Reject Foreclosure Compensation Check
If you feel TBTF banks have destroyed our justice system, If you feel that you have not been adequately represented by your Attorney General, if you feel that you have been defrauded by your bank and justice is not served, please sign the petition.
Rels Valuation is an appraisal company, which Wells Fargo owns 49%. Rels Valuation hired T.J. Magee to appraise our home in 2005. T.J. Magee intentionally made a fraudulent and hugely inflated our home. He appraised our home for $718,000, which later he was disciplined by Nevada Attorney General's Office.
Rels Valuation also hired another appraiser to review T.J. Magee's appraisal to determine whether it was fraudulent. The review appraiser valued our home and appraised our home for $475,000
After Rels Valuation reviewed both of its fraudulent and review appraisals, it wrote a letter to Wells Fargo lying about the fact that T.J. Magee's appraisal was fraudulent and hugely inflated our home value.
I quote here:
"After reviewing the homeowner's letter with respect to the errors found in the appraisal report, we have determined that these inaccuracies are minor in nature and would have a minimal impact to the final value conclusion."
The value difference is $243,000 between the fraudulent and review appraisal. Rels Valuation states that $243,000 would have a minimal impact to us? What a lie!
After Wells Fargo reviewed both of its fraudulent and review appraisals, it wrote a letter to us lying about the fact that T.J. Magee's appraisal was fraudulent and hugely inflated our home value.
I quote here:
"WFHM underwriting reviewed the appraisal and it was found acceptable for our lending purposes."
Pursuit to NRS 205.372 and federal Truth-in-Lending Act, It’s ILLEGAL FOR LENDERS TO VOLUNTARILY MAKE MORTGAGE LOANS BASED ON FRAUDULENT APPRAISALS. It is also illegal to induce Lenders to make mortgage loans based on fraudulent appraisals.
Case 1: Mortgage broker sentenced to 20 months
Hassan Nagi, 31,
Michigan US Attorney Berg stated, “The current economic environment demands vigorous enforcement and stiff punishment against those who obtain mortgages under false pretenses and thereby increase the cost of home ownership for all Americans. These are not victimless crimes and we will work tirelessly to ensure that those who commit fraud are brought to justice.”
Case 2: Attorney General holds mortgage industry accountable
State ex rel Cordray v. Weststar Mortgage, Inc., Case Number 09cv534 filed by
Weststar Mortgage, Inc. was held accountable for its part in the foreclosure crisis for engaging in unfair and deceptive home appraisal practices. “Appraisal influence is a damaging practice that often goes undetected until it is too late.” said Ohio Attorney General Richard Cordray. “With this case, we advance one more step in cleaning up the destructive actions that led to the foreclosure crisis.”
Case 3: Phillip Hill, nine others convicted in
The appraisers who created the fraudulent appraisals used in the scheme were Julian Perez, who pleaded guilty before trial, and Fred Farmer, and Barbara Brown, who were convicted in this trial.
As part of the fraud scheme, two attorneys were previously convicted of mortgage fraud for submitting fraudulent documents, and at home closings, facilitating the distribution of the monies to the co-conspirators. Attorneys pleaded guilty to conspiracy
to commit mortgage fraud.
Case 4: Appraiser pleads guilty in
Michael Meehan, 47,
The charges to which Meehan and his co-defendants pleaded guilty carry a statutory maximum penalty of five years in federal prison and a fine of $250,000, or twice the aggregate loss to any victim or aggregate gain to the defendants.
Case 5: Fourth defendant pleads guilty in mortgage fraud scheme