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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

#361

Post by xyzelement »

jackpirate wrote: post #343
xyzelement wrote: post #325

Earlier quoted context omitted.

// But the fact remains that things are objectively, numerically harder for us So I never dug into this before but I found this interesting chart from the US government [1] It does seem like a relatively smaller percentage of young people own homes today vs 40 years ago - but not as shocking as you'd imply: Percentage of people Percentage of 35-40 who own a home: 1982: 70% 2021: 62% So while the trend is down - it st…

I suspect the numbers would be worse if you looked at households instead of individuals due to declining marriage rates (but I'm not willing to put in the effort to find numbers).

I don't understand what you're saying. To me, if the rate stays flat but represents fewer married couple, then this same rate actually means more homes are owned by people of that age.

Meaning - if guy and girl are married and own a house together, that counts as 2 people towards home owner bucket.

If they are not married, they'd need to each own a house for the same rate to hold.

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

#362

Post by jacobjjacob »

bityard wrote: post #187
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…

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…

Landlords can (could) get in the 2-3% range for sure. Maybe not on a new purchase, but a refi like the commenter said.

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

#363

Post by aprdm »

toomuchtodo wrote: post #263
PaulDavisThe1st wrote: post #227

Earlier quoted context omitted.

If this is true, who is going to fix it and where will they come from? If this is not true, then ... well then you're just wrong.

I’m leaving for Western Europe, all of the tools I need for advocacy and accountability work just fine from over there (laptop and mobile device are all that is required). I’m unable to run for office, I am not an ideal candidate for various reasons. I want the country improved long term, but am unwilling to suffer in the short term because of, for lack of a better words, the malevolent and troglodytes. In the case o…

What's your opinion on Canada jurisdiction ?

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

#364

Post by aliasxneo »

dvt wrote: post #198
bityard wrote: post #187

Earlier quoted context omitted.

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…

> 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. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…

I'm a millennial and have been a homeowner for seven years now. I had average, if not below average, credit when I bought the house and I had no downpayment (i.e. I wasn't coming in strapped).

It sounds like I'm an extreme edge case, but I really don't feel that way. I have several co-workers in the same age range who also own property. The details being recapped in this thread are very foreign to me, so I feel like this must be a geographic issue and not a generational issue.

My experience could just be unique, of course.

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

#365

Post by 29athrowaway »

sizzle wrote: post #139
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…

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…

Don't live in a tech hub then. It's not worth it.

If you are not attending conferences, going to meetups and participating actively of the tech scene in a way that advances your career, you will be just wasting money in rent.

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

#366

Post by aliasxneo »

dvt wrote: post #278
xyzelement wrote: post #271

Earlier quoted context omitted.

// You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. Counterpoint - tech professional about 20 years out of college. Just bought a house in a nice suburb of NYC and all my neighbors are likewise working professionals. Some are in medicine, some in tech, some in things like construction management and educatio…

I mean you’re a gen X-er, it makes sense that you have zero idea what people that graduated college in 2008 went through. For context, people that had degrees in comp sci were working as Best Buy’s Geek Squad. On the bright side, you timed the dot-com dip perfectly!

I graduated high school and lost all my college money from the 2008 recession. Yet here I sit as a home-owner for seven years now. I don't project my experience on my entire generation, and I would expect others to do the same.

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

#367

Post by pigsty »

sidewndr46 wrote: post #239
PaulDavisThe1st wrote: post #233

Earlier quoted context omitted.

wages increasing faster than inflation means that effective (sometimes called "real") prices fall. If in year N an item costs $1000 and you earn $10k a year, but in year N+M the item costs $1100 but you earn $12k a year, the real price of the item has gone down.

Yeah, except we're talking about returning to pre-Covid levels. Not whatever you just made up. That would imply prices return to the previous levels. That will never happen with inflation.

Inflation has been going on basically constantly for centuries. Nobody is really expecting to buy a coke for a quarter or anything again, but people are expecting the prices to not grow 10% every couple months so that they’ll be able to switch to a job where things will feel affordable again (since jobs offering fair wage increases are basically a thing of the past).

Nobody would complain about $10 bags of chips if they made 4000x that a month.

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

#368

Post by jollofricepeas »

aliasxneo wrote: post #364
dvt wrote: post #198

Earlier quoted context omitted.

> 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. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…

I'm a millennial and have been a homeowner for seven years now. I had average, if not below average, credit when I bought the house and I had no downpayment (i.e. I wasn't coming in strapped). It sounds like I'm an extreme edge case, but I really don't feel that way. I have several co-workers in the same age range who also own property. The details being recapped in this thread are very foreign to me, so I feel like…

It’s not unique.

A lot of my older millennial friends have paid off their houses in the last year or two.

Here in the Midwest (Pittsburgh), it’s not unusual if you’re fiscally responsible on even a single developer salary (2022, $120-200k) to both have bought a home and mostly paid it off especially if you bought within the last 10 years before the pandemic so we’re talking $140k-285k for a 4 bedroom, 3 bath, garage with yard and finished basement depending on your neighborhood preference.

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

#369

Post by sneak »

dvt wrote: post #198
bityard wrote: post #187

Earlier quoted context omitted.

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…

> 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. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…

Telling someone to spend less than they make is not exactly "glamorizing the hustle".

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

#370

Post by IG_Semmelweiss »

spacemadness wrote: post #308
IG_Semmelweiss wrote: post #236

Earlier quoted context omitted.

what about people that dont pay taxes i.e. every other chinese, saudi, indian, russian, EU and LATAM millionaire that owns several properties in miami, orlando, nyc, LA, dallas, houston, phoenix, etc. What about banks and REITs that are passthru entities for the same folk above ? What about SV out-of-staters that don't pay state taxes but work remote at places like LV, Salt Lake, or Boise ? You want to fleece your ow…

That’s a lot of whatabouts. I’m not sure why you’re attacking the previous poster who obviously wants people to be taxed.

Because he wants to freece people that mostly work and do productive things for a living, and meanwhile (some) randos come to the US with stacks of cash derived from US foreign aid, from selling copycat goods on amazon, from selling govt offices in their home country, or with wads of cash from straight up corruption / criminal activity... and they get the white glove treatment.

A non-us citizen real estate tax (in the style of NZ) is like the 3rd rail of politics. God forbid anyone daring to mention a ~200% FV tax on any residential property purchase by a non-us citizen.

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