In Orlando, the bank is under fire by a homeowner who says that the bank improperly foreclosed on his house even though he had been making his payments on time. The loan in question was modified, and the homeowner was required to make four monthly payments on time in order for his reduced rate to become permanent. According to the man, the bank stopped accepting his payments and began foreclosure procedures. The issue at hand is that the customer made both early payments and larger payments than the loan documents dictated, leading the bank to take action. Wells Fargo, in a statement to a local news reported, stated that since the loan was in a mortgage-backed security, the payment guidelines were absolute, and therefore the homeowner didn’t follow the terms of the loan, but that the bank will work with him to resolve the issue.
Another day on the market
The legal battles that Wells Fargo & Co (NYSE:WFC) has to face now are really small scale, leaving investors with little to worry about. But today’s moves also show that any given day can be the one where the bank moves to the beat of Mr. Market’s drummer. Without cause by the bank, it could drop — leaving you with unnecessary stress from following the stock’s every move. Keep an eye on the long term, and you’ll weather the ups and downs just fine.
The article Here’s Why Wells Fargo Isn’t Going Anywhere Today originally appeared on Fool.com.
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