Following the decision by a Massuchusetts court on foreclosures concerning Wells Fargo (NYSE:WFC), Miller Tabak said they see little impact on the bank, or other banks affecte either, as by time a property is foreclosed upon, up to 90 percent of the to 90 percent of the losses have already been taken.
Miller Tabak said, "even if this becomes a clear trend across the US - giving the benefit of the doubt to families facing eviction - we do not see this type of decision as representing a major financial event for WFC or for other banks, because, by the time a property is foreclosed on, the lender will have already taken 85%-90% of its ultimate losses on the loan, in the form of markdowns and reserves."
Miller Tabak maintains "Neutral" rating on Wells Fargo, which closed Friday at $31.50, losing $0.65, or 2.02 percent.
Monday, January 10, 2011
Impact on Wells Fargo (NYSE:WFC) in Massachusetts Case Minimal
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1 comment:
Wells Fargo is IRREFUTABLY engaged in real estate racketeering along with certain foreclosure mills, and so are various other lenders. Prior to the Attorney General “deals” with lenders who deliberately engage in foreclosure fraud, some people definitely should have been jailed.
American consumers will remain hopelessly victimized by consumer fraud without intervention from all State Attorneys General. However, limited facts and evidence can leave authorities with little choice except to “deal” (like plea bargain?). Lawmakers, news media, and particularly investigative reporters who put their safety on the line, are not solely responsible for a better America.
Instead of hope and / or demand that out-of-control judicial & political systems somehow right itself, Americans need to DO our part –or at least weigh what IS our part. Pro-action accomplishes better results than (notwithstanding any justification) posting commiserating statements or angry Internet comments about the mortgage crisis.
The petition to the Congressional Foreclosure Panel http://t.co/riJXgou gives specific details and illustrations about foreclosure frauds. Similar to illegal acts described in that petition, information from the public (consumers) will go a long way in helping lawmakers to curtail and prosecute foreclosure fraud. Particularly in light of the few grounds for successfully opposing foreclosures, reports to AG’s works better than homeowners copying / purchasing various materials from the Internet for fighting foreclosure illegalities.
Hopefully people continue signing and sharing the petition –and consider heaping upon offices of Attorneys General, information / evidence about foreclosure-judicial wrongdoing. @ Commentary on: “Emerging Battleground on Mortgage Abuses: Foreclosure Mills” http://t.co/riJXgou
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