Comments on: Chart of the day: Wells Fargo’s construction loans http://blogs.reuters.com/felix-salmon/2009/09/17/chart-of-the-day-wells-fargos-construction-loans/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Tim Burnett http://blogs.reuters.com/felix-salmon/2009/09/17/chart-of-the-day-wells-fargos-construction-loans/comment-page-1/#comment-7887 Wed, 14 Oct 2009 00:55:40 +0000 http://blogs.reuters.com/felix-salmon/2009/09/17/chart-of-the-day-wells-fargos-construction-loans/#comment-7887 We would like help or comments regarding our “toxic” commercial loan obtained from Wells Fargo Sterling Colorado Nov. 25, 2008 and in default after only 6 months. How is this possible under the current loans “watch dog”? We lost over $275,000 ( our 30% down payment and additional funds to run a restaurant incorporated in this loan), lost our excellent credit rating that we maintained our entire lives, maybe facing foreclosure ( according to Wells Fargo threatening letters, anytime now)and the loss of everything we worked for sofar. We are well into our 50’s and desperate. How did Wells Fargo Sterling Colorado approve such a loan when we had ABSOLUTELY no restaurant experience and the probability of failure and default was extremely high. Was Wells Fargo determined to get the loan fees ($5,000), higher than average interest rate and pretty much anything they could acquire from us, AT ANY COST ? How is this possible in this time and age ? Has Wells Fargo lost its INTEGRITY, FAIRNESS and JUDGEMENT in favor of making money AT ANY COST. Please help with comments or any feedback you may have. Tim Burnett (970) 470-1760

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By: Barbara Ann Jackson http://blogs.reuters.com/felix-salmon/2009/09/17/chart-of-the-day-wells-fargos-construction-loans/comment-page-1/#comment-7316 Wed, 30 Sep 2009 17:58:00 +0000 http://blogs.reuters.com/felix-salmon/2009/09/17/chart-of-the-day-wells-fargos-construction-loans/#comment-7316 OPEN LETTER TO PRESIDENT OBAMA

re: Disregarding Blatant Proof of Wells Fargo’s Egregious Deceptive Practices Could Result In A Worse-Than-Madoff Situation

Mr. President:

PLEASE launch probes into self-evident false IRS form 1099-A’s connected with foreclosures.

A mere look at Wells Fargo’s false 1099-A’s will expose various White Collar real estate & foreclosure fraud (carried out for years)–likely, another S&L mess! Further, the recent controversy about former Wells Fargo (WF) senior vice president, Cheronda Guyton’s use of the Malibu home which the owners lost due to Bernie Madoff, is unwitting exposition of deceits associated with foreclosure and repossessions. Moreover, Wells Fargo’s internal investigation into the Malibu matter has glaring appearances of coverup –particularly because WF implausibly announced Ms. Guyton acted solely. . .

ENTIRE letter posted at: http://www.pr-inside.com/open-letter-to- president-obama-on-foreclosure-crisis-r1 505916.htm

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By: Uncle Billy, Cunctator http://blogs.reuters.com/felix-salmon/2009/09/17/chart-of-the-day-wells-fargos-construction-loans/comment-page-1/#comment-6914 Thu, 17 Sep 2009 19:21:15 +0000 http://blogs.reuters.com/felix-salmon/2009/09/17/chart-of-the-day-wells-fargos-construction-loans/#comment-6914 Not just their construction loans, to be sure. Anyone ever look into how many funky high ltv loans they passed through to fnma? Well Fargo was very happy to do SBA loans as well — anyone checking to see how those are holding up? One example I was told about: Just last year, well after the point where we knew banks needed or had to get very conservative, a young businessman decides he needs an office building to suit his position in life. He talks it over with his buddy at Wells Fargo. Not a problem! SBA loan. Great Terms. Couple of problems though — need to occupy at least 51% of the building, and requires 25% equity. No problem! Nobody checks… just *tell them* you’re going to occupy 51%, and then don’t. Take 500 sq. ft and rent out the rest. Don’t have 25%? That’s ok, 10% will be fine. We’ll just arrange a second loan that the first one doesn’t know about. $400k gets you a $4,000,000 bldg. You’ll have that thing rented out in a jiffy. Income won’t even come close to covering debt service? NOT A PROBLEM Flip it next year for double!

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