Defunct Law Firm Sues Wells Fargo Over Foreclosure Work

Probably happening elsewhere as well.

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A New Jersey law firm that helped Wells Fargo Bank N.A. foreclose on thousands of homeowners has sued the lender, saying the bank’s delayed efforts to fix its robo-signing problems led the law firm to collapse.

Lawyers for the Zucker, Goldberg & Ackerman law firm, which laid off most of its 335 workers last year, are accusing Wells Fargo of taking several years to comply with a 2010 New Jersey Supreme Court order that called for lenders to show that they were properly submitting mortgage details before foreclosing on a property.

The order, which required banks to submit their internal foreclosure policies, paralyzed foreclosures throughout the state. The average time for the foreclosure process—from filing the lawsuit to a sheriff’s sale—grew from about 200 days to about 1,000 days, according to documents filed in U.S. Bankruptcy Court in Newark.

Read on.

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Game changer: California investigating Wells Fargo for identity theft

About time!! Homeowners haven’t had privacy since the turn of the century securitization.

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A group of senators is already asking the Department of Justice to use a new policyto target individuals at Wells Fargo for corporate misconduct (and maybe even more) in the wake of the fake account scandal surrounding the bank.

The senators’ push for prosecution seems to focus mainly on the executives at Wells Fargo, including departed CEO John Stumpf, for their roles in setting up and overseeing an incentive program that led to the bank’s employees setting up millions of fake accounts in consumers’ names in order to get sales bonuses.

But the state of California is making a move that could lead to a whole new world of hurt for Wells Fargo, its current and former executives, and the 5,000 former employees who opened the fake accounts.

According to a report from the Los Angeles Times, which has been all over this scandalsince the beginning

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