Wells Fargo is now subject to a Demand for Summary Judgment after failing to rebut sworn affidavits, thereby admitting—by operation of law—to fraud, dishonor, and lack of standing. Under California law, summary judgment is mandatory when no triable issue of fact exists, and Wells Fargo’s silence serves as a legal admission of liability. This case highlights the bank’s documented history of foreclosure fraud, echoing past rulings where courts have dismissed their claims with prejudice.
This case law summary outlines essential legal principles regarding jurisdiction, standing, and procedural requirements in financial and mortgage disputes. Courts consistently invalidate judgments lacking proper jurisdiction and stress the necessity for plaintiffs to establish legal standing. Instances of fraudulent lending practices, including breaches of federal regulations, have resulted in dismissals with prejudice. Rulings curtail corporate overreach by banks, prohibiting lending credit and ultra vires contracts. Evidentiary standards highlight the importance of adequate affidavits and the duty to disclose information to prevent fraud. Contract principles reaffirm the voiding of agreements founded on illegal consideration.
When a purported borrower takes out a loan from a bank, it may appear that the bank is lending its own money. However, under 12 U.S.C. § 83, banks are prohibited from lending their own funds. Instead, they use the purported borrower’s promissory note as collateral to create credit, not using their own capital. This process lacks transparency, leading to non-disclosure and fraud, which may render such agreements void ab initio (invalid from the outset).
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