Wells Fargo Sub Prime Discrimination

[eflatminor]

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?

What you described is indeed the government's fault. Our President has, once again, overstepped his authority with no positive effect. So there, we agree. Still not the bank's fault. You have a contract with them. If you can't keep up your end, perhaps understandably so, you have the option of default. The bank has no contractual obligation to lower your payments against collateral that's worth less than the note. So they end up with yet another foreclosure. That's the contract.

Again, good luck.

 

[whitehall]

Another race based class action suit alleging that Black people are too stupid to consult with a lawyer when they buy a home. When are Black people going to realize that they are being used as patsies by the liberal elite? it always boils down to the liberal elite democrats promising Blacks a wad of cash if they will sell their pride and dignity to the democrat party.

 

[eflatminor]

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!

Are you suggesting that anyone who signed on to a loan they can no longer afford was conned?

 

[Trajan]

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

I explained it in the post right above yours, you seem to have a habit of ignoring inconvenient posts......

 

[ClosedCaption]

Another race based class action suit alleging that Black people are too stupid to consult with a lawyer when they buy a home. When are Black people going to realize that they are being used as patsies by the liberal elite? it always boils down to the liberal elite democrats promising Blacks a wad of cash if they will sell their pride and dignity to the democrat party.

Lawyers have nothing to do with mortgage loans. Let's hear more about people being ignorant from an ignoramus.

 

[ClosedCaption]

So we have a few geniuses here who have claimed the following:

Ask a realtor for a fixed rate loan even tho realtors dont do or create loans
Read the fine print even tho people werent told they could qualify for other loans...they just shouldve known
Now people should talk to a lawyer about getting a loan even tho lawyers dont know shit about creating or qualifying people for loans.

And this advice comes from the people who claim to be smarter than those conned by Wells and Bank of America....and the smart people here got it 100% wrong anyway. That was easy

 

[Trajan]

Another race based class action suit alleging that Black people are too stupid to consult with a lawyer when they buy a home. When are Black people going to realize that they are being used as patsies by the liberal elite? it always boils down to the liberal elite democrats promising Blacks a wad of cash if they will sell their pride and dignity to the democrat party.

Lawyers have nothing to do with mortgage loans. Let's hear more about people being ignorant from an ignoramus.

you know what he meant, so you are down to picking gnats out of flyshit....

 

[ClosedCaption]

Another race based class action suit alleging that Black people are too stupid to consult with a lawyer when they buy a home. When are Black people going to realize that they are being used as patsies by the liberal elite? it always boils down to the liberal elite democrats promising Blacks a wad of cash if they will sell their pride and dignity to the democrat party.

Lawyers have nothing to do with mortgage loans. Let's hear more about people being ignorant from an ignoramus.

you know what he meant, so you are down to picking gnats out of flyshit....

What did he mean Captain Save-a-hoe?

 

[Trajan]

save a ho?

and that means what?

 

[ClosedCaption]

save a ho?

and that means what?

So you dont know what he meant? Thanks...I accept your apology

 

[Trajan]

 

[g5000]

The global derivatives bubble was about far more than home loans. Only those who have never bothered to really dive into the nature of structured finance products and the runaway train Wall Street constructed out of them thinks this was about home loans.

Home loans were but one of several resources that were the raw materials used to construct the massive towers of CDOs and other derivatives. Auto loans, credit card balances, corporate bonds, sovereign bonds, and so forth, were also the assets backing these instruments.

That's why the sovereign debt crisis currently rocking Europe is but Phase Two of the derivatives bubble. It is a continuation. The same animal.

As for the argument that a borrower is to blame for getting into a toxic mortgage, I used to believe that, too. However, the more I have learned, the less culpable I find the average mortgage borrower to be.

First of all, if you take a Wal-Mart employee and put them across the table from a lender who has hundreds of years of finance experience behind him, which one has the most responsibility for keeping money out of the hands of high risk borrowers?

The lender, obviously.

The borrower is depending on that hundreds of years of banking experience to provide a SAFE financial environment. What the borrower did not know is that the financial industry had thrown the underwriting laws of the Universe out the window during the derivatives bubble. In fact, they have yet to return to those laws.

So when a borrower is told that taking out some exotic mortgage was not only the thing to do, it was the best thing to do, they were depending on a reputation of conservative and responsible banking gained from a long history of prudency by banks.

Little did they know that prudency was tossed into the wind with the CFMA and FSMA at the turn of the new millenium.

But as I said, if you are focused on home loans, you are only looking at a tiny fraction of the problem.

The problem is the structured finance products that were built from these assets, and the outright gambling that was allowed surrounding them.

And in the end game, the flat out fraud that was being perpetrated on the investors in these products. Those investors were your insurance company, your local colleges and universities, your city treasurers, your public employee pension fund managers, and your own personal retirement fund managers. They were all bamboozled and defrauded to the tune of billions of dollars by Wall Street.

If you don't believe me, I have a long list of the criminals and can describe the exact nature of their crimes to you. I have their names.

So when you bitch about rising insurance premiums and college tuition and taxes and employee contributions and shrinking retirement accounts, every bit of that can be traced back to the derivatives bubble and the fraudsters.


Now let me leave you with something that I hope Grampa Murked pays special attention to. And after you read it, you should ask yourself why these fuckers paid a fine instead of going to prison for life.



How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis:

A few weeks after he started working at Ameriquest Mortgage, Mark Glover looked up from his cubicle and saw a coworker do something odd. The guy stood at his desk on the twenty-third floor of downtown Los Angeles's Union Bank Building. He placed two sheets of paper against the window. Then he used the light streaming through the window to trace something from one piece of paper to another. Somebody's signature.

Up and down the line, from loan officers to regional managers and vice presidents, Ameriquest's employees scrambled at the end of each month to push through as many loans as possible, to pad their monthly production numbers, boost their commissions, and meet Roland Arnall's expectations. Arnall was a man "obsessed with loan volume," former aides recalled, a mortgage entrepreneur who believed "volume solved all problems." Whenever an underling suggested a goal for loan production over a particular time span, Arnall's favorite reply was: "We can do twice that."

Even as the totals grew to $3 billion or $6 billion or $7 billion a month -- figures never before imagined in the subprime business -- Arnall wasn't satisfied. He wanted more.

Glover learned that his colleague's art work wasn't a matter of saving a borrower the hassle of coming in to supply a missed signature. The guy was forging borrowers' signatures on government-required disclosure forms, the ones that were supposed to help consumers understand how much cash they'd be getting out of the loan and how much they'd be paying in interest and fees. Ameriquest's deals were so overpriced and loaded with nasty surprises that getting customers to sign often required an elaborate web of psychological ploys, outright lies, and falsified papers. "Every closing that we had really was a bait and switch," a loan officer who worked for Ameriquest in Tampa, Florida, recalled. "'Cause you could never get them to the table if you were honest." At companywide gatherings, Ameriquest's managers and sales reps loosened up with free alcohol and swapped tips for fooling borrowers and cooking up phony paperwork. What if a customer insisted he wanted a fixed-rate loan, but you could make more money by selling him an adjustable-rate one? No problem. Many Ameriquest salespeople learned to position a few fixed-rate loan documents at the top of the stack of paperwork to be signed by the borrower. They buried the real documents -- the ones indicating the loan had an adjustable rate that would rocket upward in two or three years -- near the bottom of the pile. Then, after the borrower had flipped from signature line to signature line, scribbling his consent across the entire stack, and gone home, it was easy enough to peel the fixed-rate documents off the top and throw them in the trash.

That kind of puts a new light on the prevailing attitude that borrowers were to blame, and were stupid, for getting into variable interest rate loans, doesn't it?

At first, Glover thought the branch might be a rogue office struggling to keep up with the goals set by Ameriquest's headquarters. He discovered that wasn't the case when he transferred to the company's Santa Monica branch. A few of his new colleagues invited him on a field trip to Staples, where everyone chipped in their own money to buy a state-of-the-art scanner-printer, a trusty piece of equipment that would allow them to do a better job of creating phony paperwork and trapping American home owners in a cycle of crushing debt.

There is a long story at the link about one particular case. The case of Carolyn Pittman. Read it. You may begin to rethink your whole outlook on the people who took out loans. I know I have.

BNC was no fly-by-night operation. It was owned by one of Wall Street's most storied investment banks, Lehman Brothers. The bank had made a big bet on housing and mortgages, styling itself as a player in commercial real estate and, especially, subprime lending. "In the mortgage business, we used to say, 'All roads lead to Lehman,' " one industry veteran recalled.Lehman had bought a stake in BNC in 2000 and had taken full ownership in 2004, figuring it could earn even more money in the subprime business by cutting out the middleman.

 

[buckeye45_73]

I think Chris Rock summed it up here
whatitbe09 (vodpod)'s Decalz: chris rock ******* vs black people | Lockerz

 

[Pho_King]

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

You tell me why they made the loans in the first place if it was not greed. Remember what you are responding to?

Allegations of racism are easier to settle than litigate.

 

[buckeye45_73]

Close just wants MORE affirmative action housing. Gee I cant wait!