Wednesday, April 25, 2012

INLAND: Blacks especially hit by foreclosure crisis
Yvonne Choyce-Oglesby lost her Riverside home to foreclosure and is now living in a mobile home in Jurupa Valley with a friend. New census stats show how the Inland area's forceclosure crisis has especially affected African Americans, whose homeownership rates tumbled. Hispanic rates also fell; white rates were unchanged and Asian rates actually rose.
BY DAVID OLSON The Press Enterprise
Published: 18 April 2012 09:01 PM

Wells Fargo Bank CRA/HUD Complaint
After going on-line and reading the following information:
 TARP Recipients Required to Modify Loans, HUD Says (Update3 ...   Similar to TARP Recipients Required to Modify Loans, HUD Says (Update3 ...    Apr 9, 2009 ... Banks receiving federal aid through the U.S. Troubled Asset Relief Program must also take part in the government's mortgage modification ...
I contacted Wells Fargo Bank to request a mortgage modification on my home.  This process began 2/2012.
I was told that I was elgible to apply due to my having been injured the past 3 years and not able to go back to work at this time.
After filing out and filing 100’s of pages of documents requested by the bank, meeting with bank officials from the OFFICE of the PRESIDENT of Wells Fargo Home Preservation at a local bank on March 28, 2012, I am now being told that I do not qualify because my debt ratio is above 31%.
Wells Fargo called 4/23/12, denied my home modification, stating our income debt ratio exceeded 31%. That doesn’t make sense to me when it is and should be obvious that this would be the case if you were not receiving income for a valid reason and a period of time causing your debt ratio to be in a deficit state.
I intend to fight these greedy bastards until I and this family receives justice. We are going to make a payment 5/1/12 to avoid foreclosure but will still be asking for an adjustment on our mortgage payments. It appears to me that this TARP modification is another scam that the government and the banks have cooked up to deceive the public. I intend to take my case to Washington DC if necessary.
Now if the program is to address those unemployed or suffering from injuries, one would think that the reason for the modification would be to lower the interest rate and payments in order that you can save your home.
I had advised the bank that I would be able to pay off bills created by excessive medical expenses from a settlement I expect this month.  Upon receiving such settlement I would be able to pay off debts and bring my income debt ratio within the 31% margin.
If my position does not meet the requirements of TARP then I would like to know the purpose of this program.

Hardship Letter of Explanation
Due to an injury on the job, refusal of workman comp, lost of job and medical expenses from various automobile accidents, I have fallen behind in my mortgage payments. I am asking for modification of my loan because I do want to keep my home.
A degree of our financial hardship was created by the high interest loan we received from Wells Fargo in 2011.  I feel that the interest charged on this loan borders on a predatory loan.  We found it necessary to refinance the 2009 Toyota Corolla to catch keep abreast of our obligations, including our home mortgage.  We at the time of refinancing asked that the interest rate be reduced, instead they were increased.  Recently we asked that the bank allow us to sell the car at retail value, and the loan department refused.  I was told by the owner of a large dealership that the bank was in violation of lending regulations by refinancing the auto in excess of 125% of appraised value of the vehicle. After our 2nd vehicle was totaled in an accident September 2011, we were unable to trade the 2009 Corolla, because at that time it was appraised at $7,500.00 in good condition, with the balance owed $14,500.00.  The past 2 years we have paid Wells Fargo in excess of $5,000.00, see attached auto loan statement. We purchased a 2012 Nissan Altama several months’ later @.03% interest.
We have asked and are asking that Wells Fargo reduce the principle and interest on this loan to help improve our financial position.                                                                                                                            HOW WE WILL BE ABLE TO MEET OUR OBLIGATIONS IN THE FUTURE:
ACCIDENT ATTORNEYS, P.L.C.   A PROFESSIONAL CORPORATION   ATTORNEYS AT LAW        4700 Teller Avenue, Second Floor Newport Beach, CA 92660 Telephone (949) 660-8753
Fax (949) 660-8720
Mr. Ellis, The Defendant Insurance Company, Alliance United Insurance Company, as tendered its global limits of $30,000.00. There are five claimants including yourself and Ella, therefore we have to wait until the other three claimants are finished treating before the insurance company can pay anyone out. Once we resolve this with Alliance, your Underinsured motorists will kick in. We should have this wrapped up in 60 days.  Thanks Mike Prater, AAA Accident Attorney (an e-mail received 3/27/2012)
The amount Mr. Prater advised that I would receive from this portion of the injury settlement would be at least $15,000.00 to me and an unknown amount to Ella who was injured to a lesser degree than myself in an accident 9/14/2011.
These monies will allow us to reduce our debt ratio by paying off the therapeutic equipment we had to purchase due to the accident and injuries.
After receiving these funds we will be in a condition to reach our financial obligations, our home mortgage in particular.

Thanks for your considerations,
Walter L. / Ella M. Ellis  /
951 471-8686 Hm           951 452-9160 cell     951 956-0087 cell

Walter L. Ellis________________________                  

 Ella M. Ellis________________________

I had also asked Wells Fargo auto division to modify my auto loan, especially the interest rate of 18.99% on several occasions.  They refuse to do so.  ( total interest on this account for 2011 was $3,105.02)
These high exuberant interest rates have contributed to some of my financial problems.  I have attempted for the past 2 years to have the bank rectify the interest on the auto loan, and they refuse.
I was advised by the owner of a large dealership when I attempted to trade the auto that Wells Fargo under lending rules were not allowed to refinance an auto for more than 125% of appraised value.  Wells Fargo refinanced the vehicle at approximately 2 times the appraised value, and charged me 18.99% interest.  In the same time period with my FICA credit rating being above 650 I and my wife leased a 2012 Nissan with monthly payments of $290.00 month verses the $390.00 a month on the 2009 Toyota financed by Wells Fargo Bank, what I consider a predatory loan.

My name is Walter L. Ellis CEO UNITED AFFIRMATIVE ACTION DEVELOPMENT CORP, (UAAD) a 501c3 non profit. I and my family recently purchased a home in Lake Elsinore, CA through a First Time Buyers program sponsored by Riverside Housing Authority. At the time of pursuing this purchase we were attempting to contact your CRA department which we were told that your Bank had and have in place a Since purchasing this home I have been injured on my job since January 2009, with limited income to care for my family. We have also recently been interviewed by a Wells Fargo Forbearance Councilor, Estela Galiado at your long Beach, CA facility, 562 498-6551. She is being very informative, and advises that we should be hearing from their department in 45-60 days. Meanwhile due to my injuries and not being able to return to work any time soon, we are short in excess of $600.00 to make our obligations to make our home loan to your bank, and an automobile payment also financed by your bank.
multi Billion dollar agreement with Non-Profits to assist families such as ours.
Had we been able to participate in the CRA program by your bank, we would not be in the financial condition we are suffering today.
Programs presented by your bank and others that was to address the plight of low income that is mandated in COMMUNITY RE-INVESTMENT ACT OF 1977, CRA if in acted properly would have prevented the mortgage crisis,  where your bank and others were and are lending monies as CRA funds to investors and others that was never meant for them to receive at prime or below prime rates.
As the CEO of UAAD I request a meeting with your CRA representative at the Lake Elsinore, CA branch to discuss a CRA loan, and to have that representative to produce these branches CRA activities the past 2 years and post such so the public can view.
I will contact this local bank tomorrow asking for assistance and cooperation, see:
The mission of UAAD is to improve the financial status of low and moderate-income individuals. UAAD is dedicated to building a long-term relationship with financial institutions providing low interest loans and other benefits to these communities. UAAD's efforts will also assist banks in meeting their CRA obligations. The aim of UAAD is to assist our members in advancing financially, mentally and socially. UAAD's targeted clients have too long been under-represented and denied equal opportunities to participate in our economy.
htip://vvww.federalreservegovleventepublicmeeting/19980813/pane116.htm www.justiceforblacks.blogspot.corn

I ask that you reconsider my request for modification of my home and auto loan.

Walter L. Ellis CEO
29245 Sandpiper Dr.
Lake Elsinore, CA  92530
951-471-8686 HM
951 452-9160 Cell