Posted on 12/11/2023 7:05:48 AM PST by Tell It Right
Wells Fargo received an official notice on problems with its use of mortgage rate discounts from the Consumer Financial Protection Bureau, sources said.
Wells Fargo hired a law firm to grill mortgage bankers whose sales included high levels of the discounts, said the sources.
Several banks received MRAs about lending practices last year, the CFPB said without naming any of the institutions.
In their industry review, regulators found “statistically significant disparities” in the rates in which Black and female borrowers got pricing exceptions compared to other customers.
(Excerpt) Read more at cnbc.com ...
I remember when this used to be called extortion
I scanned the article and didn’t see any mention of FICO scores in the determination of rates…
It says in the excerpt that black and female borrowers got exceptions in rates, meaning they got favorable rates compared to everyone else.
Whites are owed reparations in this case.
I guess we'd need clarification. I took the phrase "...got pricing exceptions..." to mean they were exempt from low prices (i.e. bad credit scores mean bad rates). Obviously you read it to mean that blacks and women got better deals.
True, I see your point of view, now, as well. Hmmm
I took it to mean those groups would get exceptions and not have to meet certain specification for the best rates because ‘oppressed groups’.
But, then again, I cannot see any fed group investigating this and blowing any whistles against favored ‘minorities ‘.
After reading it a couple of times, I think you are more on target than I.
More WOKE crap? Stand up to this 'favored grievance group' stupidity.
There needs to be ONE standard for all of us. Favoritism based on sexual kink, pronoun, habit, religion or race should be against the law.
I wish you’re right, that the government is coming against people for discriminating against whites and men. But I’m afraid that I’m reading it right, that the government is fussing at WF for charging people higher rates for bad credit — because that happens more often with blacks and women.
How banks and lending institutions got into trouble way back in 2008 in the first place. Congress (Barney Frank and SJL, IIRC) forcing them to make loans to unqualified minorities. Which then got bundled and sold off in the market as government backed credit derivatives.
I had a Wells Fargo bank account 40 years ago. I had to terminate the account for their Neanderthal banking policies like sending someone to prison until they can pay their debt, exaggerated, of course.
After that miserable experience I have been watching Wells Fargo over the years. They have been found guilty many times, have had to pay billions in fines and paid back customers who they have mistreated and cheated out of billions.
I simply do not understand why people still do business with them. How do they stay in business?
I recently opened an account (in my mother’s name but with me as the trustee) with WF for the first time ever. It’s because they’re the only ones that’d do a QIT account that’s needed for the nursing home.
This is the (intended?) fallout of the "civil rights movement", and the federal legislation that Republicans passed to placate it.
“ It says in the excerpt that black and female borrowers got exceptions in rates, meaning they got favorable rates compared to everyone else.”
The article alleges the opposite , but Wells Fargo has launched a separate program focusing on blacks and minorities.
I worked there many years.
The mortgage business overall did a great job.
Lizzy Warren and others made many false allegations against WF.
WF gave in on some allegations they should have fought.
When you are that big you are a huge target.
“How banks and lending institutions got into trouble way back in 2008 in the first place.”
Exactly—and then every “expert” denied that it caused the problem.
Dirtbags.
Reading between the lines:
I bet that black and female borrowers (in general) have lower FICO scores, and that’s why they get the discounted rates less often.
Don't we know from the 2020 elections that these are meaningless?
See the chart
https://i.insider.com/52e4250869bedd404cbf462b?width=960
Purchased Treasury bills to help legitimize massive debt and solvency, Mortgage Backed Securities (the new Credit Derivatives) and other 'agency' debt. The QEs fueled the start and continuation of trillion dollar deficits.
And never mind if the law itself is BS, that's not the point.
The Democrats want to sell them a license to incriminate that won't expire before the next election.
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