Consumer complaint received 2017-03-08
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
Wells Fargo LN XXXX XXXX XXXX XXXX , XXXX CA XXXX XXXX XXXX XXXX and XXXX XXXX XXXX We are alleging the following : 1. Racist Servicing Activity - Wells Fargo follows a consistent pattern of neglect against minority borrowers. We have seen this on all of our short sales with XXXX borrowers. 
XXXX BORROWERS are NOT treated this way. We have never had to file a CFPB complaint against Wells Fargo with a XXXX borrower. 
2. Refusal to Send NOSS to Borrower. ( This was our previous CFPB complaint ) The Bankruptcy Attorney never received a copy either. At what point is the CFPB going to realize that the 'responses ' given by Wells Fargo to the CFPB Complaints are nothing but LIES??? 
3. Wells Fargo representative XXXX XXXX of the presidents escalation office, on a recorded phone line, stated that her legal department ( the same legal department that condoned and promoted the illegal opening of XXXX FAKE BANK ACCOUNTS ) is not required to follow ECOA ( Equal Credit Opportunity Act ) guidelines and FDCPA ( Fair Debt Collection Practices Act ) - these were put into place to protect the borrower. 
XXXX Wells Fargo has taken the stance that they do not have to follow laws that were put in place to protect their own clients? 
XXXX. Deliberate and calculated 'misunderstanding ' of the issues when posed for escalation. We believe this has everything to do with race and the location of the home. Wells Fargo has already lost a major lawsuit in XXXX XXXX County for doing the same thing they are doing on this file with this minority borrower. This is purposeful avoidance of the real issues with Discriminatory Minority Servicing practices. 
XXXX. Where and how Wells Fargo came up with their value for this property. We want to be able to work through the value issues on this property and successfully conclude a short sale. We are being prevented from doing so by every department in Wells Fargo, no one will discuss the fact that this property was listed since XX/XX/2016 starting above their " list price guidance '' figure of XXXX. No offers were generated until the last price drop to XXXX and the only offer the listing agent was able to obtain was for XXXX. Because WF refuses to produce their value report, we have no way of knowing what - if any - damages were noted, and the size condition and location of the comparable properties that Wells Fargo has used to come up with a value. While we have provided inspection reports and contractor 's repair bids, no one at WF will discuss this with us. Their value is TOO HIGH for the property in its current condition and we have sent the evidence to support that to WF on multiple occasions. By refusing to discuss reasonable and appropriate market value for this property, WF is preventing the borrower access to reasonable alternatives to foreclosure, and is attempting to extort any potential buyer into paying above market value.

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