The U.S. Government is just now prosecuting Wells Fargo over bad mortgages in regards to the FHA. There was an article in my local newspaper about this. I wondered why the government is going after Wells Fargo for lying to them, etc. and not prosecuting them for lying to all the buyers.
In addition to lying to the government, Wells Fargo lied to people buying houses. In 2004, my house payment was supposed to be $750, then went to $1,190 the next year because of "Save Our Homes Caps" here in Florida; increase in homeowners' insurance due to the 4 hurricanes; and lastly, to the increase in my home's value which was artificially high due to the mortgage companies running up home prices to make a buck. By the way, I did have a fixed rate.
People like myself who put down large down payments cannot get any relief from the government programs to aid buyers in distress. Those buyers whose down payment were the minimum allowed are getting some relief but not enough and not all of them. I feel the U.S. government should sue Wells Fargo and other mortgage companies for all of us who were financially damaged by lenders lack of full disclosure. I'm struggling to keep my home even though it is worth less than what I paid for it by about a third.
I am tired of hearing that people shouldn't buy homes that they cannot afford. I could afford $750 but not $1,190!
The U.S. Government is just now prosecuting Wells Fargo over bad mortgages in regards to the FHA, see: http://dealbook.nytimes.com/2012/10/09/u-s-sues-wells-fargo-alleging-mortgage-deceit/
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