From [HERE] and [HERE] A Black man who not only made his mortgage payments on time but made payments early faces foreclosure by Wells Fargo. The explanation for initiating the foreclosure proceedings by Wells Fargo is nothing short of amazing and offers a sad commentary on how little has changed despite the 2008 financial crisis and supposed reforms like Dodd-Frank. Etienne Syldor said he’s worked his whole life for a home in Orlando for his wife and three children.

Syldor is an non-white immigrant from Haiti and a bus driver at Walt Disney World. At times, he said he has worked multiple jobs to make sure he never missed a mortgage payment. Last year, Wells Fargo offered him mortgage modification, and he was told if he made four monthly payments during a trial period, the modification would be permanent. According to court records, Syldor paid early and sent Wells Fargo more money than he was required to.

"When he came in and showed me all of the documents, it was just unbelievable," attorney LaMya Henry told WFTV 9. "Who gets foreclosed on when they've made all payments on time?"

Wells Fargo claims that Syldor didn't follow the modification guidelines because he paid his mortgage early and sent too much money.

"For some loans, completing trial payments is a significant step toward a permanent modification," said Wells Fargo representative Veronica Clemons in a statement.

As stated by DSWright  - Oh the absurdist world of MBS. Because Wells Fargo sold Mr. Syldor one of these chopped up and reassembled frankenloans it didn’t matter that the bank was getting paid – usually the goal of loaning money – what mattered was that the arcane calculus of the derivative was not being complied with. And since Syldor was so happy to have a home for his family and was able to cobble together the cash from working multiple jobs he rushed to pay his mortgage to keep his home. His reward? Foreclosure proceedings that would have put him and his family on the street.

It’s 2013 and we are still dealing with this nonsense. [MORE]