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Wells Fargo to pay $3.7B for mistreating customers

finance.yahoo.com

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Re: Wells Fargo to pay $3.7B for mistreating customers

#161

Post by sophacles »

cool_dude85 wrote: post #66
mrtksn wrote: post #58

Earlier quoted context omitted.

I have a question, do people really protest in designated areas in the US? I know sometimes there are riots but from what I can see on the media it looks like people gather somewhere close to the subject and chant and wave banners. I find it strange because in Europe the norm is to disturb the daily life. Farmers spray policemen with milk, train operators stop working, the younger and more anarchist ones burn cars an…

In the US, the police (and people not involved in the protests) will happily beat you up, run you over, or shoot and kill you for disruptive protests.

Be fair. They'll do that for peaceful non-disruptive protests. Usually the term riot is applied after the cops start tear-gassing and the news can re-frame footage of people running away as "dangerous rioters".

Fun fact: most people arrested at protests end up arrested because they try to follow police instructions to disperse. The police keep directing them into a closed off area (aka bottling) and then arrest them in for failure to disperse.

Re: Wells Fargo to pay $3.7B for mistreating customers

#162

Post by OkayPhysicist »

vkou wrote: post #107
Meekro wrote: post #38

Earlier quoted context omitted.

I get what you mean, but what's the alternative? How should you behave if you're exempt from normal social boundaries because of your personal tragedy? Shout at random people? Throw things? Punch some guy in the face? Seems to me it's better to try and be kind, and treat others right despite your horrible situation. The person you're treating cruelly because of your personal trauma could easily be going through a tra…

The alternative is to hold the institutions that inflict this suffering on people proportionately accountable for it. One of the reasons we don't, is because the socially required reaction to this abuse is to suck it up, and suffer in silence. What is the equivalent of a bank having its home wrongly taken away from it? Locking the doors on one of its branch offices and boarding it up for a few months? There's an enor…

The solution is to weaken the liability limitation of LLCs. If a company willfully breaks the law, its shareholders need to be held responsible, in proportion to their ability to affect change in the the company.

Re: Wells Fargo to pay $3.7B for mistreating customers

#163

Post by sophacles »

AYBABTME wrote: post #78
cool_dude85 wrote: post #66

Earlier quoted context omitted.

In the US, the police (and people not involved in the protests) will happily beat you up, run you over, or shoot and kill you for disruptive protests.

I mean, they won't just happily do _all_ of that. You're exaggerating a bit and using extreme cases as if they were the norm. In particular you may say this with a straight face only if you're unaware of how this actually is the common reality of other countries. We've all heard of cases of police running over crowds in some circumstances, or of the odd shooting (actually when?). But that's not what the average prote…

I've participated in quite a bit of peaceful protesting. I've never been shot at, but the number of times I've been teargassed for being in a park or on a sidewalk during the "permitted hours" and in the "designated zone" is much higher than the expected 0.

Re: Wells Fargo to pay $3.7B for mistreating customers

#164

Post by algog »

nerdponx wrote: post #152
sizzle wrote: post #139

Earlier quoted context omitted.

I can’t even afford a home right now on a tech salary with sky high rent paying off my landlords 2% refi’d mortgage and student loans making it impossible at 6-7% fed interest rate hikes and inflated home prices after the insane COVID housing price bubble increase. I feel like life won’t start for another 5+ years for people like me, unless we gamble on being underwater on an inflated mortgage entering at the peak of…

Same here. I wasn't financially prepared to buy a house at insanely inflated Covid prices while interest rates were down in the 2% range, and I'm not excited to to buy a house at 7% while prices are still substantially higher than pre-Covid levels. Meanwhile rentals for anything other than a tiny box are just as expensive as a mortgage at those rates. I don't understand how people who do not have 6-figure tech salari…

You and me both. Please share the memo when you it.

Re: Wells Fargo to pay $3.7B for mistreating customers

#165

Post by nullc »

Tempest1981 wrote: post #49
downrightmike wrote: post #45

Earlier quoted context omitted.

USAA

Can non-US-military join? I thought not.

For many years USAA banking was open to everyone, but it isn't now.

I'm not sure how great a loss it is-- USAA's formerly amazing quality of service has declined dramatically in the last two years, at least on the banking side.

Re: Wells Fargo to pay $3.7B for mistreating customers

#166

Post by pcorsaro »

__derek__ wrote: post #154
sizzle wrote: post #139

Earlier quoted context omitted.

I can’t even afford a home right now on a tech salary with sky high rent paying off my landlords 2% refi’d mortgage and student loans making it impossible at 6-7% fed interest rate hikes and inflated home prices after the insane COVID housing price bubble increase. I feel like life won’t start for another 5+ years for people like me, unless we gamble on being underwater on an inflated mortgage entering at the peak of…

> an inflated mortgage entering at the peak of the housing market We are well past the peak of the housing market.

Houses aren't selling in hours anymore, sure. A ton in my area are sitting for days, but prices haven't come down all that much.

Re: Wells Fargo to pay $3.7B for mistreating customers

#167

Post by mistermann »

obblekk wrote: post #9

I feel so much cognitive dissonance realizing that there are hard working people literally losing their home and shelter wrongly while I might be sitting across from them at any time, expecting them to behave within normal social boundaries. Imagine a family with a new born, working 50+ hours at a physically demanding job, making $80k/yr combined, and then losing their home for no reason... and then being expected to…

> Incidents like this make it easier for me to understand "protest voting" against the system politically. Not sure of constructive ways to prevent this more broadly.

One useful thing a person could do is try to come up with a means of teaching a larger percentage of the population to have the ability to think in the manner that you have here. It is a very tricky problem space, but the payoffs could be huge.

Re: Wells Fargo to pay $3.7B for mistreating customers

#168

Post by sophacles »

xyzzyz wrote: post #103
feet wrote: post #67

Earlier quoted context omitted.

In the US I bet any farmer who sprays police with milk would be instantly shot

Two years ago, we had protesters literally set police precinct on fire, and not only nobody got shot, but in fact nobody faced any consequences.

This is a lie. They were convicted and sentenced to prison: https://www.police1.com/george-floyd-protest/articles/man-se...

Also worth noting that the people who started the fire were there because they thought people protesting police violence was bad - they weren't dangerous liberals or antifa or whatever other nonsense you'll spew: they were far-right "bugaloo boys"

Re: Wells Fargo to pay $3.7B for mistreating customers

#169

Post by sophacles »

zdragnar wrote: post #158
xyzzyz wrote: post #103

Earlier quoted context omitted.

Two years ago, we had protesters literally set police precinct on fire, and not only nobody got shot, but in fact nobody faced any consequences.

They didn't just set it on fire, they literally burned it to the ground. I watched live streams of the police abandoning the precinct building. Elsewhere, people were firing fireworks mortars into occupied federal buildings, with little to no recourse. "Good" protesters were overshadowed in media coverage of "bad" protesters, but I also saw a grocery store get completely ransacked for no reason other than people deci…

Those "bad" protesters were from the "pro police" side: https://www.police1.com/george-floyd-protest/articles/man-se...

Re: Wells Fargo to pay $3.7B for mistreating customers

#170

Post by whartung »

Analemma_ wrote: post #10
etchalon wrote: post #7

Earlier quoted context omitted.

I didn't have much of a choice. They bought our mortgage.

Example number ten thousand of why the "vote with your dollars and don't do business with them" defense of capitalism fails completely in practice.

When the opportunity presented itself, I refinanced our mortgage with Chase.

A key goal was to get out from underneath WF.

Every mortgage that I've had has ended up in WF. WF is a mortgage black hole, they buy everything and it's pretty clear that a vast majority of the mortgage industry is to act as service bureaus for WF. I completely understand both business models, I just don't want to play.

When I got the new mortgage, I mentioned to the person handling our application that I was hopeful they would not be selling my paper to WF. Chase is not a mere broker, they're the whole kit. He said he couldn't guarantee they wouldn't sell the paper, and I understood that. But loans are Chases business too, so far they're holding on to it (typically they're sold in the first few months).

So, for the moment I'm out from underneath WF, and have been for several years.

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