So if US Bancorp and Wells Fargo are not to blame who is? Sit down and focus now, because anyone might lose their feet in these dizzying explanations, and I for one don’t want to be responsible, and clearly the bank are not willing to be responsible for anything at all!
- According to the Times the spokesman for US Bancorp says it’s not them, but the servicer, American Home Mortgage Servicing, the messed up. Why? They were “solely a trustee concerning a mortgage owned by a securitization trust.”
- Same for Wells Fargo according to their spokeswoman, who gilds the lily by saying, “The loans…were not originated, owned, serviced, or foreclosed upon by Wells Fargo.” They were just the trustee, so it was someone else’s fault, is their claim.
So the “trustee” might have had the short stick in this game, but contrary to the claims of their spokesfolks, they were paid to do what the court found them guilty of not doing well, and they were anything but innocent bystanders here!
The only one talking truth here seems to be one of the lawyers, Paul Collier, representing an aggrieved borrower:
“It’s been pretty clear…that the securitization industry has behaved as though it were immune from consumer protection laws, state homeowner protection laws and real estate regulations in its underwriting, securitization and foreclosure practices. I am quite confident that this is merely the first petal off the rose with regard to predatory foreclosure practices.”