So the Wells Fargo Bank lawsuit involves Wachovia Mortgage

[truedelphi]

Holders, and also to "World" mortgage holders here in California.

Two billion bucks set up to assist those mortgage holders.

Please kick this so folks in California can realize it might apply to them!

And if you have more info about it, please add to the discussion

Thanks everyone!

And Thank You, Jerry Brown!

[DesertFlower]

1. K&R. nt

[tabatha]

2. Yup. KnR.

Jerry brown is AWESOME.

[Jack Rabbit]

3. Walkoverya Mortgage, eh?

Why am I not surprised?

K/R

[truedelphi]

5. Heh Heh. Wachovia held my student loan. I finally paid it off in

1996. And on account of having been warned about them, I carefully kept every single document related to the loan and especially to my repayments.

Sure enough, almost six months to the day that I had it paid off in full, I was contacted by the student loan people who guiltily told me that I needed to pay off the loan. After I faxed them some five years of stuff, they realized they were screwing with the wrong person and sent me a second "Paid in Full" document to add to my collection.

[Jack Rabbit]

6. I worked for Wachovia student lending

They inherited me when they bought the Money Store. Actually, that wasn't Wachovia, that was First Union. After laying off about 1500 people in a single day, First Union became First Union, the company that drove the Money Store into the ground. They then merged with Wachovia and used the Wachovia name, so First Union became Wachovia, formerly First Union, the company that drove the Money Store into the ground.

Now, as you have no doubt guessed, TMS (the student lending division was called Educaid) was not only a sub-prime lender, but one of student loan middle men that were mercifully put out of business by an act of Congress last year. I kept wondering how we made money, but as long as I got my paycheck I didn't care. As a computer programmer, I felt that if there was one thing the Money Store/Educaid knew how to do, it was run a data processing department. They kept out of my way and let me solve problems. I was happy as a clam. Then First Onion/Walkoverya took over. I couldn't just solve a problem any more. That was against the rules. There was no problem so trivial that it could just be solved on the spot in ten minutes or so. No, it had to go up three or four levels of bureaucracy first, which always took two or three weeks. But, you know, we have to keep that unskilled labor class known as the corporate MBA gainfully employed, even if they never do anything productive. And they don't. They just meetings where they discuss what some flunky programmer wants to do to keep the system well oiled, and they approve it because none of them know what an intelligent person who does real work is talking about.

Intelligence and real, productive work are two things no corporate executive knows anything about, especially those with Ivy League MBAs. Is it true that to get an Ivy League MBA you have to have the IQ of George W. Bush? That's what I understand, anyway. I never met a corporate MBA who was a walking, talking refutation of that urban legend.

Meanwhile, the brass was wondering why the customer satisfaction surveys that we paid some well-known polling company to do for us kept coming back with such lousy numbers. Well, I knew the answer. It had something to do with what I could do a half dozen times over in an afternoon I now had to wait a month before I could work on it. But if the fucking idiots haven't figured it out, I'm not going to tell them.

[truedelphi]

7. I relate to your tale. My first few years in California

Were spent in Silicon valley. Back in the eighties, in fact.

As Silicon Valley became established, it was common practice for the investment people who had purchased a huge portion of some small but deserving company to come in and insist that the company get a MBA to "look over" things and organize the company so that it would "continue to prosper."

Well, that sort of person is not called a "90 day wonder" for no reason.

Rather they have gotten that name because in 90 days they can pretty well mess up a decent company. Never mind that before their reign of terror, the small comapny was creating a valued product and already knew exactly how to market, package, price, warranty, and establish customer service. Plus have a decent amount of profit.

But since the startup wasn't doing things according to some damn text book style of managing itself, the MBA would insist that things be done his or her way, and well, you know the rest.

[bengalherder]

8. They've done the same thing in restaurants over the years.

Had one manager once whose last job was a big box Office Products store.

Needless to say he was far worse than simply doing without an 'executive manager'.

[truedelphi]

4. Okay here is a bit more information

The settlement involves what amounts to Wells Fargo offering restitution in the form of assistance to the homeowners or mortgage holders of two insitutions that Wells Fargo has acquired: "According to Brown's office, the agreement with Wells covers loans made by World Savings Bank, a subsidiary of Golden West Financial Corp., and Wachovia Bank. Wachovia purchased World Savings in 2006, and Wells acquired Wachovia in 2008."

There will be some $2 billion in loan modifications for California homeowners made by Wells Fargo, according to the agreement. This amounts to a great dealof help to those who purchased homes with a risky pay-option, adjustable-rate mortgage.

And these mortgages are ones that were originally deals made by Wachovia and World, Wells purchased those two other banks, and will also pay $32 million to 15,000 borrowers who had similar loans and lost their homes to foreclosure, according to an agreement with the California attorney general's office.

"Customers were offered adjustable-rate loans with payments that mushroomed to amounts that ultimately thousands of borrowers could not afford," said Attorney General and Gov.-elect Jerry Brown in a statement. " 'Recognizing the harm caused by these loans, Wells Fargo accepted responsibility and entered into this settlement with my office.'

"In fact, the agreement is not a settlement in the common meaning of the term. No lawsuit was filed against Wells, and bank representatives on Monday said they approached Brown's office shortly after they acquired the risky loans from failing banks in 2008. The bank sought assurances that it would not be sued if it agreed to help out distressed homeowners."

You cn read one article here at SF GATE:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/20/BUT21GT95H.DTL#ixzz18jWNF5tH

[dixiegrrrrl]

9. kick, and hope this turns out to really be good news.