It is time to investigate WFC, a racketeer influenced and corrupt organization, again? WFC is the master manipulator of the undisclosed problem loan, which are going to come crashing down around their necks, again. As a RICO company their last and most immediate area of concern was their Canadian operations. Their Canadian portfolio was the most overvalued part of their disclosed corrupt operations.
They have managed to hold their scam together by using Warren Buffet, among others, as their shills. Of course, Warren Buffet, a major stock holder, "doesn't have a dog in the fight" but he is the Michael Vick of their loan production scam. Former insiders in their Loan Production scam know their darkest and most illegal secrets. WFC through their wholly owned subsidiary can and will pressure their "independent" appraisal partners to return high values, or else.
WFC's newest tactic is to pass their bad conventional loans on to HUD/FHA and VA. In order to move the bad loan to HUD/FHA and VA. WFC wants and needs a new 125% estimate of value from their wholly controlled appraisal department, RELS. Under the latest HUD/FHA and VA rules they are also able to make a new loan for 125% of the newly estimated value. (125% x 125% equals $156.25% of the most probable market value being foisted upon another American GSE.)
To enhance the fraud, the real deflation rate is suppresed by RELS because they overtly encourage their Appaisal partners to use the quarterly government estimates of deflation rather than the real-time MLS statistics. (Local realtime MLS statistics for deflation are generally 100% more than the official government statistics.) If you ever want to get a good laugh read the statistical protocols for your SMA (Statistical Metropolitan Area) by the Government. They are designed to confuse and obfuscate the real world facts for political and banking purposes. I refuse to do work for WFC, HUD/FHA and VA because they are the next big scam and financial bubble to burst on America's dime.
