Wells Fargo insider details fraudulent foreclosure practices

An employee of Wells Fargo contacted MSNBC in the end of January to detail the fraudulent foreclosure practices still being employed by the bank, likening the process to an assembly line.

Even after the country’s largest banks paid a $25 billion settlement to the federal government and assured they have reformed their foreclosure processing practices, the Wells Fargo insider revealed that little has changed.

The worker stated that Wells Fargo pushed their employees to meet daily quotas or face a verbal warning first, then a written warning. After two written warnings the bank will withhold their paychecks. With this kind of pressure it is likely that the bank’s employees can make a mistake that could cost someone their home, which then would require them to retain a foreclosure attorney.

The Wells Fargo worker told MSNBC that some homeowners were served foreclosure notices after owing interest as low as $1.18 a day. Some homeowners were denied mortgage modifications after a brief interview, while others who were trying to get help sent faxes to machines that went unattended for weeks.

The loan processor said one family was served foreclosure papers event though they were not behind on their mortgage.

Many of the country’s largest banks assert that mistakes in foreclosure documents are rare but it is hard to determine this since many people don’t hire foreclosure lawyers to contest their foreclosure in court.

The foreclosure crisis has hit American families hard, though some have been able to stay on their homes with the help of a foreclosure attorney many others just accept foreclosure documents at face value and let go of their homes.