Any helpful discovery likely from Investor group and fed litigation against Wells Fargo?

hfrances

LoanSafe Member
Dec 4, 2012
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Hello - A large investor group, represented by attorney Kathy Patrick, began formal proceedings to force Wells Fargo to buy back defective RBMS loans. I have not seen any updates since this was announced back in September. Bondholders push for Wells Fargo to buy back bad mortgages - Orlando Business Journal
Ms Patrick was the attorney who wrangled an 8.5bn settlement from BofA (not approved by the court yet).

My question as a homeowner stuck with a Wachovia/Wells pick-a-pay: Are these proceedings likely to lead to any discovery that could help Wells Fargo homeowners who have been unable to get any kind of mod or help from the bank?

Similarly - should we expect to see any interesting documents pertaining to securitization etc come out of the federal case against Wells Fargo? Wells Fargo's Wachovia unit probed for mortgage practices: filing | Reuters

Or is this all dealt with behind close doors?

Any insights would be greatly appreciated from the attorneys here,

Thanks

hfrances
 

stephanies

LoanSafe Member
Jan 24, 2011
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You have to look for web sites that post the actual case and the brief filings, which can contain some very interesting information... unfortunately, the cases that really have some teeth to them often get settled without any publishing of the settlement....

regarding securitization docs, you can look those up yourself on the SEC website and try to locate your loan in one of the trusts ...you need to know what trust you are in so that you know what cases might pertain to your loan and any facts that might prove helpful... but don't count on any investor's case to help that much with your own... it will just give you some really good background and insights of what went on when your loan was securitized.... depending on your state and situation, look for other cases in your own state as well that have been brought against Wells Fargo...