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Tag Archives: Wachovia

Pending Settlements Over Faulty RMBS Sales Bring Total Recovered by NCUA to $2.2 Billion

NCUA sued Wachovia, which was acquired by Wells Fargo in 2008, in 2011. The Association filed suit against Barclays, the U.S. subsidiary of the British financial services firm, in 2012. Once the settlements are completed, NCUA will dismiss pending suits against both firms in federal district courts in California, New York and Kansas. As part of the settlement, neither Wachovia nor Barclays do not admit any fault.

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Agencies Investigate Wells Fargo For Wachovia Practices

Government agencies are continuing their regulatory investigation of mortgage activities at Wells Fargo and Wachovia, according to a report filed with the Securities and Exchange Commission (SEC). Wells Fargo absorbed Wachovia in 2008 when Wachovia's shaky mortgage portfolio threatened the bank's soundness.

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Wells Fargo Reaches Settlement With Maryland Attorney General

Maryland Attorney General Douglas Gansler and Wells Fargo have reached an agreement to settle allegations that two companies Wells acquired in 2008 - Wachovia and Golden West - used deceptive practices to market adjustable-rate mortgages (ARMs). In addition to loan modifications for certain consumers, Wells Fargo has agreed to pay $940,056 to the attorney general's office for restitution to affected borrowers who lost their homes in foreclosure.

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Wells Fargo to Host Free Workshop for Washington Customers

More than 5,000 Washington state homeowners have been invited by Wells Fargo to participate in a free workshop this Thursday and Friday in Bellevue. Designed for borrowers facing financial hardships, the two-day workshop targets Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage, and Wells Fargo Home Equity customers. The Washington event is Wells Fargo's 16th home preservation workshop in 2011.

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Wells Fargo Hosts Workshop for Struggling Homeowners in SoCal

Wells Fargo will host a home preservation workshop in Irvine, California, this week to assist Wells Fargo and Wachovia customers in Southern California who are facing financial hardships. The two-day event begins Wednesday. Borrowers attending the event will meet with home retention team members to obtain loan modifications or pursue other foreclosure prevention options. Bilingual representatives are also available to assist borrowers.

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Wells Fargo Offers Workshop to Struggling Carolina Mortgage Customers

Wells Fargo will host a free workshop Thursday for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage, and Wells Fargo Home Equity customers facing financial hardships. Hundreds of South Carolina homeowners are invited to the event in Columbia, South Carolina. About 50 home retention team members will be on hand to work one-on-one with customers to explore options such as workouts and loan modifications.

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Wells Fargo’s Top Mortgage Exec to Retire

Mark Oman, senior EVP and head of the Home and Consumer Finance Group at Wells Fargo & Company, plans to retire at the end of this year. Oman previously announced his intention to retire in 2008 but stayed on to help the bank with its acquisition of Wachovia. Oman joined Wells Fargo in 1979 and helped to grow the company into the largest originator of home mortgages in the nation and the second largest servicer of mortgages.

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Wells Fargo Workshop to Advise Mortgage Customers in Phoenix

Wells Fargo & Company will host a workshop in Phoenix for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage, and Wells Fargo Home Equity customers facing financial hardships. The two-day workshop is March 30 and 31 from 9 a.m. to 7 p.m. at the Phoenix Convention Center. Nearly 200 home retention team members will be on hand to ensure borrowers receive a decision on a loan modification or other option on site or shortly following the workshop.

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Wells Fargo to Pay Citi $100M in Wachovia Settlement

Wells Fargo says it has agreed to pay Citigroup $100 million to settle claims related to a dispute over Wells' 2008 acquisition of Wachovia. Wells Fargo and Citi found themselves in a bitter tug-of-war over the troubled North Carolina lender when regulators stepped in to engineer a take-over of Wachovia ahead of the institution's impending collapse from souring real estate loans. Wells Fargo won out with a $15.1 billion offer for Wachovia. Citi subsequently sued alleging breach of contract and was originally seeking $60 billion in damages.

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Wells Fargo Offers Pick-a-Payment Customers a Reprieve

Wells Fargo & Co. announced this week that from December 18, 2010, through June 30, 2013, Wachovia Pick-a-Payment customers who are at-risk of default may be eligible to earn principal forgiveness by making on-time mortgage payments. The company says it has already written mortgage principals down by a total of nearly $3.4 billion for Pick-a-Payment customers. The bank will also contribute $24 million to eight states to help with customer outreach and alleviate the impact of foreclosure in local communities.

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