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"Politicians demand large campaign contributions from Wells Fargo to get off their backs beyond the legal systems imposition of fines and penalties."
What you're seeing here is extortion and political grandstanding.
Exactly! That is exactly what it is. Corporations overwhelmingly donate to Democrats who are likely to win their district. It's not because they want their taxes, regulatory burden and government oversight raised it's because they feel as though they have to pay off the people claiming they will do so.
My mortgage is with WF; originally with the late Wachovia!
And thanks to that same 'Big Government' of the previous administration, I got an almost 2 percent decrease in my interest rate, due to the settlement between the US and the banks, for their part in causing the mortgage crisis! 2 percent interest decrease.......Thanks, Eric Holder! (LOL!)
And something else for the "Government off out backs" folk: Talk to the city of Baltimore, where too many residents got steered, by Bank of America, to subprime mortgages, though they were qualified for regular ones......!
And we miss old Uncle Barney Frank, sitting next to Auntie Maxine......!
My mortgage is with WF; originally with the late Wachovia!
And thanks to that same 'Big Government' of the previous administration, I got an almost 2 percent decrease in my interest rate, due to the settlement between the US and the banks, for their part in causing the mortgage crisis! 2 percent interest decrease.......Thanks, Eric Holder! (LOL!)
And something else for the "Government off out backs" folk: Talk to the city of Baltimore, where too many residents got steered, by Bank of America, to subprime mortgages, though they were qualified for regular ones......!
And we miss old Uncle Barney Frank, sitting next to Auntie Maxine......!
I find it hilarious that someone was "steered" to subprime they were offered a cheaper monthly payment I bought a home during the peak of subprime lending I was offered a the same thing, but I opted for 30 year fixed rate loan. No one was forced to take those loans it's the stupid people who only look at the monthly payment of a loan before they spend money on a home they can't afford.
Now I can buy a 500k home because I can get a neg amortized loan where the payments are $500 less a month. Throughout the entire recession of the real estate market I never once owed more then my home was worth because I wasn't stupid enough to take out a big loan I knew I would have to pay it back.
I remember friends who during that time suddenly owned 3 homes they were "investors" they could sell anytime for more then they bought their home for so who cared what loan they had. When the bottom dropped they suddenly lost their jobs and could not pay their stupid loans they had let them foreclose who was to blame the banks.
I find it hilarious that someone was "steered" to subprime they were offered a cheaper monthly payment I bought a home during the peak of subprime lending I was offered a the same thing, but I opted for 30 year fixed rate loan. No one was forced to take those loans it's the stupid people who only look at the monthly payment of a loan before they spend money on a home they can't afford.
Now I can buy a 500k home because I can get a neg amortized loan where the payments are $500 less a month. Throughout the entire recession of the real estate market I never once owed more then my home was worth because I wasn't stupid enough to take out a big loan I knew I would have to pay it back.
I remember friends who during that time suddenly owned 3 homes they were "investors" they could sell anytime for more then they bought their home for so who cared what loan they had. When the bottom dropped they suddenly lost their jobs and could not pay their stupid loans they had let them foreclose who was to blame the banks.
So, a bank tells a home buyer (in this case, residents throughout an entire city!) that he/she is only qualified for a subprime, even though he/she is eligible for prime or other better mortgages. But the burden should be all on the consumer. And a bank that makes false and fraudulent statements to thousands of residents gets off the hook, because "no one forced them to take the loans!" Is that your argument?
One should take notice that BOA decided to settle.......instead of go before a Baltimore jury with that line of thought!
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