Let The Lawsuits Bailout Begin

November 12, 2008

When the Congress voted on October 3 to socialize the banking system with the "bailout" bill (H.R. 1424), it was just a matter of time until the lawsuits by homeowners started flowing. Indeed, a self-employed Minnesota attorney who practices out of his home has now sued Wells Fargo and the Dakota County Sheriff to try to prevent foreclosure. He claims Wells Fargo demanded payment of $16,924 by noon on November 13, and that he had $8,000 in hand, but that the bank wanted the entire amount. The attorney claims that's just not very nice. Wells Fargo received billions of dollars to help people like him, and he claims that Wells Fargo owes him a duty to restructure his mortgage. He has clients that owe him $50,000 that he can't collect because many of them have lost their jobs and also are in financial trouble. The attorney says he told Wells Fargo that he would could come up with $12,000 by the deadline, but they refused. He claims that Wells Fargo will not suffer any harm by taking the $12,000 and working things out with him. He claims that "...Defendants are not sensitive to the crisis at hand and they are not acting in a manner to help homeowners like me restructure their debt as the bail out package wants them to do." Jarvis. Wells Fargo Mortgage Corp., et al., No. 08cv 5971 JNE/JJK (D. Minn. filed, Nov. 12, 2008).

Shame on Wells Fargo for wanting their money. Shame, shame. Pitiful, just pitiful....