Wells Fargo Sub Prime Discrimination

[ClosedCaption]

Then they should have went to a different lender. If that lender said the same thing then obviously they can't afford a home. If you can't qualify for a 30 year fixed then how in hell do think you'll afford an ARM?

Hows it feel to live in Hindsightland?

I don't. First house I bought was on a 30 year fixed, and the cost was low enough so that even if I lost my job me and my wife would be okay. We played it safe and smart. Just because the lender said we were approved for a $150,000 loan, doesn't mean we ran out and bought a $150,000 home.

I would say that this should be taught in school, but given the attention level of kids today it would be a waste of time. All I know is that my kids will be expertly prepared to handle their own finances when they grow up and move out.

You're so smart...You asked a realtor for a loan and now are comparing max loan amounts with adjustable rate mortgages

 

[Wacky Quacky]

Hows it feel to live in Hindsightland?

I don't. First house I bought was on a 30 year fixed, and the cost was low enough so that even if I lost my job me and my wife would be okay. We played it safe and smart. Just because the lender said we were approved for a $150,000 loan, doesn't mean we ran out and bought a $150,000 home.

I would say that this should be taught in school, but given the attention level of kids today it would be a waste of time. All I know is that my kids will be expertly prepared to handle their own finances when they grow up and move out.

You're so smart...You asked a realtor for a loan and now are comparing max loan amounts with adjustable rate mortgages

Missed the point completely, didn't you?

When I talked to my lender I was in control of the conversation. I knew what I wanted, I knew the amount that I was going to sign for, how much it was going to cost in the long run, everything. I ran numbers on mortgage calculators to get an estimate of how much the payments would be. I went into the process knowledgeable and prepared. If you don't then it's your own fault and you most likely will not get what you truly wanted.

 

[ClosedCaption]

I don't. First house I bought was on a 30 year fixed, and the cost was low enough so that even if I lost my job me and my wife would be okay. We played it safe and smart. Just because the lender said we were approved for a $150,000 loan, doesn't mean we ran out and bought a $150,000 home.

I would say that this should be taught in school, but given the attention level of kids today it would be a waste of time. All I know is that my kids will be expertly prepared to handle their own finances when they grow up and move out.

You're so smart...You asked a realtor for a loan and now are comparing max loan amounts with adjustable rate mortgages

Missed the point completely, didn't you?

When I talked to my lender I was in control of the conversation. I knew what I wanted, I knew the amount that I was going to sign for, how much it was going to cost in the long run, everything. I ran numbers on mortgage calculators to get an estimate of how much the payments would be. I went into the process knowledgeable and prepared. If you don't then it's your own fault and you most likely will not get what you truly wanted.

Sure...all the people who received these loans were just ignorant. Wells Fargo paid millions of dollars because they felt bad. You're smart and everyone who received these bogus loans which seem to have focused on minorities are just not as intelligent as you. You're special!

 

[ShootSpeeders]

MOre insanity. Govt penalizes WF for discriminating against blacks and hispanics while it forces WF to discriminate against whites via affirmative action.

 

[Wacky Quacky]

You're so smart...You asked a realtor for a loan and now are comparing max loan amounts with adjustable rate mortgages

Missed the point completely, didn't you?

When I talked to my lender I was in control of the conversation. I knew what I wanted, I knew the amount that I was going to sign for, how much it was going to cost in the long run, everything. I ran numbers on mortgage calculators to get an estimate of how much the payments would be. I went into the process knowledgeable and prepared. If you don't then it's your own fault and you most likely will not get what you truly wanted.

Sure...all the people who received these loans were just ignorant. Wells Fargo paid millions of dollars because they felt bad. You're smart and everyone who received these bogus loans which seem to have focused on minorities are just not as intelligent as you. You're special!

Well I'm glad someone on this board is willing to admit it. About damn time too.

It takes two to tango. Predatory lending wouldn't exist without ignorant borrowing.

 

[Remodeling Maidiac]

Read the fucking fine print. When you're done and you sign the papers despite not understanding them don't come crying for sympathy.

Idiots

 

[GWV5903]

Wells Fargo agrees to $175 million settlement in pricing discrimination suit - Baltimore Sun

The city alleged Wells Fargo steered minorities into subprime loans, gave them less favorable rates than white borrowers and foreclosed on hundreds of Baltimore homes, creating blight and higher public safety costs. Wells Fargo is the largest residential home mortgage originator in the United States.

The settlement provides $125 million in payments to borrowers, including an estimated $2.5 million in the Baltimore area. Minority borrowers who were steered into subprime mortgages will receive an average payment of $15,000 each, Perez said. Blacks and Hispanics who paid higher fees and rates than white borrowers because of their race or national origin will receive smaller payments that will be determined based on what they were charged.

The Justice Department's lawsuit alleged the bank discriminated against African-American and Latino borrowers between 2004 and 2009. The federal government said that black and Hispanic residents were more likely to be placed in a subprime loan than their white counterparts even if they qualified for a better loan.

"That's called discrimination with a smile," Perez said.

At a news conference at City Hall, he told a story about an "80-year-old African-American resident of the Baltimore area with a 714 credit score and a rock-solid credit file who received a subprime loan instead of a prime loan, and who was not told that she may have qualified for a prime loan with better terms."

"By the time she realized she had an adjustable-rate mortgage, and not the fixed rate she thought, it was too late," Perez said. "The damage was done."

While people try to blame the Minorities by claiming they were just being greedy wanting homes they couldnt afford. The facts tell a different or at least alternative story that gets ignored

What would those facts be?

Because there is nothing that holds water in regards to this story...

Wait a minute, the only fact is they purchased a home with zero down, and had a terrible track history of paying their Sears bill of $25 on time...

Face it CC, your dumber than a stump,just admit it, you bought into that loan too...

I love the morons like yourself that have no idea how this works, try reading up on the Equal Housing Act, then get back with me, until then, keep your day job sharpening pencil

 

[ClosedCaption]

Wells Fargo agrees to $175 million settlement in pricing discrimination suit - Baltimore Sun

The city alleged Wells Fargo steered minorities into subprime loans, gave them less favorable rates than white borrowers and foreclosed on hundreds of Baltimore homes, creating blight and higher public safety costs. Wells Fargo is the largest residential home mortgage originator in the United States.

"That's called discrimination with a smile," Perez said.

At a news conference at City Hall, he told a story about an "80-year-old African-American resident of the Baltimore area with a 714 credit score and a rock-solid credit file who received a subprime loan instead of a prime loan, and who was not told that she may have qualified for a prime loan with better terms."

"By the time she realized she had an adjustable-rate mortgage, and not the fixed rate she thought, it was too late," Perez said. "The damage was done."

While people try to blame the Minorities by claiming they were just being greedy wanting homes they couldnt afford. The facts tell a different or at least alternative story that gets ignored

What would those facts be?

Because there is nothing that holds water in regards to this story...

Wait a minute, the only fact is they purchased a home with zero down, and had a terrible track history of paying their Sears bill of $25 on time...

Face it CC, your dumber than a stump,just admit it, you bought into that loan too...

I love the morons like yourself that have no idea how this works, try reading up on the Equal Housing Act, then get back with me, until then, keep your day job sharpening pencil

You're right, WF paid 175 Million for shits and giggles...How silly of me.

 

[ClosedCaption]

Read the fucking fine print. When you're done and you sign the papers despite not understanding them don't come crying for sympathy.

Idiots

“All too frequently, Wells Fargo’s African-American and Latino borrowers had no idea they could have gotten a better deal — no idea that white borrowers with similar credit would pay less.”

There was no fine print dumbass

 

[Remodeling Maidiac]

Read the fucking fine print. When you're done and you sign the papers despite not understanding them don't come crying for sympathy.

Idiots

“All too frequently, Wells Fargo’s African-American and Latino borrowers had no idea they could have gotten a better deal — no idea that white borrowers with similar credit would pay less.”

There was no fine print dumbass

So I'm a dumb ass because they weren't smart enough to shop their loan? Seriously? Go cry on someone else's shoulder because I don't give a fuck.

 

[ClosedCaption]

Proof they didn't shop for a loan? Pulling it from your ass is not a credible source either

 

[Remodeling Maidiac]

Proof they didn't shop for a loan? Pulling it from your ass is not a credible source either

Apparently you don't grasp the I don't give a damn part.

 

[Caroljo]

Wells Fargo ARE preditors...and i have to make my stinking house payment to them and there's nothing i can do to change that. If you're just ONE day late on your payment, they're calling you 15 times a day (and i'm not exagerating!). We've had some money issues but we've always taken care of them. We wanted to pay our house off as soon as possible so we set the loan up originally to pay it in a shorter amount of time...so the payments were quite high. Then with the housing crash, we lost so much on the value that we're now under-water. We've tried to get them to refinance us because things aren't going as well so we really need a smaller payment. They won't touch it. Because our house is now worth less than we owe, they won't refinance it because it won't appraise to where it needs to be to cover the loan we have now!!

All we want to do is refinance and change the length/payment...we not asking for any more money on top of that! They already have the stupid loan, so it's all just paperwork. They couldn't care less if we're strugging....they don't care that we could possible just give up and tell them to shove the house up their ass. We're trying to do the right thing, we owe the money...but they won't help. Our credit wasn't the best when we got the loan, but it was getting better. I wonder if we got one of those "preditory" loans too?? Huh....but, i doubt we'll see any of this money they're supposed to be paying out for screwing people....we're white.

 

[ClosedCaption]

Proof they didn't shop for a loan? Pulling it from your ass is not a credible source either

Apparently you don't grasp the I don't give a damn part.

Sure you dont...you just posted three times about how you dont care and when asked for proof of your bullshit you back out.

 

[Remodeling Maidiac]

Proof they didn't shop for a loan? Pulling it from your ass is not a credible source either

Apparently you don't grasp the I don't give a damn part.

Sure you dont...you just posted three times about how you dont care and when asked for proof of your bullshit you back out.

 

[francoHFW]

There were tons of predators on all levels, and W's crony regulators couldn't have cared less. Everybody got a slice of the pie. The epitome of a Pub bubble. They should all be screwed for years....

 

[ClosedCaption]

They just pay out a fraction of what they made overall and head for the hills with the loot.

@ Gramps....I'd hate to see how many posts he takes the time to write when you does care

 

[eflatminor]

Wells Fargo ARE preditors...and i have to make my stinking house payment to them and there's nothing i can do to change that. If you're just ONE day late on your payment, they're calling you 15 times a day (and i'm not exagerating!).

So make your payments on time.

We've had some money issues but we've always taken care of them. We wanted to pay our house off as soon as possible so we set the loan up originally to pay it in a shorter amount of time...so the payments were quite high.

You chose the shorter term payment schedule, not the bank.

Then with the housing crash, we lost so much on the value that we're now under-water. We've tried to get them to refinance us because things aren't going as well so we really need a smaller payment.

Why would the value of your home require a smaller payment? That makes no sense. Now, if you have less income than expected, I can see why you'd like a smaller payment but again, that's not the bank's fault.

They won't touch it. Because our house is now worth less than we owe, they won't refinance it because it won't appraise to where it needs to be to cover the loan we have now!!

Would you lend more money against collateral that's worth less than the amount of the loan? Of course not! Again, this is not the bank's problem.

All we want to do is refinance and change the length/payment...we not asking for any more money on top of that! They already have the stupid loan, so it's all just paperwork. They couldn't care less if we're strugging....they don't care that we could possible just give up and tell them to shove the house up their ass. We're trying to do the right thing, we owe the money...but they won't help.

It's a bank, not a charity.

Our credit wasn't the best when we got the loan, but it was getting better.

Sounds like you over extended yourself. Perhaps you should have rented instead or bought a less expensive home. Either way, not the bank's problem.

I wonder if we got one of those "preditory" loans too??

Did you not read the terms of your contract? Once again, your problem, not the bank's.

Huh....but, i doubt we'll see any of this money they're supposed to be paying out for screwing people.

Sounds like you made a bad financial decision. Stated different, you screwed yourself. Not the bank's problem.

...we're white

No one gives a shit. Life's tough, get a helmet.

 

[ClosedCaption]

Wells Fargo did nothing wrong all everyone had to do is ask the hindsight geniuses here to find out what to do. Except they only have advice after Humpty Dumpty fell off the wall. Monday morning quarterbacks always make the right calls

 

[Caroljo]

Wells Fargo ARE preditors...and i have to make my stinking house payment to them and there's nothing i can do to change that. If you're just ONE day late on your payment, they're calling you 15 times a day (and i'm not exagerating!).

So make your payments on time.

We've had some money issues but we've always taken care of them. We wanted to pay our house off as soon as possible so we set the loan up originally to pay it in a shorter amount of time...so the payments were quite high.

You chose the shorter term payment schedule, not the bank.



Why would the value of your home require a smaller payment? That makes no sense. Now, if you have less income than expected, I can see why you'd like a smaller payment but again, that's not the bank's fault.



Would you lend more money against collateral that's worth less than the amount of the loan? Of course not! Again, this is not the bank's problem.



It's a bank, not a charity.



Sounds like you over extended yourself. Perhaps you should have rented instead or bought a less expensive home. Either way, not the bank's problem.



Did you not read the terms of your contract? Once again, your problem, not the bank's.

Huh....but, i doubt we'll see any of this money they're supposed to be paying out for screwing people.

Sounds like you made a bad financial decision. Stated different, you screwed yourself. Not the bank's problem.

...we're white

No one gives a shit. Life's tough, get a helmet.

Guess i should have explained better....yes, our income changed a LOT, unexpectedly.....

Gee, i wish i'd come to you for advice before we got the loan....our house was appraised at 125,000.......not a HUGE amount. Now it's worth about 75,000. We owe somewhere in-between there. I'm sure you would have made sure we did exactly the right thing because those banks just COULDN'T have been trying to SCREW PEOPLE!....