- Report: #1061879
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Complaint Review: wells fargo bank
wells fargo bank pmi insurance fraud Internet
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Most of us have heard that banksters are being arrested in other contries & the goverments have been bailing out the people rather than these criminal banks.
I purchased a house in Clinton Twp, mi over 12 years ago. I lived in the house while paying my mortgage payments ontime via EFT for over 10 years. The purchase price of my house was $135000.00. Over the 10 years or so, I paid about $130000.00 to wellsfargo. My foreclosure was recorded around november of 2011. Prior to the foreclosure (or maybe just after, I don't recall); there was a sherrif's sale in which my house was sold for $24000.00 to an investor. My PMI (private mortgae insurance) Paid to wells fargo $100000.00.
Its my feeling that EITHER my hose was only ever worth $24000.00 OR it was worth $135000.00 right up until the sherrif's sale.
To me this is blatant insurance fraud by all of these banks. Either they ripped off home owners by artificially inflating home prices for many years or they stoled equity on the day the bubble burst.
Given that these criminals received $850 billion, AND given that wellsfargo got $110000.00 more than the house was worth from my pocket; the fact they ALSO THEN received $100000.00 from my pmi, which i paid for not them, is fraud or outright theft.
All home owners who are underwater, or have been foreclosed on are victems of the largest insurance fraud ever.
They may be "to big to fail"; but they're just the right size for people to sue them out of existance, tear them apart for violating our rights.
The declaration of independance clearly states that we have the right to persue happiness. What could make one happier than owning a home worth at least what one ows on it? There is no garentee that one will catch happiness when trying to buy a home, but I could afford the payments on my happiness. I would venture to guess that most people who paid ontime for years could also.
This report was posted on Ripoff Report on 06/25/2013 07:37 AM and is a permanent record located here: http://www.ripoffreport.com/r/wells-fargo-bank/internet/wells-fargo-bank-pmi-insurance-fraudnbsp-Internet-1061879. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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