WellsFargo agrees to $1.2 billion settlement - REO Property Preservation Forum
 
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post #1 of 9 (permalink) Old 02-04-2016, 10:56 AM Thread Starter
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WellsFargo agrees to $1.2 billion settlement

WellsFargo Home Mortgage announced it will pay the Feds $1.2 billion for misrepresenting the quality of homes for FHA backed loans. The chargebacks are going to be fast and furious ! Good luck to the poor souls who still do work for the lying thieving Nationals.
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post #2 of 9 (permalink) Old 02-04-2016, 11:01 AM
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WellsFargo Home Mortgage announced it will pay the Feds $1.2 billion for misrepresenting the quality of homes for FHA backed loans. The chargebacks are going to be fast and furious ! Good luck to the poor souls who still do work for the lying thieving Nationals.
Not all that they're paying out

http://www.housingwire.com/articles/...nkruptcy-rules
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post #3 of 9 (permalink) Old 02-10-2016, 09:05 PM
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They have to pay that mess they made. ..but not vendors !!

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post #4 of 9 (permalink) Old 02-10-2016, 09:11 PM
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OH the vendors will pay... Everyone that deals with Wells Fargo will pay....Customers, Contractors or anyone that does business with them.
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post #5 of 9 (permalink) Old 02-11-2016, 07:36 AM
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OH the vendors will pay... Everyone that deals with Wells Fargo will pay....Customers, Contractors or anyone that does business with them.
Oh yes I agree they will make everyone else pay! I meant when they owe Vendors $$$ for competed work ..they don't pay (sorry I didn't say that to clear last tie :/)
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post #6 of 9 (permalink) Old 02-11-2016, 07:52 AM
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WF lost 10X that in the oil market. Stay on your toes.
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post #7 of 9 (permalink) Old 02-14-2016, 03:59 PM
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Wells Fargo seems to think everyone but them should pay for their bad loans. Government bailout money, vague job requests that turn into charge backs, their BATF scam that turns into chargebacks, urgent violation orders where they approve any and all bids then chargeback stating C/E discrepancies, and requiring Third Party Work be passed thru at cost with only the ability to charge man hours to take photos. Sick of them.
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post #8 of 9 (permalink) Old 02-14-2016, 10:35 PM
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I would never say or tell someone how to run there biz, but I do not do any work that is BATF, on both companies I do initial on I do not do any work without money upfront, I do not do any free bids work orders, I refuse to use any c/e, they can use another bid its there right I am not locked into anything. If any company is over 30 days late all work stops till they and caught up on payment.

I think of working with a national as a hand shake we both reach out an meet each other in the middle, companies that are middle men of a national I wont even respond to them and do no work.

Yes it is just me and one other person, mostly me that does the work orders. (its not our only source of income but my other income covers all my cost and money I need to make per month to be flat)... I have no issues no charge backs, yes my work load is down 75 to 80 percent in this type of work. They can cut me off cancel my account but they won't, I started this model really strict in Nov 2015. I am happy, I have money because of the prices I was spending all my time bailing us out of charge-backs doing as many work orders I could to make sure the guys got paid that did anywork that was being shorted on pay, I have more time with my family, last three weeks I average 4 days off per week hell I have never gone fishing in feb in about 12 years. Seriously the most important thing I stop taking my high blood pressure medicine this month.

My profit margin on orders is so much better, I did a reboot on my biz model and will grow from there and if I don't grow from there its better to get out of the way for those that want it. I will never be as big as I was 6 years ago and it makes me sick to my stomach even thinking about going back to that craziness and the money was more worth it back then, I would never do it with these prices but even I thought I could make it work at one point but reality is reality i was cutting my own throat, giving up more control of any type of profit margin the harder I was working.
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post #9 of 9 (permalink) Old 02-14-2016, 11:06 PM
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Well said Idaho. It feels REAL GOOD getting your life back eh?
Welcome to the club!
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