Bonjour,
We all feel the pain as do appraisers, so if you did BPOs for Wells between 2005-2010 those BPO companies were cleaning up while we were getting peanuts. Take a minute to view these guys adding humor to current issues. http://thenationalrealestatepost.com/another-50mm-from-wells-for-overcharged-bpos/
While I am on a rant, AMC- appraiser clearing houses where appraisers have to pay the middle man for their appraisals, in my neck of the woods a SFR appraisals are $450-500, those AMCs take around $125, in the video link above these guys talk about.
In a nut shell New York Governor Cuomo in my eyes is behind the AMC mess http://mandelman.ml-implode.com/2009/08/cuomo%E2%80%99s-crossing-an-outsider%E2%80%99s-appraisal-of-the-new-hvcc-rules/
Also remember Dodd- Frank not the bill , a.k.a. Chris and Bernie were on the Senate finance committee 2000-2007, these are the guys that started this mess along with Graham -leach bill of 99'. We do need more reform removing the finders/referral co, all these banks have to do is set-up web-portal date entry site, agents get on the approved list, code the fields like we do now on quality and condition may be other fields, less people involve, more efficient.
Very likely these finders might be editing our BPO's after we submit too? Is that right, how do we know?
Where is the fine money? Govt has received in excess of billions from these financial institutions.
Summary can we collect on that 50 million if we did BPOs for Wells? Class action suit?
Thoughts!!
Happy Selling,
Paul
Comments
The link goes to a lawsuit that is basically for Homeowners that were over charged for the BPO's that Wells Fargo overcharged for and then paid much less to have done. It does not appear to be for agents who did they jobs.
Jonathan, here is the class action suit, this hyperlink I belive will allow you to put in a claim against Wells https://biasvwellsfargo.com/
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