Archived: Legislature Needs to Help Foreclosure Problem


Now that the election is over and we know who our new governor will be as well as our state’s senate and assembly members, we strongly suggest that the State Legislature begin to work on a bill to protect California homeowners by mandating that foreclosures can only take place under court order.

Let’s see if the State Legislature can withstand the intense pressure of mortgage lenders not to provide the state’s residents with protection.

The recent halt in foreclosures was little more than a symbolic gesture by banks and mortgage holders to pacify the public and regulating authorities. When the mortgage industry was found to have foreclosed on a huge number of properties through shoddy and larcenous behavior as they rushed to get these properties off their books, our elected officials sent out press releases demanding that the practice be stopped. When asked what more could be done, or how homeowners who have already lost their home as result of their loan holder’s misdeeds could be helped, few California legislators were willing to even answer or suppose; preferring instead to sweep those already harmed out the door.

It is time for our officials to put some meat into homeowner protections, and do more than just act as if justice for foreclosed on homeowners is unachievable.

Posted - Copyright © 2022 Eastern Group Publications, Inc.

Print This Post Print This Post

1 Comment

  1. Letter to Wells Fargo Spokeswpman Vickee Adams,

    Dear Ms. Vickee Adams,

    In your recent Wells Fargo’s press release, you declared that “”Our
    records show that Wells Fargo’s foreclosure affidavits are accurate, When the company finds employees that don’t follow procedure, it takes “corrective action.”

    That’s a lie. I can say for a fact that Wells Fargo made us fraudulent mortgage loan and foreclosed my home based on hugely inflated and fraudulent appraisal and refused to correct its mortgage fraud.

    Wells Fargo teamed up with its attorneys and spent last 4 years in Nevada courts defending its appraisal and mortgage fraud.

    Wells Fargo and its attorneys knew it’s Category C Felony to make mortgage loan based on fraudulent appraisal.

    Wells Fargo and its attorneys knew it’s Category C Felony to foreclose home based on fraudulent appraisal.

    Wells Fargo chose to violate the law and chose to defraud us.

    Kentucky AG Consumer Protection Division contacted Wells Fargo on our behalf regarding on Wells Fargo’s appraisal fraud and mortgage fraud. Here is Wells Fargo’s Nov. 1, 2010’s resonse:

    “This letter is in response to your correspondence received on October 26, 2010, which was forwarded to the WFHM Retail Office of the President, regarding theh borrowers’ concerns with the appraisal.

    WFHM filed a Motion for Summary Judgment on March 16, 2009, which was granted.

    The borrowers are currently in the process of appealing the dismissal. The issues in question are part of the litigation and the outcome of the appeal process is still pending. The borrowers will need to have their attorney contact our outside legal counsel with all questions regarding pending appeal.

    If you have any questions regarding the information provided within this letter, please contact me at (800)840-5812, extension 43610, …”


    John R. Petermeier
    Executive Mortgage Specialist
    Retail Office of the President

    John R. Petermeier was the one told us that mortgage loan made based on fraudulent appraisal should be voided. If we can prove appraisal fraud, Wells Fargo will rescind the loan contract and help us recover all of our financial losses.

    Hold Wells Fargo Accountable! Save American Dream! Restore banking integrity.

    Please sign the Petition at Let our voice be heard!

Leave A Reply

Comments are intended to further discussion on the article topic. EGPNews reserves the right to not publish, edit or remove comments that contain vulgarities, foul language, personal attacks, racists, sexist, homophobic or other offensive terminology or that contain solicitations, spam, or that threaten harm of any sort. EGPNews will not approve comments that call for or applaud the death, injury or illness of any person, regardless of their public status. Questions regarding this policy should be e-mailed to