Wells Fargo Sub Prime Discrimination

[Remodeling Maidiac]

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

Reading the fine print and shopping your loan isn't Monday morning quarterbacking. IT'S COMMON FUCKING SENSE

 

[Remodeling Maidiac]

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.



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.



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!....

??? The bank doesnt assess the value of your home, your county appraiser does. The bank also didn't cause your loss of income. I think you're placing blame where it doesn't belong.

 

[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.



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.



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!....

If your income changed and you can no longer afford the mortgage, you may have to default. It sucks, but that's the chance you take when you borrow money against collateral whose value fluctuates. Your credit record will take a big hit but the good news is, you'll not be alone.

However, you are dead wrong about the bank trying to screw you. They would MUCH prefer you continue to make the payments. They already have too many foreclosed properties. Sorry to be blunt, but this was bad timing on your part. You bought a home with payments that could not be sustained if your income dropped and you did so before the value of your collateral began to fall. In retrospect, you should have rented. Lesson learned, but don't blame the bank. I do however, wish you good luck...seriously.

 

[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

Reading the fine print and shopping your loan isn't Monday morning quarterbacking. IT'S COMMON FUCKING SENSE

I see Mr. I dont care enough to prove my bullshit is back. With even more bullshittier bullshit and less proof

 

[Remodeling Maidiac]

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

Reading the fine print and shopping your loan isn't Monday morning quarterbacking. IT'S COMMON FUCKING SENSE

I see Mr. I dont care enough to prove my bullshit is back. With even more bullshittier bullshit and less proof

Only a dumb ass lib would ask for proof or a link to common sense.

 

[Caroljo]

So make your payments on time.



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.



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



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!....

If your income changed and you can no longer afford the mortgage, you may have to default. It sucks, but that's the chance you take when you borrow money against collateral whose value fluctuates. Your credit record will take a big hit but the good news is, you'll not be alone.

However, you are dead wrong about the bank trying to screw you. They would MUCH prefer you continue to make the payments. They already have too many foreclosed properties. Sorry to be blunt, but this was bad timing on your part. You bought a home with payments that could not be sustained if your income dropped and you did so before the value of your collateral began to fall. In retrospect, you should have rented. Lesson learned, but don't blame the bank. I do however, wish you good luck...seriously.

I really DO understand what you're saying....but you really don't know the whole story and i don't want to put it all out there. I'm not trying to get out of paying my mortgage....and if they only care that we keep paying and don't want us to foreclose, i would think they would try to help a little. Obama put things in place to help people....but there's a small catch. To get the help, you can not be behind on your payments (i try not to be)...you have to be at least 2 months behind. So people that are struggling to keep their payments up to day are basically being told to default so they can get help! How is that NOT the bank or our govt's fault?

 

[Trajan]

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

the disparate impact argument Perez used, is bullshit.

 

[ClosedCaption]

None of them know or care about the whole story. See, making up a narrative that a record number of foreclosures exist today because of a record level of greed, or lack of common sense or some other immeasureable personal attribute is easy. You dont have to prove it, you just have to assert it to be true.

That answer is sooo simple that its simple minded.

 

[Remodeling Maidiac]

If that program is still available to be used then save 2 months payments back and apply. Then after you get whatever help it is you are seeking send in the two months you saved.

 

[Trajan]

None of them know or care about the whole story. See, making up a narrative that a record number of foreclosures exist today because of a record level of greed, or lack of common sense or some other immeasureable personal attribute is easy. You dont have to prove it, you just have to assert it to be true.

That answer is sooo simple that its simple minded.

sure I care, but, his argument, the argument he crafted is crap and, he knows it.

 

[Remodeling Maidiac]

None of them know or care about the whole story. See, making up a narrative that a record number of foreclosures exist today because of a record level of greed, or lack of common sense or some other immeasureable personal attribute is easy. You dont have to prove it, you just have to assert it to be true.

That answer is sooo simple that its simple minded.

Despite your attempts to complicate things 2+2 still equals 4.

 

[ClosedCaption]

I know Gramps proving what you say is complicated for you

 

[Pho_King]

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!

When I bought my first home in 2003, I recognized that I was unsophisticated in these matters and so researched my options. I took out an arm instead of a prime loan, and bought the biggest, baddest house I could for the absolute lowest payment. Worked out beautifull for me and for millions of others that took out arms.

Wells Fargo did not settle because of the veracity of the claims, but because of the nature of the claims.

 

[Pho_King]

None of them know or care about the whole story. See, making up a narrative that a record number of foreclosures exist today because of a record level of greed, or lack of common sense or some other immeasureable personal attribute is easy. You dont have to prove it, you just have to assert it to be true.

That answer is sooo simple that its simple minded.

So, you have this narrative that a record number of foreclosures exist today because of a record level of greed, and then seem to accuse others of being simpleminded? Are you one of those morons that also thinks medical debt causes 60% of bankruptcies?

 

[Care4all]

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

that's just pure BS to blame the victim that was CONNED and not the Con Artist...

plain ole bull crap my dear.

thank God our laws are set up to protect the victim instead of blame the victim or we'd be living in a land of pure EVIL.

Get your head on straight boy!

 

[ClosedCaption]

None of them know or care about the whole story. See, making up a narrative that a record number of foreclosures exist today because of a record level of greed, or lack of common sense or some other immeasureable personal attribute is easy. You dont have to prove it, you just have to assert it to be true.

That answer is sooo simple that its simple minded.

So, you have this narrative that a record number of foreclosures exist today because of a record level of greed, and then seem to accuse others of being simpleminded? Are you one of those morons that also thinks medical debt causes 60% of bankruptcies?

Pho King...No other people are saying that the record number of foreclosures exist because of immeasureable personal behaviors.

Read it again and try it again

 

[Pho_King]

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

that's just pure BS to blame the victim that was CONNED and not the Con Artist...

plain ole bull crap my dear.

thank God our laws are set up to protect the victim instead of blame the victim or we'd be living in a land of pure EVIL.

Get your head on straight boy!

Only in America are individuals that fail to educate themselves whatsoever on the biggest purchase of their lives considered victims.

 

[Pho_King]

None of them know or care about the whole story. See, making up a narrative that a record number of foreclosures exist today because of a record level of greed, or lack of common sense or some other immeasureable personal attribute is easy. You dont have to prove it, you just have to assert it to be true.

That answer is sooo simple that its simple minded.

So, you have this narrative that a record number of foreclosures exist today because of a record level of greed, and then seem to accuse others of being simpleminded? Are you one of those morons that also thinks medical debt causes 60% of bankruptcies?

Pho King...No other people are saying that the record number of foreclosures exist because of immeasureable personal behaviors.

Read it again and try it again

So then, if it wasn't greed, what was it that you think motivated those evil banisters into preying upon those poor unsuspecting minorities?

 

[Trajan]

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

that's just pure BS to blame the victim that was CONNED and not the Con Artist...

plain ole bull crap my dear.

thank God our laws are set up to protect the victim instead of blame the victim or we'd be living in a land of pure EVIL.

Get your head on straight boy!

the problem is the laws aren't, thats why perez spoke to St. Paul's mayor and convinced him to drop/pull the case, Magner v. Gallagher , which was scheduled for oral arguments before the supreme court.

he knew the odds were very good he'd lose, so in effect the DOJ, that is perez bullied wells fargo, they just went ahead and settled instead of being waylaid endlessly in the press.

 

[ClosedCaption]

So, you have this narrative that a record number of foreclosures exist today because of a record level of greed, and then seem to accuse others of being simpleminded? Are you one of those morons that also thinks medical debt causes 60% of bankruptcies?

Pho King...No other people are saying that the record number of foreclosures exist because of immeasureable personal behaviors.

Read it again and try it again

So then, if it wasn't greed, what was it that you think motivated those evil banisters into preying upon those poor unsuspecting minorities?

I dont know any evil banisters although there was one that I slid down and got a wicked nut shot...horrible.

You tell me why this happened...honest mistake that they paid $175 Million out of kindness? Bank of America paid $335 Million because they feel bad that people didnt educate themselves?

You tell me why both of those things happened. Provide links not a story you make up on the fly