Wells Fargo hit with 175 million in Fines
Wells Fargo, one of the very few banks that caved in to governmental pressure during the height of the sub-prime lending debacle has been hit with massive fines from the Justice Department and Eric Holder.
50 Million of those fines are to be specified by Holder to go out to areas of minorities for down payment assistance on new homes.
HUH ??!! Didn't we try this already ??? If someone needs "down payment assistance " maybe they shouldn't be buying a home.
So for actually checking credit scores and verifying things like employment and wages they're slapped with fines for "DISCRIMINATING".
NOT "discriminating" nearly caused our economy to collapse and we're still struggling from the effects of Barney Franks Affordable Housing Act.
This is unreal. Obama and his cronies are strong arming Wells Fargo. One of the few institutions that refused to participate in sub-prime lending AND didn't want any part of TARP.
They actually did the right thing, followed good lending practices that have kept the mortgage industry going for the last 70 years and Obama nails them for 175 million.
And Holder uses the money to help poor disadvantaged blacks buy new homes ???
These are your people libbies. Hope you're proud. This nonsense is why so many are suffering today because of pressure put on lending institutions by Barney Frank.
GM is also giving out sub-prime car loans as it's stock falls below 19 dollars a share. It has to be at 56 a share for the American people to break even !!
The biased story I read from CBS.com said Wells Fargo steered them towards sub-prime loans because of the color of their skin. Horse shi** !!
It was for the same reason so many qualified for sub prime loans through other institutions. Crap credit and no down payment.
Effing criminals you libbz put in power. Criminals.