Wells Fargo Has Blood on Its Hands: Desperate Man Commits Suicide After Shocking Foreclosure Mistrea

[xchrom]

http://www.alternet.org/news/155442/wells_fargo_has_blood_on_its_hands%3A_desperate_man_commits_suicide_after_shocking_foreclosure_mistreatment_/

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Norman and Oriane Rousseau were one more couple pushed by a huge, greedy bank to the brink of homelessness. On Sunday, desperate and with nowhere to go, Norman Rousseau shot himself.

This is the story of what happens when an average couple is up against a giant, wealthy, powerful bank. Unfortunately the result is what the result always is when people are on their own against the wealthy and powerful: the bank ends up with all of their money, takes their house to sell and throws them out onto the street. In this case the bank is Wells Fargo.

The quick version of this terrible story is that Norman and Oriane Rousseau of Newbury Park, California were scammed into a predatory mortgage. But they made their payments anyway, always paying with a cashier’s check in person at the same branch. Then one day the bank misapplied their payment and said they still owed the money. This started a long, nasty process that led to the bank evicting the Rousseaus from their home.

Here’s the shocker: right at the start the Rousseaus came up with proof that the bank had received the payment and had cashed the check. But the bank continued to claim it had missed the payment, gave the Rousseaus the runaround, started applying fees, and used it as an excuse to foreclose on the house anyway.

The Rousseaus fought back, the bank dragged it out for so long and pulled so many tricks, getting its way every step of the process, until this last Sunday Norman Rousseau finally gave up and shot himself in despair – two days before the scheduled eviction, Tuesday, May 15. (The Rousseau’s lawyer just said he was able to win a 2-week delay.)

[tclambert]

1. Did it cost Wells Fargo any money?

If not, then a good businessperson just won't care. Life, death, misery, who cares? Does it affect profits?

[randome]

4. It costs the bank money to foreclose on a property.

That's why they usually try to avoid it.

I'm willing to bet there is more to this story than the 'short version'.

And a guy who kills himself is not very stable to begin with.

Not saying the bank is golden in this, just that there is more to the story.

[99Forever]

6. You are defending a fucking greedy bank?

That says a lot about you.

[randome]

10. No. Just looking for the truth.

[elias7]

12. Yeah, it says he/she is fair minded and doesn't knee jerk to conclusions

Your response says a lot about you as well

[99Forever]

17. Says a lot about me?

Good, that wasn't my primary intention, just a nice extra. I've dealt with 1%er's tools at Wells Fargo and speak from experience. Screw them and anyone that sides with them. There's a new form of "bank robbery" going on and the banks are the perpetrators, NOT the victims.

[elias7]

31. I didn't say it said anything good about you

Your passion is what fuels the engines of activism, but blind passion without tempered thought will not earn you a place in the driver's seat.

[99Forever]

33. It's good thing for...

.. me that I don't need your approval or much give a damn about it, huh?

[JHB]

7. That's how it's supposed to work. Is that true now?

My understanding is that thanks to the securitization of mortgages that helped fuel the bubble, banks have less flexibility to work with mortgage holders to avoid foreclosure than they would if they held the loan in the traditional fashion. Add to that the Loan Servicing industry, for which long foreclosure procedures are a drain so they're incentivized to foreclose quickly.

Calling the guy "not very stable to begin with" is a bit harsh. Doing everything right, keeping up payments, but still being forced into ruin because of an error (or chicanery) by the bank is a pretty big last straw.

[randome]

13. You may be right about that. I don't know.

But suicide is 'harsh', too. Usually the result of an emotionally disturbed mind.

We don't have all the facts in this story.

[JackInGreen]

8. I think the 'trying to avoid it' has

taken a back seat to 'will we make more money on the back end from going through the forclosure? Good! Then we can abandon the property to languish and count it among our (however false) assets'

[julifolo]

11. "not very stable?" He got the story out.

Depending on the rest of the story, he might have felt this had the best chance of success. And, regardless, it WILL punish BoA. They lied, and if they say they didn't lie, 99% won't believe them.

[secondvariety]

16. "And a guy who kills himself is not very stable to begin with".

Great-another shithouse psychiatrist. Thanks for the diagnosis.

[TBF]

18. It's more than that -

it is an attempt to shut down the discussion. Oh the guy is crazy, bank is fine ... Typical in some circles.

[randome]

22. Right. Because I love me some big banks.

Shut down the discussion? I merely pointed out that we don't have all the facts.

And apparently the guy won a two week stay of foreclosure proceedings so the issue could be re-examined.

Do you think suicide is a 'normal' frame of mind?

[TBF]

24. I think folks can get pretty desparate when they are shafted

by the system. I'm more willing to give the guy the benefit of the doubt than the bank. We've seen too many cases of banks going after their profit no matter what the facts - including folks who had paid off their homes and were STILL evicted. YMMV.

[Canuckistanian]

19. If it were unprofitable, the bank wouldn't foreclose

And judging by the tricks, harassment, outright lying and litigation, this must be VERY profitable in the long run.

[Angry Dragon]

20. ...........

[zazen]

2. so TBTF banks are free to annex citizens' property with impunity?

That doesn't seem like a democratic state to me.

[geckosfeet]

3. And where is the legal process in all of this? Is there no arbitration court?

The bank was clearly in error. There must be some legal apparatus available to people of less than opulent means to appeal to.

[Confusious]

5. Haha that's funny!

"There must be some legal apparatus available to people of less than opulent means to appeal to."

Nope, this is the United States. You got no money, you're screwed. You got less money then the other guy, you're screwed. Justice is $$$$$. You got the $$$$, you get justice.

BTW, "that's funny" was sarcasm.

[TBF]

9. Kick for exposure - this is absolutely disgusting.

As are a few of the comments responding. "Oh, the guy must've been unstable .." Walk a mile in his shoes, buddy. Just reprehensible.

[xchrom]

14. indeed. nt

[randome]

23. I know one thing.

If I lost my house and my job tomorrow, I would not kill myself. Money and possessions are important to me but not THAT important.

Again, we don't have all the facts from this self-admitted 'short version' of the story.

[frylock]

26. you don't know jack shit until you yourself actually face that adversity

[tclambert]

27. Yeah, I don't get it that he was desperate enough to shoot himself,

but not angry enough to shoot some bankers.

Aah, the surviving bankers would probably just demand more police protection, paid for by middle class taxpayers.

[Starry Messenger]

25. +1000

[steel4ever]

15. WF Doesn't Try to Avoid Foreclosure...

My 26 year old son was laid off from his job and was concerned about his payment that month while he was transitioning to unemployment. His payment was not yet late and his previous payments had always been timely. Concerned about being laid off, he called Wells Fargo and was told to go into a temporary modification to a lower payment, because "that way, it won't affect your credit." A lie. He agreed to the process, and, at the end of the period, he was just starting a new job. At that time, he was given a surprise 8000.00 balloon payment notice by WF, and he was unable to pay it. After calling and talking with several phone representatives over a period of several weeks, he realized that none were authorized to help him with a solution. Since he was misinformed about his credit rating (it had tanked 200 pts.) and was not told about the potential balloon payment, he had trust issues with the faceless "phone people."
He went to the main branch of Wells Fargo in his city to talk with a knowledgeable loan officer and was told that the local banks did not handle those types of transactions and was told to "call the 800 number." By then, he was extremely depressed and embarrassed that he was being foreclosed on and had mentioned none of this to his family or friends. He talked to few people and became more and more withdrawn. He finally talked with an attorney, who advised him to walk away, unless he wanted to "throw money" at saving the house. Disgusted and mistrustful of his mortgage lender, he walked away.
Needless to say, his credit score hindered his searches for an apartment and he is still dealing with the aftermath. As a business person, if someone owes me money, I will work something out rather than allow a default.... unless it somehow benefits me financially. Wells Fargo isn't stupid. These foreclosures are advantageous to them in some way, and to hell with the individuals who are hurt in the process. My son's original mortgage payment was 1100.00, he's now paying 1500.00 in rent, so could have easily worked something out with WF. We can only assume that they wanted his house.

[lonestarnot]

21. Dirty fuckwads Wells Fargo!

K & R!

[Initech]

28. Well hey if corporations are people let's call for Wells Fargo's arrest!

[Egalitarian Thug]

29. K&R. Though ignored, this matters. n/t

[pacalo]

32. I'm still deeply depressed about my neighbors across the street being evicted.

I'll never forget the humiliation of the poor guy as long as I live.