Wells Fargo mortgage ops in the news

A federal judge will allow Wells Fargo's (WFC +0.7%) dreaded foreclosure manual into evidence in the bankruptcy case of a former homeowner. The homeowner's lawyer alleges the manual is "a blueprint for fraud," and contains step-by-step instructions for - among other things - processing notes without endorsements.

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In other news, the D.C. revolving door brings two former CFPB officials closely involved with writing new mortgage rules into the bank's employ. Peter Carroll - the CFPB's assistant director of mortgage markets - is now senior VP of capital markets at Wells Fargo Home Mortgages, and Lisa Applegate - the bureau's mortgage-implementation lead - will start later this month as a strategic quality manager within the bank's home lending capital markets group.

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Comments (1)
  • Phr3d
    , contributor
    Comments (501) | Send Message
    dreaded.. gotta love financial coverage
    23 Apr 2014, 10:29 PM Reply Like
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