Consumer complaint received 2024-11-23
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: WELLS FARGO & COMPANY (CA)

This letter is a Written Request and Demand for Investigation under the Stipulation and Issuance of Consent Order, dated XX/XX/XXXX, ( Stipulation ) XXXX and XXXX of the CFPA, 12 U.S.C. 5563, 5565, The Bureau has the obligation to impose the maximum amount of civil money penalties allowed under 1055 ( c ) of the CFPA, 12 U.S.C. 5565 ( c ). Under 1055 ( c ) of the CFPA, 12 U.S.C. 5565 ( c ), by reason of the violations of law described in Section IV of this Consent Order. 

Back on XX/XX/XXXX, The Consumer Financial Protection Bureau ( Bureau ) identified the following violations of law at Wells Fargo Bank , N.A . ( Respondent ), of which I have been a victim. ( ii ) Wells Fargo denied my applications for modification in view of many factual systematic errors. As Wells Fargo would later admit, in developing software to evaluate XXXX applications, Wells Fargo introduced an error that resulted in more than a XXXX erroneous denials. As a result, Wells Fargo denied me a trial modification that should have been granted and that both parties agree would have reduced my monthly payments by more than XXXX percent. Wells Fargo admitted its error in a XXXX apology letter to me and mailed a check totaling {$35000.00} in compensation with respect to home mortgage servicing errors. Respondent incorrectly denied mortgage loan modifications to certain qualified borrowers, and wrongfully foreclosed on those properties, including mine. 

The CFPB stated in its conclusions of the Stipulation and Consent Order that : Since XXXX, Respondent has accelerated corrective actions and remediation, including to address these violations. Under 1053 and 1055 of the Consumer Financial Protection Act of 2010 ( CFPA ), 12 U.S.C. 5563, 5565, since the Bureau issued this Consent Order. 

Regarding the above statement about Wells Fargo accelerating corrective actions and remediation 's to address the violations, nothing can be so misleading to deceive the Public ... as it is evident in my case, and perhaps that of thousands of homeowners who felt prey to predatory lending ; Wells Fargo seems to have fooled the supervisory and oversight authority that CFPB has over them by repeatedly committing same and even worse violations even in view of the sanctions and fines imposed over them under the obligations of the Stipulation and Consent Order. 

MATTER OF PUBLIC INTEREST Since my case its a clear example and a matter of public interest where the welfare and well-being of the general public '' and society it is affected and Wells Fargo has violated homeowners rights. I want to make sure this time I get your attention. 

I brought the matter to you back in XX/XX/XXXX, I can only say, that based on my experienced seeking assistance on this matter from CFPB, and in view of their response to my complaint, back in XXXX, XXXX Complaint # : XXXX, that Wells Fargo has found how to get away with their crime at CFPB. Unfortunately, I am not a well-educated person that knows how to write the proper words, or legalese writing in order to make subjects matter be seen in a perspective of immediate sense of urgency. But I can assure you! that sooner or later this matter will become a subject of scrutiny if not given the proper attention. Wells Fargo was found in violation of several laws, abusing and violating homeowners rights, wrongfully denying modifications that could prevent thousands of foreclosures due to their lack of compliance and illegal way business ; Wells Fargo announced the error years later, in XX/XX/XXXX, and offered no-strings-attached cash payments to affected borrowers, including mine. Without Wells Fargo 's errors, my family and I would have had the chance to keep our house. 

WHERE DOES THE CFPB STAND? 

The CFPB is an independent bureau within the Federal Reserve System. It was established in XXXX by the XXXX XXXX XXXX XXXX and Consumer Protection Act to protect consumers from predatory financial practices. The CFPB 's goals include : Protecting consumers : The CFPB protects consumers from unfair, deceptive, or abusive practices. It also works to reduce junk fees charged by banks and financial companies. 

Taking action against companies : The CFPB takes action against companies that break the law. 

As it is evident in my case of which you have all correspondence provided to you by Wells Fargos Executive Office Case Specialist XXXX XXXX. There is no doubt, that even you were established to protect consumer from predatory lending practices, including unfair, deceptive and abusive practices. We the consumers can not see any of those protections, or benefit from Consumer Financial Protection Bureau. As it can be evident in my case, which doesnt need to be argued much in view of the evidence. Wells Fargo did intentionally mislead and deceived me to believe that ; by not making payments for XXXX months in my mortgage back in XXXX they will then grant me a modification. The representative at that time stated that I had to stop making payments for XXXX months in order to be consider for mortgage assistance options, I followed their instructions, and complied with their demands and requests and even completed more than XXXX forbearance agreement and trial payment plan, and even received a modification that later Wells Fargo did not honor, without any explanation or justification whatsoever. 

Wells Fargo states that XXXX reviews were completed for payment assistance prior to the XX/XX/XXXX error. That XXXX of the XXXX reviews were denied for being unable to provide affordable payment. Wells Fargo continues to lie and mislead and deceive, that they do not realize, that the information submitted the prior times was the same financial information sent over and over. Also, the income and financial information had met the XXXX programs criteria several times. The third parties assisting me with submitting financials to ASC/Wells Fargo ran the same NPV tests prior to submitting it to Wells Fargo and the XXXX  results were positive every single time, we even sent copies of the NPV test positive results to their representatives, which agree to be correct. But as admitted by Wells Fargo in the Consent order under Paragraphs XXXX  through XXXX : XXXX. Respondent has incorrectly denied mortgage loan modification applications and miscalculated fees and other charges for thousands of mortgage borrowers, as set forth below, resulting in at least {$190.00} XXXX in remediation being paid to affected mortgage borrowers. Some of these failures were the result of software errors that persisted for multiple years. 
XXXX. In XXXX such significant technology and internal controls failure, from at least XXXX through XX/XX/XXXX, Respondents process for evaluating loan modification applications was affected by errors in the relevant calculation formulas. These errors resulted in an overstatement of the attorneys fees included in the calculation, which sometimes caused an otherwise qualified borrower not to be offered a loan modification. 
XXXX. Respondent became aware of this problem in late XXXX and, after reviewing the issue, concluded that it did not adversely affect borrowers ability to obtain loan modifications. Respondent attempted to correct the attorneys fee calculation, but later determined ( in XX/XX/XXXX ) that it had not fixed the issue and was continuing to fail to offer some borrowers loan modifications. Ultimately, Respondent addressed the error and is providing approximately {$77.00} XXXX in remediation to approximately XXXX mortgage accounts that experienced incorrect loss- mitigation outcomes, including wrongful foreclosures. 

Based on the above, it is more than clear, that Wells Fargo can not be trusted in any way, we can not believe, much less trust, a financial entity that is as corrupt and deceiving. It is evident by all the factual evidence in every single case in our courts related to deceptive, illegal predatory lending practices that violated the rule of law by which Wells Fargo Company and these Bankster had to abide. Wells Fargo has done so much harm to the American People, and just to refresh our memory here are some of the illegal practices Wells Fargo has been found guilty of ; Wells Fargo has paid billions in fines and penalties to regulators : In XXXX, Wells Fargo was fined {$180.00} XXXX for fraudulent activity. 
In XXXX, Wells Fargo agreed to pay {$3.00} XXXX to resolve the fake accounts scandal. 
In XXXX, Wells Fargo was fined {$3.00} XXXX for widespread mismanagement of auto-loans, mortgages, and deposit accounts. The total penalties the government has levied against Wells Fargo since XXXX are {$6.00} XXXX. 

I believe, that Watchdog/Ovesight institutions have allowed these financial giants to become almost untouchable due to lack of supervision and enforcement and significant deterrence by regulatory oversight institutions, so they wouldnt reached this far. As stated by Honorable Chairman XXXX XXXX ; we have a XXXX and XXXX economy, where the largest corporations use their power to funnel all the gains in the economy to the top aided and abetted by too many people in this town. Corporations squeeze every last XXXX from Americans pocketbooks and workers paychecks. They dont even try to hide it anymore. There many things that can be said and proven about what Wells Fargo along with other repeat violators of the Law do, but I believe, there is hope. 

Wells Fargo as I have stated in my prior complaint, when I requested to go through a remediation process was requesting from me to send all documentation ( evidence ). I refused to provide those documents to them, because I believe that if The CFPB was really monitoring compliance from Wells Fargo obligations under the Stipulation Consent and Order, that all documentation should had been provided to the third-party mediator and not to Wells Fargo directly as it creates a conflict of interest. 


On XX/XX/XXXX, the US Supreme Court issued its decision in holding that the Consumer Financial Protection Bureau 's funding mechanism, as set forth in Title X of the XXXX XXXX XXXX Reform Consumer Protection Act,XXXX As it is constitutional. is constitutionally permissible given that it includes an identifiable source of public money and a designated purpose. Lets not forget your designated Purpose. To protect consumers from unfair, deceptive, or abusive practices. 

Once I could not get anywhere with the Meditation session to compensate me for the mere fraction of all the harm, damages, suffering aside from expenses and loses Wells Fargo inflicted to my family and I. After I realized that Wells Fargo had full control of the Mediation process from start to end, it was obvious, I needed more swift action in order to achieve the purpose of the Mediation process, to be compensated at least a mere fraction of what I should reasonably deserve. I went ahead and browse for aid from Regulatory and Enforcement as well Oversight Banking Institutions. Finaly after consulting with non-profit organizations, I was told that the Consumer Financial Protection Bureau may have some grip in these giant lawbreakers. I went ahead and browsed through the CFPB site seeking the best way to present my case, I noticed the site not having a comprehensive process implemented to assist homeowners facing these situations with Wells Fargo that continues to violate the Stipulation and Consent Order in regards to : Order to Pay Redress XXXX. Respondent has developed, or must develop, remediation plans for each of the Specified Acts and Practices, where necessary and appropriate, and must provide remediation to consumers for these practices. 

IT IS FURTHER ORDERED that : XXXX. Respondent may not condition the payment of any redress to any Affected Consumer under this Consent Order on that Affected Consumer waiving any right. 

To conclude this Complaint and Request : I believe there are specific orders and instructions given to Respondent to abide under the Consent Order. And that based in the above evidentiary set of events, describing my ordeals and struggles with Wells Fargo that continues to defy the orders under Pey Redress. The Bureau has the obligation to impose the maximum amount of civil money penalties allowed under 1055 ( c ) of the CFPA, 12 U.S.C. 5565 ( c ). Under 1055 ( c ) of the CFPA, 12 U.S.C. 5565 ( c ), by reason of the violations of law described in Section IV of this Consent Order.

WELLS FARGO CONTINUES ILLEGAL MISCONDUCT Even Wells Fargo consented the following : Stipulation and Consent to the Issuance of a Consent Order, dated XX/XX/XXXX, ( Stipulation ), which is incorporated by reference and is accepted by the Bureau. By this Stipulation, Respondent has consented to the issuance of this Consent Order by the Bureau under 1053 and 1055 of the CFPA, 12 U.S.C. 5563, 5565, without admitting or denying any of the findings of fact or conclusions of law, except that Respondent admits the facts necessary to establish the Bureaus jurisdiction over Respondent and the subject matter of this action. Wells Fargo believes that by sending me a cash payment for {$35000.00}. They will make all the, Harm, Damage, suffering they inflicted to me and my family go away/ They were given the opportunity to make this right, to make this matter go away if they had satisfied my request to at least compensate for less than half of what my family and I deserve. My house if Wells Fargo had complied with the obligations