Law Office of Christopher D. Hopkins
Law Office of Christopher D. Hopkins
Law Office of Christopher D. Hopkins
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  • Tue January 21, 2014, 3:51 pm
    Site Remediation Extension of Time Bill Gives 2 Additional Years for Completion of Remedial Investigation of Contaminated Sites Two Year of Extension of May 7, 2014 Deadline For Completion of Remedial Investigation of Contaminated Sites For thos...
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  • Mon November 4, 2013, 7:14 pm
    Compensation For Loss of Ocean Views Due to Protective Dunes Upheld Compensation For Loss of Ocean Views Due to Protective Dunes Upheld, Although Protective Benefit of Dunes Must Be Includ...
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  • Sun September 29, 2013, 4:12 pm
    NJ Supreme Court Rejects COAH’s Third Round Regulations New Jersey Supreme Court Rejects COAH’s Third Round Regulations On Thursday, the New Jersey Supreme Court, by a 3...
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  • Thu May 23, 2013, 10:28 am
    De Facto Merger of LP Into LLC Does Not Preclude Transfer of Prior Entity’s Rights May 23 2013 -In I/M/O Hazardous Discharge Site Remediation Fund Innocent Party Grant Application Cliflake Associates LLC...
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  • Tue April 30, 2013, 8:02 pm
    NJ State's Energy Master Plan For Solar Incentives for Dumps and Brownfields - Slow Going According to an article on NJ Spotlight - The state’s Energy Master Plan wants to convert garbage dumps and brownf...
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  • Mon March 25, 2013, 7:14 pm
    Hydraulic Fracturing Update New York Home Rule Power To Curb Fracking Upheld In Lenape v. Town of Avon et al., case number 1060-2012, in New York...
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  • Sun March 24, 2013, 11:39 am
    Creation of Hydraulic Fracturing Performance Standards Shell, Chevron, the Environmental Defense Fund, the Clean Air Task Force, Consol Energy, the EQT Corporation, the Group ...
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  • Tue March 5, 2013, 7:42 pm
    Zoning Protections Lost For Hurricane Sandy Damaged Structures Deemed “Totally” Destroyed The Appellate Division yesterday made it more difficult for property owners trying to rebuild after Hurricane Sandy. The...
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  • Fri March 1, 2013, 2:17 pm
    NJ Court Holds That Age Restricted Development May Be Marketed With No Age Restriction March 1 2013 - The Court, in Sharbell Building Company, LLC v. Planning Board of The Township of Robbinsville, held that...
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  • Tue February 5, 2013, 8:15 pm
    NJ Supreme Court Clarifies Requisite Nexus For Liability Under the Spill Act February 5 2013 - In NJ Department. of Environmental Protection v. Dimant, 212 N.J. 153 (2012), the New Jersey Supreme C...
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From the Aricle Archive
Pick-a-Payment Mortgage Investigation Settled In New Jersey

Wells Fargo Home Mortgage has reached a settlement of a state investigation into whether mortgages sold by Wachovia Corp., Golden West and World Savings, which were bought by Wells Fargo in 2008, violated the Consumer Fraud Act. They were sold as 'Pick-a-Payment' mortgages and had low monthly payment options.

The investigation alleged that the subsidiaries deceptively marketed adjustable-rate mortgages, and that the companies did not warm borrowers that the minimum payment option frequently failed to cover the loan interest, which resulted in an increase in the loan's principal balance and a greater chance of homeowners going into foreclosure.

Wells Fargo will pay New Jersey $3.98 million, while a further $67 million in loan modifications will be distributed among 900 residents. Of the $3.98 million Wells Fargo will pay the state, up to $2 million will be distributed as restitution to consumers with Pick-a-Payment mortgages who became delinquent and left their homes due to foreclosure or short sale between Jan. 2, 2005 and Dec. 18, 2010. The remainder will be used for the state's programs to combat mortgage and loan modification fraud, and to prevent foreclosures.

Wells Fargo also will forgive accrued interest and late fees for eligible delinquent borrowers in homes carrying Pick-a-Payment mortgages.

 



Law Office of Christopher D. Hopkins
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