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Christine Baker
Board Administrator
Username: Admin
Post Number: 860
Registered: 08-2002
| | Posted on Monday, May 12, 2003 - 10:46 pm: | 
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From the 5/2/03 Department of Corporations press release:
http://www.corp.ca.gov/pressrel/03/corp/nr0306.htm
Sacramento, May 2, 2003 - - The Department of Corporations announced that the California residential mortgage and finance lender licenses of Wells Fargo Home Mortgage have been revoked.
"California consumers had a legitimate expectation that Wells Fargo would obey the same laws as their competitors and limit themselves to the same charges," said California Corporations Commissioner Demetrios A. Boutris. "Instead, among other breaches, Wells Fargo charged consumers interest on their mortgages more than a day prior to the deed being recorded, an admitted violation of California law. If Wells Fargo is not going to abide by California's laws, it has no right to California's licenses. Wells Fargo Home Mortgages mortgage licenses are hereby revoked."
A state hearing on the Wells matter was recently concluded, while federal proceedings are ongoing. Administrative Law Judge Jaime Roman issued proposed rulings calling for the revocation of Wells Fargo's California Finance Lenders License and California Residential Mortgage Lending License. On May 5, Wells Fargo and the Department of Corporations will be in federal court to determine whether the Department or the federal Office of the Comptroller of the Currency (OCC) has jurisdiction over Wells Fargo Home Mortgage.
Pending resolution of the federal case, Wells Fargo has the authority to sell mortgages under federal law and complaints should be directed to the federal regulator. In order to facilitate consumer refunds with a minimum of delay, the Department has forwarded the OCC consumer complaints received by the Department regarding mortgage overcharges by Wells Fargo. Consumers who feel that they have been improperly overcharged by Wells Fargo should contact the OCC at 800-613-6743.
The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677).
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Lynette
Moderator
Username: Lynette
Post Number: 48
Registered: 10-2002
| | Posted on Monday, May 12, 2003 - 11:40 pm: |
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UNBELIEVABLE!!! If I didn't come to a complete stop at a stop sign, I would be caught and have to pay for my wrong doing, but WFHM, plays an amazing game... at the expense of every American out there...
BECAUSE WFHM has OUR MONEY (from illegally over charging us) to hire the best lawyers to fight, and no attorney wants to go up against them without a BIG BUCK retainer, and in financial distress and the emotional breakdown from having someone trying to steal your home... WHO has big bucks?
Great justice system we have... well, if you are a corporation it is.... |
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