Daily Archives: September 8, 2012

Update 3: Wells Fargo Mistakenly Cleans Out Retired Couple’s Home Not Once But Twice

This happen in June and again over the Labor Day weekend. The couple needs to haul Wells Fargo and the company that Wells Fargo contracted to court.

Here is more on the story:

But on June 1, a neighbor in Twentynine Palms called the Tjosaas family, asking if they had authorized people to clear out their home.

“We assumed it was a break-in and, really, it was a break-in,” Tjosaas said. “They weren’t legally supposed to be there.”

Tom Goyda, vice president of corporate communications for Wells Fargo Home Mortgage, told ABC News the company had foreclosed appropriately on another property near the Tjosaas house and the error was made when a contractor mistakenly went to the Tjosaas house instead of the correct house.

The Tjosaas home had actually never had a mortgage or lien on it because it was paid for in cash as it was being built about 50 years ago.

“We are deeply sorry for the very personal losses the Tjosaas family suffered as a result of their home being mistakenly secured and entered by a contractor hired to address a different nearby property,” the company said in a statement. “We moved quickly and have been in contact with the Tjosaas family to resolve this unfortunate situation and right this wrong.”

Once the neighbor called, the Tjosaases called the police but were not able to drive to the property immediately because they were attending their granddaughter’s wedding.

When her husband drove to the property three days later, she said the workers said they were authorized to clear out a foreclosed home. Finally, the sheriff came and escorted the workers to the intended location, 10 acres away, she said.

“Alvin was left to sit among the ruins of the house,” Tjosaas said of her husband.

She later learned the contractors had used a satellite photo and an address given to them by Wells Fargo.

“They simply were at the wrong location,” she said, “not even on our road.

The Tjosaases contacted an attorney and Wells Fargo, but Pat Tjosaas said her attorney “was having trouble getting a contact to return his calls” at the company.

The couple did their best to clean up the mess and asked Wells Fargo to have another subcontractor replace the locks on their home.

However, over Labor Day weekend, Alvin Tjosaas, went to check on the home and saw that it had been broken into and “vandalized” again.

“They had taken things like propane tanks, tires, rims that belonged to vintage cars, and put them on the lawn,” his wife said.

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Thoughts and memories of the DNC event from California delegate’s point of view

A blogger that goes by the name of airjackie attended the Democratic National Committee as delegate from California from Tuesday through Thursday. I will be posting her thoughts of the event and whom she met throughout the event. This is part 1 of  a post of the DNC event.  She arrived on Tuesday evening in time to watch Michelle Obama’s speech Here is her thoughts and conversations that she had on the DNC event:

Day 3 September 6, 2012:

She met the following people in person at the DNC event:

1. Gov. Martin O’Malley of Maryland which she claims is drop dead gorgeous person  and she told him that in person. He asked for a hug from her.

2. NY Attorney General Eric Schneiderman. She saw Mr. Schneiderman and she called out by his first name, Eric, and there were three secret service men asking for her ID. These secret service men were for Mr. Schneiderman. She should her ID as delegate to the men.  She told Schneiderman that he was doing a great job. He said thank you. She told him to keep it up and he said he will.

 

3. Steve Kornacki from the MSNBC show The Cycle. She says Steve is cute. Fans from CA delegates asked to take a picture of him as she step aside. She asked Steve if she can have a picture of her and him. He agreed. There was a photo of her and Steve as Steve gave her a kiss (a side note: I look forward to posting that photo).

 

4. Met KY Attorney General  Jack Conway. She described Conway as a very personal an very excited about being at the convention. Entering the convention and attending the Latino caucus ( on a side note: will provide speakers’ names on a later post).

More on the DNC event:

The surprise to the speakers and to the 2,000 attendees including herself was a visit by Michelle Obama who gave a speech to fire everybody up and give her thanks to all those who worked so hard for her husband. She preceded to ask security to have a line form so she can shake hands of every attendee.  What she saw and experience was the first lady is personal, concern, and interested in each Americans as she showed and she thanked. Then, on to the convention center where all 50 states were represented, and she decided to make it mission to visit all the delegates in all states. She started with Alaska and ending with Hawaii. (This is how it was listed at the event). In my three days, she got to know people from each state of the US and realize that we are one country and one people. September 5, all participated in Bill Clinton’s speech but many elected officials took the time to take to their delegates representing their states. The list of speakers supported the view and direction that President set forth. As inspiring as President Clinton’s speech was, it gave discussion for delegates to spread the message to their states and districts.

After Clinton’s speech, she and other delegates went back to the hotel to discuss all the speakers’ speeches. And she met Attorney General Jack Conway again (on a side note: Conway was stay at the same hotel). Conway offered to buy her drink and paid for her night time sandwich as we discuss the events of the day. And Conway offered to put all her meals on his tab. ( on a sidenote, I wish I was there). 

Proponent of Mortgage-Seizures Would Take Delinquent Debt in Program

Mortgage Resolution Partners LLC, the firm pushing municipalities to seize loans for borrowers owing more than their homes’ values, said it would expand its proposed program to include delinquent and defaulted debt.

The company made the pledge today in a comment letter to the overseer of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, after previously saying only performing mortgages should be targeted. The San Francisco-based firm is seeking to profit by providing services to local governments that use their so-called eminent domain powers to force sales of home loans packaged into securities without federal backing.

The Federal Housing Finance Agency, which also heard today from trade groups opposed to the plan, last month sought comments on the idea, saying it may need to take action against it. The initiative is being considered in areas across the U.S. led by San Bernardino County, California. The FHFA said it was concerned that the plan would damage lending markets and the finances of the companies that it oversees by reducing the worth of their bond investments.

“Governments will pay fair value for all loans acquired by eminent domain, as indeed they are required to do by the courts that oversee all eminent domain proceedings,” Mortgage Resolution Partners Chief Executive Officer Graham Williams said in the letter. That means investors in the securities holding the loans won’t be damaged, he said.

 

Read on.

Three German banks file RMBS suits against Goldman Sachs

German lender DZ Bank AG is the latest international financial firm to sue Goldman Sachs Group   ($116.33 2.79%) for selling $188.6 million in residential-mortgage backed securities collateralized by risky home loans, Bloomberg reported.

The suit comes the same week as another suit from German Lender Bayerische Landesbank, which made similar RMBS claims.

In addition, German bank IKB Deutsche Industriebank AG has a suit pending against Goldman over similar investments.

Click here to read more.

 

Ocwen reduces principal on old Saxon mortgages

Billions in mortgages once handled by Saxon Mortgage Services received more principal write downs since Ocwen Financial Corp. ($26.24 -0.02%) took over the portfolio.

Ocwen, now the largest subprime servicer in the U.S., completed its October 2011 acquisition of Saxon from Morgan Stanley ($17.08 0.83%) in April 2012.

More than $22 billion in mortgages transferred through the deal.

Just 11% of all modifications done on these loans included a principal reduction as of May. But in the three months since, Ocwen wrote down principal on 56% of modifications on Saxon loans, according to Laurie Goodman, chief analyst at Amherst Securities.

Read on.