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Welcome to the Mortgage Horror Blog.  The Mortgage Segment of the industry is the home of 99% of all of the problems in the field services industry. The field services industry offers some great opportunities in the commercial and insurance segments. The purpose of this blog is to identify the problems in the Mortgage Segment and to separate the problem-plagued Mortgage Segment from the better segments of the industry

Field Inspector Owes Bank of America $12,774,102.00

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Dean Counce plead guilty to wire fraud after doctoring a few inspection reports that were submitted to Bank of America Field Services.

According to court documents, Dean lost two homes in Brooksville, Florida, a silver watch, a gold watch and a gold bracelet. The court also ordered restitution to Bank of America in the amount of $12,774,102.00.

He is 42 years old. He will be 50 after eight years in a federal prison in Virginia. The court has ordered Dean to pay $200 a month in restitution upon release from prison. It will take 5,322 years for Dean to pay the $12,774,102.00 restitution to Bank Of America.

Counce’s company was required to visit a property, complete a report, take photographs and send the information to the lender. Initially, Counce performed inspections himself. As his company grew, employees were hired to carry out the inspections. As the number of foreclosures skyrocketed, the employees were not able to keep up with the volume of inspection requests. Counce’s staff began fabricating reports.

According to investigators, Counce directed inspectors to visit the property and take more photographs than necessary. The photos were then used for subsequent reports. In other cases, Counce allegedly told workers to use information from public websites to fabricate reports for properties that were never inspected.

Employees estimated about 30 percent of the reports completed in 2007 and 2008 were fabricated. That percentage increased to 50 to 60 percent in 2009 when Counce won a new contract with Bank of America. Bank of America paid the company about $23.5 million over the course of five years.

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KUDOS To Foreclosurepedia.Org … Paul Williams Got It Right Again … Where Was NAMFS On This SAFETY & LEGAL Issue??

Over the past several weeks, Foreclosurepedia has been reaching out to state governments with respect to what is commonly termed electrical back feeding. Fact of the matter is that never in the history of the US Department of Housing and Urban Development‘s (HUD) Management and Marketing (M&M) Field Service Manager (FSM) Contract has HUD clarified its position with respect to electrical back feeding upon HUD assets.  Until NOW! Paul Williams identified the Mortgage Order Mill lies to labor and forced a HUD clarification on an important safety and legal issue.

NOW Paul Williams provides what you need to know about electrical backfeeding. We love you Paul for all that you do for LABOR.

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Wells Fargo Profiled The Weakest Customers To Sell More Product … Branch Offices Were Called “Stores” By CEO Stumpf

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An ex-Wells Fargo bank teller talks about what he called the “victimization of unwitting customers” — the elderly, non-native English speakers, college students and other financially unsophisticated groups — that he witnessed as an employee.

Pham also said the tellers and bankers especially targeted the financially unsophisticated for these unnecessary accounts. “Just like a lion trying to take down a wildebeest, you cull the herd and take the weakest one,” he says. “You’d profile customers walking in. If [bankers] saw an elderly person walking around, they’d jostle to talk to that person.” In particular, the elderly, non-native English speakers such as immigrants and college students were very “popular,” says Pham. “If there was a Caucasian gentleman in a business suit, they’d say, he probably knows what he’s doing” and so not offer him these extraneous accounts.

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Wells Fargo Replacing Bank Of America As The Most X%#*@*ed-Up Bank

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Wells Fargo & Co., reeling from weeks of pummeling over 2 million fraudulent customer accounts, was sanctioned by the Justice Department over improperly repossessing cars owned by members of the military.

Federal authorities are punishing the San Francisco-based lender for as many as 413 alleged violations of the Servicemembers Civil Relief Act, according to a statement Thursday from the Justice Department, which said the bank agreed to pay more than $4 million to compensate borrowers involved in unlawful repossessions spread over seven years. The bank’s regulator, the Office of the Comptroller of the Currency, also fined the company $20 million for a decade of transgressions, the agency said in a statement.

It’s time to DUMP Wells Fargo and the bank’s low-fee Mortgage Order Mills.

Wells Fargo CEO Stumpf Appears Before Congress This Morning

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Republicans and democrats in congress do not agree on very much.

This morning at a congressional hearing, both republicans and democrats all agreed that the Wells Fargo damaged its employees, customers and investor. There is a culture of fraud at Wells Fargo. The CEO Stumpf admitted on TV this morning that Wells Fargo “STOLE” from over 2 million customers.

Wells Fargo is a criminal enterprise. Wells Fargo is today’s ENRON.

Are you working for a criminal enterprise?