Consumer complaint received 2023-10-18
Company: WELLS FARGO & COMPANY
State: TX
Product: Debt collection
Sub-product: Mortgage debt
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
XXXX XXXX XXXX continues to try and collect on a debt not owed. XXXX XXXX is a servicer of the alleged mortgage loan. A servicer has no right to collect any monetary obligations. The servicer holds the loan. Holding and collecting are two different jobs. 
servicer ( 2 ) Servicer The term servicer means the person responsible for servicing of a loan ( including the person who makes or holds a loan if such person also services the loan ). The term does not include ( A ) the Federal Deposit Insurance Corporation or the Resolution Trust Corporation, in connection with assets acquired, assigned, sold, or transferred pursuant to section 1823 ( c ) of this title or as receiver or conservator of an insured depository institution ; and ( B ) the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Resolution Trust Corporation, or the Federal Deposit Insurance Corporation, in any case in which the assignment, sale, or transfer of the servicing of the mortgage loan is preceded by ( i ) termination of the contract for servicing the loan for cause ; ( ii ) commencement of proceedings for bankruptcy of the servicer ; or ( iii ) commencement of proceedings by the Federal Deposit Insurance Corporation or the Resolution Trust Corporation for conservatorship or receivership of the servicer ( or an entity by which the servicer is owned or controlled ). 

The depositor bank which is XXXX XXXX XXXX XXXX took my promissory note and securitized it so he Treasury paid it out. There was no exchange of any money between me and XXXX XXXX that would hold me liable for this alleged debt. 

( 2 ) " Depositary bank '' means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter ; I have requested XXXX XXXX provide the official book entry for that proves they indeed loaned me money for this loan. According to the Federal Reserve Act section 16 subsection 2 states no collateral shall be required for the FRN notes that banks hold. XXXX XXXX stated under SEC they are not a bank so they hold no such FRN therefore my home can not be used as collateral for this alleged loan.

2. Application for notes by Federal Reserve banks Any Federal Reserve bank may make application to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 10A, 10B, 13, or 13A of this Act, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers ' acceptances purchased under the provisions of said section 14, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof, or assets that Federal Reserve banks may purchase or hold under section 14 of this Act or any other asset of a Federal reserve bank. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. The Federal Reserve agent shall each day notify the Board of Governors of the Federal Reserve System of all issues and withdrawals of Federal Reserve notes to and by the Federal Reserve bank to which he is accredited. The said Board of Governors of the Federal Reserve System may at any time call upon a Federal Reserve bank for additional security to protect the Federal Reserve notes issued to it. Collateral shall not be required for Federal Reserve notes which are held in the vaults of, or are otherwise held by or on behalf of, Federal Reserve banks. 

[ 12 USC 412. As amended by the acts of XXXX XXXX, XXXX ( XXXX XXXX. XXXX ) ; XX/XX/XXXX ( XXXX XXXX. XXXX ) ; XXXX XXXX, XXXX ( XXXX XXXX. XXXX ) ; XXXX XXXX, XXXX ( XXXX XXXX. XXXX ) ; XXXX XXXX, XXXX ( XXXX XXXX. XXXX ) ; XX/XX/XXXX ( XXXX XXXX. XXXX ) ; XX/XX/XXXX ( XXXX XXXX. XXXX ) ; XX/XX/XXXX ( XXXX XXXX. XXXX ) ; XX/XX/XXXX ( XXXX XXXX. XXXX ) ; XX/XX/XXXX ( XXXX XXXX. XXXX ) ; XXXX XXXX, XXXX ( XXXX XXXX. XXXX ) ; XX/XX/XXXX ( XXXX XXXX. XXXX ) ; XXXX XXXX, XXXX ( XXXX XXXX. XXXX ) ; and XXXX XXXX, XXXX ( XXXX XXXX. XXXX ). ] If XXXX XXXX is the owner of the security there should be a book entry proving ownership. I am requesting a copy of this book entry not a copy of the simple consumer agreement/contract. 

If there is no such documentation XXXX XXXX should cease all collection attempts are further legal action will be take not limited to reporting the company to the sec for fraudulent mishandling of unregistered securities. 
What Are Book-Entry Securities?

Book-entry securities are investments such as stocks and bonds whose ownership is recorded electronically. Book-entry securities eliminate the need to issue paper certificates of ownership. Ownership of securities is never physically transferred when they are bought or sold ; accounting entries are merely changed in the books of the commercial financial institutions where investors maintain accounts

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation