The Wells Fargo Home and Consumer Finance Group plans to layoff 67 Dallas area employees at its automotive-finance facility starting January 10, 2009. The Wells Fargo layoffs are the latest causality in a weakening economy that has been battered by job losses, the credit crunch and a wave of foreclosures. According to a letter sent to the Texas Workforce Commission, Wells Fargo is laying off the …

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… they will be debited in the order in which they were made. Overdraft fees Wachovia, owned by Wells Fargo, will eliminate overdraft fees for customers when they overdraw accounts by $5 or less, and will charge no more than four overdraft fees a day. The bank did not say when the changes take effect.”

As the new Credit Card Act becomes law, many banks are looking for ways to offset the losses they will incur due to the new restrictions on credit card companies.  Your bank account has …

Tags: Bank of America Debit card JPMorgan Chase Overdraft Wells Fargo

In the bankruptcy case of de la Fuente, Antoinette and Lenord; In re (De la Fuente v. Wells Fargo Bank ), the bankruptcy court denied the lender’s motion for entry of a final judgment.

The details of the bankruptcy case:

When Wells Fargo Bank imposed fees on the Chapter 13 debtors’ account, the debtors accused the bank of violating the automatic stay and bankruptcy confirmation order. The attorneys for the debtors and the bank announced that they had reached a …

Tags: Bankruptcy bankruptcy law Wells Fargo

… we’ve seen in housing over the past year has been tied to some sort of stimulus program,” said Wells Fargo economist Mark Vitner. “Now that we’re seeing those programs wind down we’re seeing that housing is quite a bit weaker than many people had thought.”

The latest report of sluggish home sales is yet another sign that many buyers are not feeling confident enough to make an investment in a home.  According to many analysts, one of the leading causes of consumer hesitation is …

… hiring is less useful a signal than it used to be,” says John Silvia, chief economist at Wells Fargo. “Companies aren’t testing the waters by turning to temporary firms. They just want part-time workers.”

Unemployed workers desperate for a paycheck grasp onto temporary jobs that may drag on for weeks, months and years; but fail to pay a living wage or offer the benefits and security of full-time regular employment.  The simultaneous shedding of jobs and the rise in …

… she thought it would be easy to get private insurance when she left her customer service job at Wells Fargo in 2003 to open her own day-care center. She’d been treated for diabetes and high blood pressure, but expected to be able to pay for a private insurance policy.

In the article Tirra made a good point. She said, “When you get sick, what are you supposed to do?”…”You can’t say, ‘I want to keep my credit, so I’m not going to the hospital.” And that’s what most …

… very much contemplating [defaulting on the mortgage], hopefully contributing to the demise of Wells Fargo.”

Amick is not alone, many debtors are feeling that the current playing field gives big banks, creditors and incompetent executives unfair advantages while bilking ordinary taxpayers and leaving homeowners facing foreclosure with little or no help. Another debtor/laid off employee even posted a YouTube video appealing to debtors everywhere to join her in fighting creditors by …

The Consumer Law & Policy blog has a very revealing article about a judge in Indiana that took it upon herself to give indigent debtors a choice–”pay up” or “go to jail.”

The blog writer provided the transcript of an exchange between the debtor and the judge:

The Court: “So we’re here today for you to explain what you’re going to do to pay this off.”

Mr. Button: …

Comment by Derek your banker: … Bank of America, Wells Fargo, Citigroup, Capitol One, …

Car title loans are marketed by creditors as a savior for the little guy; but these high interest loans are much like payday loans in that they can carry a triple-digit annual interest rate and are very difficult to repay in full when you’re already struggling financially.  Let’s take close look at car title loans and how they work.

Car title loans typically have an annual interest …

Comment by Jacob Decker: … of America and Wells Fargo. Have you ever wondered why …

In the Chapter 13 bankruptcy case Borgens, Charlotte P.; In re (Wells Fargo Bank Minn. v. Borgens), the bankruptcy court extended a stay of relief, giving a debtor more time to save her home from foreclosure despite the mortgage lender’s protests.

The details of the bankruptcy case:

“The debtor filed for Chapter 13 bankruptcy on March 15, 2004. A little more than one year later, a consent order was entered modifying the automatic stay to provide …

… players in the mortgage servicing industry are mortgage lenders themselves — Bank of America, Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. who have all faced litigation from homeowners, many of whom are victims of foreclosure. And despite the government’s massive investment in the foreclosure prevention plan and their most recent “shame” tactics, foreclosures nationwide continue to rise. And the foreclosure crisis will not be abated unless the government is …

… program:

Bank of America – Modified 4 percent of eligible loans facing foreclosure.

Wells Fargo – Modified 6 percent of eligible loans facing foreclosure.

Wachovia – Modified only 2 percent of eligible loans facing foreclosure.

American Home Mortgage Servicing – Modified exactly ZERO eligible loans facing foreclosure.

PNC Financial Services Group – Modified exactly ZERO eligible loans facing foreclosure.

Best Performers:

Saxon Mortgage Servicers – Modified 1 out …