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07-29-2012, 02:41 AM #1
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.
07-29-2012, 04:25 AM #2Regular Guest
- Join Date
- Feb 2010
It's funny how even when you hear the truth about why they got fined you still refuse to believe it.
07-29-2012, 06:54 AM #3
07-29-2012, 07:05 AM #4"I could have ended the war in a month. I could have made North Vietnam look like a mud puddle."
"I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them."
07-29-2012, 08:07 AM #5
07-29-2012, 08:22 AM #6
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.
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.
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.Never argue with a fool, onlookers may not be able to tell the difference. Mark Twain
07-29-2012, 09:28 AM #7
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!
07-29-2012, 10:09 AM #8Professional Member
- Join Date
- Aug 2006
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).FEN
07-29-2012, 10:10 AM #9
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
07-29-2012, 12:02 PM #10
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.
07-29-2012, 12:11 PM #11
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.
07-29-2012, 12:21 PM #12
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 ?
07-29-2012, 12:35 PM #13
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.