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Thursday, October 28, 2010

Wells Fargo to Be Focus of Ohio Foreclosure Probe

Ohio is getting aggressive.
“These people think they can play by a different set of rules,” Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
Teri Schrettenbrunner, a spokeswoman for San Francisco- based Wells Fargo, said in an e-mail that none of the paperwork problems have led to foreclosures that shouldn’t have otherwise occurred and the problems aren’t related to the quality of loan data.
“We have chosen to submit supplemental affidavits out of an abundance of caution,” she said. “We intend to be responsive to General Cordray’s inquiries and look forward to addressing his concerns.”
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