Consumer complaint received 2016-08-03
Company: WELLS FARGO & COMPANY
Product: Mortgage
Sub-product: VA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
In XXXX my husband and I purchased a home allegedly through XXXX Mortgage, financed by XXXX Bank. XXXX Mortgage allegedly entered into a contract with us for home purchase, but later sold us out in XXXX to WELLS FARGO BANK XXXX, which have WELLS FARGO BANK N.A operating as the loan servicer on it 's behalf. My husband and my understanding is that fraud has been committed upon us in that 1. We never received a loan because banks do not have monies whereby they lend or distribute to consumers for any kind of purchase. 2. XXXX Mortgage initiated a contract agreement with my husband and I knowing all the wihile they would sell the mortgage over to WELLS FARGO XXXX in a bait and switch situation. The problem with that is, that XXXX Mortgage was already paid for the mortgage ( notes can be numerously submitted for multiple payments ) with the promissory note signed by my husband and myself, then sold to XXXX, to have the mortgage terms renegotiated without our consent, and they also have gotten paid in full for the alleged mortgage sold to them. The fraud that we received a loan which should be paid back with interest is fraud, and the selling of the note/terms of the mortgage to WELLS FARGO has resulted in fraud on many facets including forgery ( as we never interred knowingly into any contract agreement, nor signed any contractual agreement with XXXX on any level ). This makes the first contract null and void and any alleged contract with XXXX also null in void. The initial mortgage was paid for in full, and neither XXXX Mortgage, nor WELLS FARGO are the actual owners of the promissory note. I submit a brief explanation of such from " Money Mechanics '' which says ... " Of course they do not really pay out loans from the money they receive as deposits. If they did this, no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for credits to the borrowers ' transaction accounts ... Reserves are unchanged by the loan transactions. But the deposit credits constitute new additions to the total deposits of the banking system ... XXXX Faces of Debt, page XXXX Federal Reserve Bank XXXX XXXX. 
You want more proof : THE BANK 'S OWN BOOKKEEPING ENTRIES ARE PROOF. Let 's say the bank receives a {$1000.00} check deposit. It is recorded as an asset to the bank. But in order to balance their books, on the other side of the ledger they have to record a {$1000.00} liability. The bank has an asset for {$1000.00}, but it also has a liability of {$1000.00} to you, the depositor ... The bank owes you {$1000.00}. You have a right to draw on that {$1000.00} whenever you choose ... Therefore, in reality you do n't owe the bank anything ... Actually the bank owes you! The account is a wash ... They still do not own your promissory note. They made an exchange - your promissory note ( asset to the bank ) was exchanged for the face value of the note. They deposited your note and then sold it remember. Therefore, on their books they still have a liability to you ( references from XXXX, page XXXX, and page XXXX, Federal Reserve Bank XXXX XXXX ). 
A foreclosure sale was scheduled for XXXX XXXX, XXXX, and a call was made to WFBNA to void the selling of the property where we inhabit. We have exercised our rights according to the TILA to rescind the alleged loan on the basis of fraud/illegal acts, which cause does extends the limitation of the time to rescind " indefinitely ''. These kind of practices are disgusting and gruesome. The extent in which business is conducted in XXXX is cursed with greed and covetousness inflicting pain and harm on innocent people through massive deception and organized crime ( fraud ). This constitutes a cloud of shame upon our nation, and something massive ought to be done about these types of practices. Now I see that only XXXX XXXX can help AMERICA.

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