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The Class Action lawsuit was filed by attorneys representing the families of murdered Iraq War veteran, Leouda Johnson. According to their attorney, Wells Fargo, has purposely made it difficult for class members to build a class action lawsuit against Wells Fargo Bank, or in other words “rigged the game.” It is important to understand that this is not a suggestion that class action lawsuits will not ever be accepted or that such lawsuits will not succeed. No matter how one feels about the current economy and legal environment in which class action lawsuits are allowed, the reality is that no one can predict the future. However, the attorney representing Leouda Johnson’s family feels that things are looking up for them now because President Obama has promised to support her family if they win their lawsuit.

Class Action Lawsuit Against Wells Fargo

At present there are approximately two hundred plaintiffs in a class action lawsuit against Wells Fargo Bank. This number is expected to rise in short order. The reason for the large increase in plaintiffs is due to the effects of the sub-prime mortgage crisis on previously safe borrowers who became suddenly underwater in their mortgages. Many of these homeowners lost their homes, but others were able to save their homes by selling for less than they owed on their mortgages.

In essence, what happened is that many homeowners became underwater because they borrowed far too much money and did not properly assess the risks involved with purchasing a home.

Some individuals became so engulfed in credit card and other debt that they simply lost touch with reality. They signed on for any and all loans without fully comprehending the consequences of such actions. When the reality of their predicament finally dawned on them, it was too late.

It would appear that the federal government, specifically President Obama, has become frustrated with banks that have become too lax in enforcing loan agreements.

Therein is where the class action lawsuit against Wells Fargo comes into play. President Obama has taken executive action in order to assist homeowners in preventing foreclosures. His administration has also instructed lenders to be more aggressive in pursuing loan modifications for homeowners. This is obviously a good thing for homeowners, lenders, and taxpayers alike.

Naturally, some homeowners are concerned that these new rules could force them out of their homes and into shelters.

Fortunately, the lawsuit has been stalled while the lawyers continue to work on the case. By the time the lawyers finish their review, hopefully, the lawsuit will be resolved and homeowners will once again be able to remain in their homes.

One thing is clear. If you owe Wells Fargo money, it is imperative that you contact an attorney immediately in order to obtain the maximum amount of help available to you. There is no reason to allow this situation to get any worse. If you are suffering from foreclosure and need to know how to take advantage of the Obama administration’s class action lawsuit against Wells Fargo, now is the time to act.

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