Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Wells Fargo to pay $3.7B for mistreating customers

finance.yahoo.com

Post reply on HN
Print view View original

371–380 of 465 posts

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

#371

Post by uejfiweun »

esoterica wrote: post #347
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…

Why do you think your life won't start until you buy a house? It's psychotic how much psychological weight people put on homeownership.

To be fair, it's tough to start accumulating furniture and other big heavy objects until you have a permanent place to put it. Buying tons of these items while renting is a risky gamble - if your landlord decides to gouge you, it's not such an easy thing to just pack it all up and move.

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

#372

Post by whoIsYou »

MobileVet wrote: post #292
jimt1234 wrote: post #202

I used to be a Wells Fargo customer, just before all the news of shady "operating practices". One day I was trying to login to their online banking web site, but my password wasn't working and the reset functionality also wasn't working. I called their customer support, and the rep told me to make sure I was using the correct password. She then read my password to me . Later that day I drove to the branch and closed…

That… scares the crap out of me. How is that even possible, beyond the worst possible infrastructure practices imaginable? If I knew of another bank in North Carolina with decent coverage I would swap for sure. That said, don’t really use the atm that often so maybe I shouldn’t worry about that. Only at WF because Chase wasn’t in NC and yes they opened extra accounts for me.

yeah just switch to Chase.

been banking with them my entire life, literally 0 problems

their mobile app aint amazing, but hell, I can overlook that

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

#373

Post by [deleted] »

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!

[deleted]

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

#374

Post by IG_Semmelweiss »

Eisenstein wrote: post #259
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…

> You want to fleece your own... but others you let just... walk in ? I don't recall the person you replied to mentioning that. Why is it impossible to levy property taxes on real estate in your own state from people who live somewhere else?

Its not impossible. That's not the point What i mean is real estate taxes as they are today are not a factor to seriously dent foreign or corporate wealth from vacuuming all properties available.

10k year in property tax is a pittance to a Sheik, a shenzen factory owner, an indian tech entrepreneur, your average venezuelan govt bureaucrat, or a REIT.

10k is not peanuts to the average wage earner in the US.

The former all buy in USA to keep their wealth safe from confiscation and leverage the US justice system and FDIC. Because back in their home countries they are 1 election away from communism or a bank collapse.

We have no adequate means to raise the cost of entry for them, and mentioning change to favor local purchases, is almost taboo.

Meanwhile, we say "tax the rich" here. Yet foreigners keep loading up on real estate and US citizens end up renting forever..

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

#375

Post by Klinky »

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…

The housing market was significantly different 7 years ago[1]. I'll agree that if you bought in your 20s as a millennial, you're in a much better position. Impossible to replicate that today though.

1.https://fred.stlouisfed.org/series/ASPUS

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

#376

Post by ericd »

IG_Semmelweiss wrote: post #374
Eisenstein wrote: post #259

Earlier quoted context omitted.

> You want to fleece your own... but others you let just... walk in ? I don't recall the person you replied to mentioning that. Why is it impossible to levy property taxes on real estate in your own state from people who live somewhere else?

Its not impossible. That's not the point What i mean is real estate taxes as they are today are not a factor to seriously dent foreign or corporate wealth from vacuuming all properties available. 10k year in property tax is a pittance to a Sheik, a shenzen factory owner, an indian tech entrepreneur, your average venezuelan govt bureaucrat, or a REIT. 10k is not peanuts to the average wage earner in the US. The former…

That’s what happens when we live well beyond our means for decades and trade dollars for real goods - those dollars come back to buy up assets.

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

#377

Post by atkailash »

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…

No post body was provided.

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

#378

Post by ericd »

TylerE wrote: post #331
Godel_unicode wrote: post #322

Earlier quoted context omitted.

Now look at the double digit interest rates they paid on those mortgages. You pay the monthly payment, the top line number is largely irrelevant. https://www.atlanticbay.com/knowledge-center/history-of-mort... .

They didn’t have cellphone or internet bills. Financing cars wasn’t really a thing. Trade offs.

Those add up to <$100/mo if you do it right, and you generally shouldn’t finance cars.

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

#379

Post by dclowd9901 »

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…

Protest voting is shouting into a void. Cognizant voting is voting in a way that supports your beliefs and their place in the world. If you don’t see a representative who represents your beliefs, then you need to consider running for office yourself.

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

#380

Post by dclowd9901 »

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…

If you're under 30 this is normal.
Post reply on HN