Wells Fargo hit with 175 million in Fines

[Six]

Get this.

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.

[Gcanno]

It's funny how even when you hear the truth about why they got fined you still refuse to believe it.

[Tool-Slinger]

Link??

[glennac]

It's funny how even when you hear the truth about why they got fined you still refuse to believe it.

Funny thing there can, six just told the truth, the whole truth and nothing but the truth comprendi. What don't you understand, what is your problem. Inquring minds want to know. Perhaps you can tell us th liberal PC version of the "truth". Thank you, thank you very much

[netsalt]

I'm not a "libbie" but prefer the truth. Original story for the Tea Baggers that can read. http://www.cbsnews.com/8301-505123_1...nation-claims/

[printer2]

I'm not a "libbie" but prefer the truth. Original story for the Tea Baggers that can read. http://www.cbsnews.com/8301-505123_1...nation-claims/

Oh you mean this part?

At a news conference, Deputy Attorney General James Cole said the bank's discriminatory lending practices resulted in more than 34,000 African-American and Hispanic borrowers in 36 states and the District of Columbia paying higher rates for loans solely because of the color of their skin.

Not sure why they have to repeat it again in the same article though.

The bank will pay $125 million in compensation for borrowers who were steered into subprime mortgages or who paid higher fees and rates than white borrowers because of their race or national origin rather than because of differences in credit-worthiness.

and again.

Perez said that because of the bank's practices "an African-American wholesale customer in the Chicago area in 2007 seeking a $300,000 loan paid on average $2,937 more in fees than a similarly qualified white applicant. And these fees were not based on any objective factors relating to credit risk.

You almost would get the impression the article's writer had a bone to pick (might even be a person of color) with the bank.

[coolperfect]

I won't comment on the discrimination aspect of this. All I will say is that WFC and JPM were the last exposed to this housing mess.They may or may not have made some bad
decisions to do it,that said they now are The too best large banks.That fine to them is like a parking ticket to us!But the media loves it.And by the way GM's stock is way down,as is Ford who took no money .This is due to their exposure to Europe.They are both doing great over here,but investors have their eye on Europe!

[the mojo]

http://money.cnn.com/2012/07/12/real....htm?iid=HP_LN

Hello this is the gubba,we have got a sweet deal for you,just sign here and everything will be OK.

We will give you assistance on that settlement and the loan will only be 1.5%
for the first 3 years.
















very small print at the bottom ( the remaining years will vary at a rate determined by our agents and will rise per annum up to 16% depending on how much you borrowed).

[netsalt]

Yeah the article is slanted but the fact remains that what WF did in many locations is based on race or ethnic background not credit worthiness.

The big banks need to be broken up - even the ex CEO of Citibank thinks so. http://video.cnbc.com/gallery/?video=3000105419&play=1

[Six]

It's funny how even when you hear the truth about why they got fined you still refuse to believe it.

Just because there exist in this world the unfortunate few who are predisposed to accept anything they read at face value because they lack the cognitive ability to disiminate fact from fiction does not mean the silent majority that does possess the gift of objective reasoning has to remain quite.

Keep beleiving the Obama BS because it serves your purpose.

Wells Fargo followed banking standards that have fended off the sub-prime disaster for decades.

You people call it bigotry and you instantly believe every thing you read.

I bet you're a happy guy.

[Six]

I won't comment on the discrimination aspect of this. All I will say is that WFC and JPM were the last exposed to this housing mess.They may or may not have made some bad
decisions to do it,that said they now are The too best large banks.That fine to them is like a parking ticket to us!But the media loves it.And by the way GM's stock is way down,as is Ford who took no money .This is due to their exposure to Europe.They are both doing great over here,but investors have their eye on Europe!

And their exposure to the US's economy which shrunk by almost 1 full percentage point last quarter.

GDP was just over 1%.

Thats horrible economic news and its having world wide implications.

GMs stock nedds to be at 56 a share just for the American tax payer to break even.


Yes we are seeing a double dip heading towards depression.

Its what happens when you elect a no body as the President with radical plans.

GM will go into bankruptcy, something they should have been allowed to do initially.

[Six]

Yeah the article is slanted but the fact remains that what WF did in many locations is based on race or ethnic background not credit worthiness.

The big banks need to be broken up - even the ex CEO of Citibank thinks so. http://video.cnbc.com/gallery/?video=3000105419&play=1

Look at it from the advantageous position we currently have. now knowing what the effect of massive sub-prime lending had our and the worlds economy.

Wells Fargo refused to participate in policies that sunk our economy, policies that were put forward to combat "unfair" lending practices but in reality it turns out banks do need to vet their potential loans.

And where is the money from the fines going to ? Disadvantaged areas with large minority populations.

You're telling me those people have jobs now ? Black unemployment rates are disproportionately high. Good credit ? Education to know the difference between an ARM and a fixed rate loan ?

[Joehvac25]

But six everybody deserves the American dream of homeownership, bullsh*t, can't afford a house? Well fu*k you I can't afford you one eather.