Consumer complaint received 2016-02-17
Company: WELLS FARGO & COMPANY
State: VA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker

Complaint:
As the subprime mortgage crisis was peaking during XXXX, we relocated to XXXX in XXXX, XXXX, for employment purposes and executed a home mortgage on a residence here. With the increases in loan demand due to easy initial lending practices during that period, housing demand was sharply stimulated to exceed housing supply and, unbeknownst to me at the time, my XXXX mortgage was based on an artificially-inflated property appraisal value. 
This subprime mortgage crisis was a nationwide banking emergency that coincided with the US recession of XXXX XXXX - XXXX XXXX. In XXXX and later, financial settlements with homeowner mortgage relief components were reached with major financial institutions, regulators, and credit agencies to settle claims related to unfair, deceptive, and fraudulent predatory lending practices during this period. A list published in the XXXX XXXX XXXX XXXX ( XXXX ) shows the Biggest Bank Settlements. 
I, like thousands of other Americans, still need your help with mortgage principal reduction programs. We 've paid every monthly payment so far, but now that I 'm recently retired, my monthly mortgage payment has become an increased burden for us at nearly XXXX percent of my monthly budget. 
In XXXX XXXX, XXXX XXXX took on HUD and FHFA for their failure to act : " These XXXX XXXX investors made money by crashing the economy, got bailed out and now they 're back to feed at the trough again, scooping up these loans at rock-bottom prices so that they profit off them a second time - and it is up to us to stop that! '' She scolded FHFA chief XXXX XXXX for postponing action on principal reduction for struggling homeowners. 
We need your help to restore the middle class and promote " true '' economic growth by returning " stolen '' money to those who were " robbed '' by greedy financial companies during the subprime mortgage crisis. You can make a real contribution to the American middle class, rather than to Wells Fargo Chief Executive XXXX XXXX 's {$19.00} XXXX in compensation by acting NOW. 
To date, I have n't received a letter, telephone call or any contact information explaining how any of these and other settlements with financial institutions, regulators, and credit agencies will provide my family with mortgage principal relief on my bloated XXXX home mortgage. I 've been contacting my elected officials about this issue for more than three years and they have been unresponsive and dismissive. Now I read in the XXXX ( XXXX XXXX, XXXX ) that accumulated US Justice Department fines from these settlements might be diverted quietly to other budgetary needs. 
Apparently the Consumer Financial Protection Bureau is our only hope. Where are all the funds from these settlements now? How can I access the funds from these settlements for mortgage principal relief? 

Attachments : 1 ) XXXX XXXX XXXX ( XXXX ) shows the Biggest Bank Settlements 2 ) XXXX XXXX, XXXX XXXX took on HUD and FHFA 3 ) XXXX ( XXXX XXXX, XXXX )

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