Wells Fargo Hit With Mortgage Class Action

Law360, New York (September 23, 2010, 3:15 PM EDT) -- A couple have accused a Wells Fargo Bank NA unit in a putative breach of contract class action of extracting payments from defaulted residential mortgage customers in California by promising them a chance to keep their homes through a bogus forbearance-to-modification program.

Gustavo Reyes and Maria Teresa Guerrero lodged an amended complaint in the U.S. District Court for the Northern District of California on Wednesday, claiming Wells Fargo Home Mortgage’s program was a sham designed to pull in revenue from nonperforming mortgage loans without providing customers...
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