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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

#181
post #31

Earlier quoted context omitted.

I was unable to obtain a government backed mortgage for a decade because LexisNexis Risk Solutions was reporting a judgement inaccurately on my risk profile that they would not remove until I had a lawyer file suit against them and notified the CFPB. I received a $600 check as part of a $21M class action settlement [1]. I was lucky, and had the means to obtain creative financing (non-QM) when needed. Others are not s…

I agree 100%; what can a layman like me do to fix it?

If possible, leave USA. There are political systems around the world that aren’t broken and there are some that are actually being fixed by voters (e.g. Australia). But USA is broken for at least our lifetimes.

You only live once.

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

#183

Earlier quoted context omitted.

I'm sorry but if one thing America should have learned over the last six years is that the two parties are nothing alike, equating them as the same and making a poor faith effort that voting is useless is extremely moronic.

It's like Maslow's hierarchy of needs...if you're wealthy enough, you can afford to distinguish between the two parties; if you're not, the two parties are the exact same.

I sympathize with that view, but nearly every decision you make, every day, at every price level, about everything, is a choice between flawed alternatives.

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

#184

Earlier quoted context omitted.

> "When you apply for a mortgage you are informed in advance that it might be sold. In fact, when I got mine I was told it would be sold. This information is given to every applicant as a legal requirement and people who don't like it don't need to go through with the application." Ah yes, the good ol' American practice of victim blaming: "Well, we specifically told you we'd screw you over; look, it's in paragraph 15…

If you agree to something, you are not a victim, you are a participant. Don’t agree to things you don’t like and claim to be a victim, unless you had a gun to your head. We should have higher expectations than that. Don’t like the mortgage process? Don’t get a mortgage. Pay cash, or rent. The world doesn’t owe you the exact terms you want. That’s not the fault of capitalism, it’s as bad or worse under any other syste…

No post body was provided.

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

#185

Earlier quoted context omitted.

> 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.

Median days on market is up, sale-to-list is back below 100%, price drops are a thing again, etc. Come spring, we should see the first normal housing market since before the pandemic.

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

#186
post #50

Earlier quoted context omitted.

Customers freaking out and leaving would be awesome.

Destruction of jobs and services != justice.

The availability of jobs should be a symptom of good business, not an end goal that justifies the ongoing depravity of a business.

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

#187
post #139
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…

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…

I don't mean to marginalize your frustration, but I feel like you may have unrealistic expectations.

First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. Not only is it white-collar work with practically no risk to your physical safety (assuming you exercise, eat right, etc), but monetarily this puts you _way_ ahead of most people right out of the gate.

If you literally can't find a home to buy (assuming you want to buy one), then either you live in an HCOL area (in which case, owning property was _always_ a fantasy even among the highly-paid), or you aren't looking hard enough.

As a landlord, I can assure you that landlords have never gotten 2% mortgages on their properties, unless landlord==bank or some ridiculously well-connected billionaire.

Except for 2008, the housing market has _always_ been at a peak. Prices may flatline if we head into a (worse) recession but they are not going down to where they were again. You only options are to accept that and adjust your budget/income/location appropriately, or opt to rent forever, which is not at all a bad thing since owning a primary residence is never an investment. (Although there is room for nuance here that I won't get into.)

In the US, the vast majority of people _never_ pay off their mortgage until late in life, if all at. This is because the "normal" thing to do is to buy a house and "upgrade" two or three times until retirement. When interest rates were low, it didn't even make financial sense to pay off a mortgage because the money could be put to better use buying investments.

Even with my high-paying jobs, I didn't manage to get above $0 in net worth until I was about 40. I think that's pretty good in a society where an increasing number of people have to work their whole lives for a number of factors, not all of which have to do with wall street and a broken government.

I don't know your age, but it sounds like you're still closer to the beginning of your career. Either way, life has "started" for you already, it's happening right now, and it will be even better if you make a concerted effort to understand the world and your place in it right now, and figure out which decisions you need to make that will benefit you the most in the future.

Since you asked for it, my advise is to live well under your means, save aggressively, set goals, and never stop learning. If you want to challenge yourself, look into a concept called "early retirement." Good luck.

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

#188
post #139
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…

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…

Figure out some way to opt out of the insanity of American knowledge-work metro areas. My wife and I rage quit DC back in 2016 and bought a house in an exurban county. In part because the mortgage payment on our 3,000 square foot waterfront house begins with a “1” we had two more kids and my wife quit her job to start a business. Hopefully with remote work becoming more accepted that will be a more practical option for more people than it used to be.

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

#189

Earlier quoted context omitted.

I just watched a younger man bring his elderly and handicapped father into a Planet Fitness to take a shower because they were both homeless. I am homeless as well. That fine should all go to ending homlessness. And if you vote for the D or R you are voting for the same party; the O Party, as in Oligarchs.

I'm sorry but if one thing America should have learned over the last six years is that the two parties are nothing alike, equating them as the same and making a poor faith effort that voting is useless is extremely moronic.

Neither party is willing to solve homelessness by actually fucking housing people, and you're calling a homeless person a moron because their assessment of the two parties which, to avoid disturbing the existing economic order, mutually assent to that permanent state of crisis, doesn't include enough conciliatory language for you about how Orange Man Bad? Jesus Christ.

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

#190
post #31

Earlier quoted context omitted.

I agree 100%; what can a layman like me do to fix it?

I don't know if this is what you intend, but it sounds like you're baiting an answer about vigilante style "justice" to the executives/board members of these misbehaving corporations. That would be counterproductive and probably only cause them to treat us with less empathy than they do already.

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