Wells Fargo Sees Refinance Mortgage Rates Lower But Foreclosures Climb in Second Quarter
Posted on | July 26, 2010 | 1 Comment
Wells Fargo has seen lower refinance rates in the second quarter but foreclosure continue to climb. In the second quarter of 2010, 30 year fixed mortgage rates were below 5% for much of the time. Unfortunately, these low mortgage rates do not help those who cannot make home loan payments.
Total foreclosed assets on the Wells Fargo balance sheet moved up to $4.9 billion which is a 22% increase from the first quarter. Wells Fargo stated that 71% of the foreclosed assets were government guaranteed loans that were insured by the FHA. Even though the foreclosure numbers increased Wells Fargo still reported $3 billion in net income in the second quarter of 2010; this is a 20% increase from the first quarter.
San Francisco based Wells Fargo is currently one of the big four banks of America along with JP Morgan Chase, Citigroup and Bank of America. Each of these banks have had problems when it comes to foreclosures and subprime loans and it looks as if this will continue at least a few more quarter.
Author: Jeremy North
Tags: foreclosure rates > refinance mortgage rates > wells fargo foreclosures > Wells Fargo Mortgage Rates > wells fargo rates > wells fargo refinance > wells fargo refinance rates
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One Response to “Wells Fargo Sees Refinance Mortgage Rates Lower But Foreclosures Climb in Second Quarter”
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July 26th, 2010 @ 11:48 am
Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture. Here are the facts.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000
– Wells Fargo’s own review appraisal valued our home at $475,000
– Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.
– Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
– Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.
– Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.
You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.