments, which is essentially foreclosure status. They did not sell this directly to consumers, rather used correspondents like New Century, Accredited, Countrywide etc to rebrand the programs and sell them as their own. This is a very common practice but this just proves Wells is dirtier than most. First, because not everyone did subprime. Second, because they lied of course.

Duration : 0:7:48


[youtube kb9byJ2QWcg]

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Comments

25 Responses to “Mr Mortgage Exposes Wells Fargo’s Toxic Waste 4/7/08”
  1. dbadassboy says:

    Casting call I have …
    Casting call I have a movie in the making trust me its toxic waste on their books

  2. dbadassboy says:

    Wells Fargo Fraud I …
    Wells Fargo Fraud I know how they work
    I am a former supervisor
    who worked at the sweatshop
    in Schaumburg, IL
    I know all about the fraud and
    predatory lending practices
    I filed a lawsuit
    Disability Discrimination
    Failure to accommodate
    multiple civil rights violations.
    They kicked me to curb
    and refused to honor my
    request for COBRA

    I Don Darryl
    Chicago

  3. dbadassboy says:

    At all relevant …
    At all relevant times they either knew or they reasonably
    should have known, that the acts, actions and failure to
    act of its managers, supervisors and agents would and
    did proximity result in mental physical and emotional
    injury to me including pain suffering and depression and mental anguish.

    I. Don Darryl
    310-922-9740
    Team Lead Mortgage Loan Operations
    Schaumburg, IL

  4. Skunkwow says:

    i love wells fargo
    i love wells fargo

  5. wellsfargoinjustice says:

    Wells Fargo is a …
    Wells Fargo is a corrupt corporation preying on the American Public.

  6. saveurhomenow says:

    Don’t Get …
    Don’t Get Foreclosed On Modify Your Loan go to homesaver(DOT)tk

  7. mannyfeseha says:

    thehelpfund.blogspot
    thehelpfund.blogspot

  8. DrewDownsManagement says:

    Very informative …
    Very informative video. I took some notes on the video and how it was done. I gave it 5 stars. Check out our vids and tell me what you think? We have some good stuff also.

  9. jcfromadiki says:

    interesting how …
    interesting how wells fargo doesnt seem to be hurting right now like every other bank. Interesting how Warren Buffet owns more than 10% of Wells Fargo. Good call

  10. ecoweho11 says:

    Absolutely shocking …
    Absolutely shocking Wells Fargo has been cooking the books and denying vigorously that they don’t have a lot of subprime when it fact they have one of the most of any bank in the world. Why would a company “BEG” for $25 billion in corporate welfare bailout money, which they received, if they didn’t have any mortgage losses? The management at WF needs to be in prison for lying even worse than ENRON.

  11. reefvideo says:

    You are crazy, …
    You are crazy, Would that be possible they sell off most of the Toxic Waste before all this happen????

  12. reefvideo says:

    You are crazy, …
    You are crazy, Would that be possible they sell off most of the Toxic Waste before all this happen????

  13. IdahyFCU says:

    Get your facts …
    Get your facts straight and learn how to read the pricing sheet. I was a subprime HMC for Wells using the exact sheet you demonstrated. Wells did do 80/20 or 100% cltv loans in which they brokered out the 2nd to another company down to a 580 credit score, not a 500. The sheet you hold up even shows that. The second everyone titghtened up lending in 07, Wells did the same. Wells subprime portfolio truly was much cleaner than everyone else in the market with centralized underwriting…

  14. Susieshepherd says:

    My friend has to …
    My friend has to work directly with Wells Fargo …they use “temps” for some of their HUD approvals

  15. woodhind says:

    the new loas are …
    the new loas are Auto loans, due to declining homes values, you can borrow 169% based on the nada bluebook and can charge 15%-25.99% state max on auto loan, we cwll them tax benefit when Wells Fargo repos, no one can pay the payments 45k x 18.99= x 36months,,,no one any person keep that payment

  16. woodhind says:

    TTO to convince a …
    TTO to convince a Prime borrower it’s what needs to be done, so we can get the loan over 80ltv so it didn’t go prime and that meant making thm take extra money they didn’t need…PART OF TRAINNING

  17. woodhind says:

    WFF has a program …
    WFF has a program called TTO?:Term To Own, basically they put all your debt into a mortgage loan along with your auto lease and have it on a 15 year while reducing your overall monthy debt, but don’t explain it’s a short fix until customer needs a new lease. How can it be legal to charge 4 ponts and charge such rate? I understand that we did

  18. woodhind says:

    Wells Fargo still …
    Wells Fargo still does sub-prime, they just do them direct from the WFF financial center and not broker the loans out, I worked for them. WFF till this day offers d 8%\9%, 85ltv, 4 points 3year arms to PRIME BORROWERS that don’t know better..

  19. notu286 says:

    I see your video is …
    I see your video is on the Mortgage News Daily web site, Nice Job!

  20. notu286 says:

    Great we site! I …
    Great we site! I made a video for a kid that fighting Wells Fargo. Please check out him web site. video above.

  21. licebaby says:

    Wells Fargo is a …
    Wells Fargo is a corrupt company full of incompetent people I’m not surprised at all that they’re lying to their shareholders. I known people who worked there who commit credit card fraud, lazy, incompetent, blackmailed by external vendors for cash, sexual harassment and more. You’d be shocked but WF keeps terabytes of confidential customer data open internally where internal people can steal them.

  22. 2vintage68 says:

    Awesome, …
    Awesome, informative video! Really fun reading through comments too as the verbal battle between current WFC shills and former insiders is extremely illuminating. Of course they did all this stuff, AND MORE. Look at the post below; this guy thinks its great that they sold most of this fraudulent garbage.

  23. freddytuber says:

    How come they just …
    How come they just now posted good earnings and even raised dividends? Are they lying?

  24. vizionkc says:

    Awesome Video Very …
    Awesome Video Very Clear Cut.

  25. christophgerald says:

    I miss the 100% …
    I miss the 100% stated 80/20 with a min 620 score, no reserves, rent free………….

    RIP

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