United States Files Law Suit Against Wells Fargo
5 years ago many people buying a home in the Olympia area and across the United States, were granted loans without meeting the usual credentials. On Tuesday the United States filed a law suit against Wells Fargo and accusing them of Reckless lending. The lawsuit concerns loans that were given by the FHA or Federal Housing Administration. The FHA was not generally thought of as a big player in the mortgage bubble, but has been a big contributor to the mortgage and housing bust.
There are very specific processes on how you get loans from the originators of the financing, like Wells Fargo, and if you don’t follow the rules, then you face trouble damages for every violation on the loan. Wells Fargo obviously isn’t the only bank to have gambled with FHA mortgages, Bank of America, and Citi also face similar suits in the future.
When buying a home in Olympia, make sure you deal with real estate agents, and lenders that have a full knowledge of your situation. If you are close to foreclosure in Olympia, it isn’t too late. NW Home Experts has received numerous awards and received various training to help you either short sell your Olympia home, or sell your Olympia home.