Comments on: Class-action suit accuses Wells Fargo of discrimination by neighborhood

By: noodleman

noodleman — Sat, 12 Sep 2009 18:20:07 +0000

@Bixby: It was not at all uncommon, even years prior to the banking meltdown, for an original mortgage to be sold off to another bank. You went from paying one bank to paying another.

By: g rote

g rote — Fri, 11 Sep 2009 14:33:10 +0000

this is such old news.

By: ericam

ericam — Fri, 11 Sep 2009 14:12:39 +0000

Just because it didn’t happen to you doesn’t mean it doesn’t happen, people.

Plus, Minnesota has a pretty small minority population so this area probably wouldn’t have been targeted anyway (if the allegations of this corporate philosophy are true, which I fully believe they are).

By: Shopgirl

Shopgirl — Fri, 11 Sep 2009 13:48:25 +0000

I work with home mortgages for US bank, it prbly wasnt racist, but that they didn’t have good stats. Usually a loan officer will do anything to please the client, as thats how they get more customers.

By: justpbob

justpbob — Fri, 11 Sep 2009 12:22:49 +0000

We actually had zero debt at the time. While we didn’t have a lot of income, we both had (we felt at the time) steady jobs.

A few months after we got the house, I lost my job…Thankfully, we had prepared for the possibility that one of us could be unemployed and selected a home well within our means, with a 30 year fixed rate.

We still have our home. In fact, it’s paid for, and we are debt-free again. Which is good, because now it’s Mrs. Lungs who is unemployed.

By: Bixby

Bixby — Thu, 10 Sep 2009 23:50:28 +0000

My mom’s house was refinanced through WF and she does not appear to have gotten some screwed up loan. I think I recall having this conversation with her. Still, this is not to say that whatever is being claimed in this CA isn’t really going on, I’m just glad she didn’t get swept up in it. Actually, I think the original mortage actually ended up becoming property of WF after mergers and what not. Maybe that changed things… Could it have?

By: Rat

Rat — Thu, 10 Sep 2009 23:18:03 +0000

We have a mortgage through Wells Fargo and my wife works at Wells Fargo. One of the things I noticed was the loan guy discouraged us from taking an ARM or any other dodgy mortgage scheme. We didn’t plan to anyway, but that was one of his first points.

I’ve heard of these suits, but all I know is what I read in, say Minnesota Independent and secondhand information.

Wells did offer some of the more exotic loans, but not to the same extent as, let’s say, a Countrywide. Maybe that’s why they got through this whole mess in better shape.

@Bob, if you have a good debt-to-income ratio, Wells really likes that and will look favorably on your application. That’s my experience.

By: Bixby

Bixby — Thu, 10 Sep 2009 22:58:13 +0000

Cat, your Samoan people decided to switch sides of the road to drive on. At least UnAmerican Samoa did.

By: Cat

Cat — Thu, 10 Sep 2009 21:02:08 +0000

Of course. Nothing about the Asians. Sheesh.

By: justpbob

justpbob — Thu, 10 Sep 2009 20:53:12 +0000

Funny. They wanted to give Mrs. Lungs and I more than we wanted…Oh.

I wonder if we would have gotten the same deal if borrowing while black…