Financial Reform Watch

Senate Passes Financial Reform

This afternoon the Senate passed the Dodd Frank Wall Street Reform and Consumer Protection Act by a vote of 60 to 39.  As expected, all but three Republicans -- Senators Scott Brown (MA), Olympia Snowe (ME) and Susan Collins (ME) -- voted against the bill, and Sen. Russ Feingold (D-WI) was the only Democrat to vote against it. The president is expected to sign the legislation next week.

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Donna - July 20, 2010 12:01 AM

We are wondering what kind of consumer protection bureau will be able to help us and stop our 5 year ordeal!

We received letter from our Representative Barbara Lee on the day FinReg passed through the Senate, stating that there is nothing her office will be able to help us. Clearly, FinReg means nothing to her. What a joke about rebuilding the integrity of our financial system and protect American general public!

We filed complaints against Wells Fargo 's appraisal and mortgage loan fraud with Office of Comptroller of Currency, Barbara Lee, Dianne Feinstein, Barbara Boxer and Harry Reid in 2006. In 2006, with overwhelming evidence, we were told that Wells Fargo did not commit appraisal and mortgage fraud against us.

We spent 10 months from June, 2006 to March, 2007, trying to convince everyone that Wells Fargo made the mortgage loan to us based on hugely inflated appraisal. No one cared or bother to listen.

In March, 2007, after clearly indifference from Wells Fargo and our regulatory agencies, we filed the lawsuit against Wells Fargo and continued to follow up with OCC and senators. After we filed the lawsuit, OCC and all senators told us that they can't make any comments on our complaints since it is in litigation.

The irony is that should Senators made sure OCC do its regulatory job, we don't even need to file lawsuit. On top of it, should OCC take action upon our alerts two years before the housing crisis, how many homes could have been saved. How many wrongful foreclosure could have been prevented?

All our senators voted for FinReg, but none of them cared about homeowners beig defrauded by Wells Fargo and have no intention to protect homeowners like us or future victims or hold Wells Fargo accountable for defrauding homeowners.

Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture. Here are the facts.

1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.

Fact: - Wells Fargo's fraudulent appraisal valued our home at $718,000
- Wells Fargo's own review appraisal valued our home at $475,000
- Nevada Attorney General's office suspended the appraiser's license for committing appraisal fraud on our home.
- Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
- Nevada Revised Statue NRS 205.372 states that it's category C felony to make mortgage loans based on fraudulent appraisal.
- Cases of Attorney General's indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.

2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.

You can find all the facts on our website.

Jia Yue - July 21, 2010 4:51 PM

...and how many Democrats voted against it (19?) ?

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