BUT HEY….. WE DID INCREDIBLY WELL BY CREATING A SOCIALIZED (LOSES) NO-STRINGS WELFARE STATE FOR BANKSTER CRIMINALS ON WALL ST…. Why flip off Main Street now?
HERE’S A CASE WHERE A RICH BANK GOT RICHER WITH OBAMA SOCIALIZED WELFARE FOR BANKSTERS: The Case of Wells Fargo… LA RAZA DONORS AND BANKSTERS TO THE MEXICAN DRUG CARTELS!
“Wells Fargo said last month that first-quarter profit jumped 53 percent from a year earlier as borrowers rushed to refinance mortgages amid record-low interest rates.”
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Lou Dobbs Tonight
Monday, November 12, 2007
Mortgage giants Wells Fargo and Bank of America are accused of slapping dubious fees on homeowners struggling to save their homes. With fewer new mortgages being written, these
companies appear to be leaning on these lucrative fees to stay profitable—with devastating consequences for homeowners.
MORTGAGE CRIMES
WELLS FARGO last week was presented with a “shark of the year award” by Minesota ACORN for its predatory lending. According to ACORN, WELLS FARGO uses fraud and deception to trap homeowners into mortgages with high interest rates, excessive fees, and harmful terms. ACORN has filed class actions suits all over the country against WELLS FARGO to stop their predatory lending practices. “Wells has gotten away with unfair, abusive, and illegal lending in our communities for years,” said Illinois ACORN President Bea Jackson (www.ACORN.ORG).
A FEW OF WELLS FARGO’S MORTGAGE TACTICS:
— Promising low interests rates, and then charging high rates, even to borrowers with good credit.
— Misleading homeowners into refinancing out of perfectly good first mortgages and into new loans which cost the borrowers much more.
— Financing large - and often hidden – fees into loans. Many borrowers were charged 7.5-11% of what they borrowed in fees. And since fees were added into their loans they continue to pay Wells interest on the money they borrowed to pay Wells itself.
--- Trapping borrowers with prepayment penalties which require them to pay thousands of dollars more if they want to escape into a better deal.
— Attempting to escape from any legal consequences of their actions by slipping mandatory arbitration clauses — which try to prevent borrowers from takin them to court — into virtually all of their high cost loans.
---- Making sure these “arbitrations” are heard by arbitrators that have received a great deal of money from Wells to find the “right” resolution.
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WELLS FARGO INSTANT CHECK
Department of Corporations Files $38 Million Suit Against Wells Fargo Financial; Instant Loan Checks Result in $871,000 In Excess Interest for Unsuspecting Customers
Business Editors
SACRAMENTO, Calif.--(BUSINESS WIRE)--Jan. 10, 2003
The Davis Administration today announced that the Department of Corporations has filed suit in the Superior Court of Sacramento County seeking civil penalties of up to $38.8 million to stop Wells Fargo Financial California, Inc., a licensed consumer finance lender, from overcharging its "instant loan check" customers and to void their overcharged loans.
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WELLS FARGO – BANKSTERS TO THE MEX DRUG CARTEL… and where NO American need apply for a bankster job!
CA MORTGAGE LICENSE REVOKED FOR WELLS FARGO!
DEPARTMENT OF CORPORATIONS
The San Diego Union
By Craig D. Rose May 3, 2003
Wells Fargo mortgage license is revoked
State takes action over interest dispute
Citing a pattern of overcharging borrowers, state regulators yesterday revoked the mortgage lending license of Wells Fargo, but the bank will continue to make and service loans under federal jurisdiction.
The California Department of Corporations said Wells Fargo, the state's largest mortgage lender, has been charging consumers interest for days disallowed by state regulation.
"Wells Fargo charged consumers interest on their mortgages more than one day before being recorded, an admitted violation of California law," said Demetrios Boutris, state commissioner of corporations. "If Wells Fargo is not going to abide by California's laws, it has no right to California's licenses."
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WELLS FARGO – LA RAZA DONORS AND BANKSTERS TO THE DRUG CARTELS!
YOUR BANKSTER WELFARE CHECKS AT WORK!
HEY, ANYONE ACTUALLY BELIEVE FOX IS NOT IN ON MEX DRUG CARTEL MONEY? HE’S A FREAKING MEX!
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Wells Fargo, which owns Wachovia, immediately entered into a deferred prosecution agreement and paid the federal government $160 million in fines.
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Several other U.S. banks have also been discovered flouting money-laundering laws.
No wonder former Mexican president Vicente Fox, a conservative businessman, is
urging his country to legalize the production, sale and distribution of drugs
"as a strategy to weaken and break the economic system that allows cartels to earn
huge profits."
Calderon's military surge was backed by more than $1.2 billion in drug war aid from former President Bush, and by several hundred million more from the Obama administration.
Read more: http://www.nydailynews.com/news/world/2010/08/20/2010-08-20_mexico_drug_war_boosts_us_firms.html#ixzz0xaCMzkz0
Bloody Mexico drug war boosts U.S. gun shops, banks
Juan Gonzalez - News
Friday, August 20th 2010, 4:00 AM
Romero/ReutersMexican military has spent billions of
dollars fighting endless drug war, with little to show
but profits for banks and gun dealers in U.S.
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CRIMINAL BANKSTERS WELLS FARGO AT WORK:
“Major banks, led by Wells Fargo, US Bancorp and JPMorgan Chase, provide more than $2.5 billion in credit to large payday lenders, researchers at the Public Accountability Initiative estimated in a report released Tuesday.”
Big banks bankroll payday lenders, study says
By Nathaniel Popper
Los Angeles Times
NEW YORK รข€” People who pay high fees to borrow from so-called payday lenders generally don't have bank accounts, but that doesn't mean banks aren't making money from them.
Major banks, led by Wells Fargo, US Bancorp and JPMorgan Chase, provide more than $2.5 billion in credit to large payday lenders, researchers at the Public Accountability Initiative estimated in a report released Tuesday.
The financing provides vital support for an industry criticized for charging effective annual interest rates that can top 400 percent, the researchers said.
"Not having financing would shut the big players down," said Kevin Connor, a co-author of the report and a director of the nonprofit research group that has been critical of big business.
Some major banks have shied away from doing business with payday lenders because of concerns about their practices or about the sector's image.
"Certain banks have notified us and other companies in the cash-advance and check-cashing industries that they will no longer maintain bank accounts for these companies due to reputational risks and increased compliance costs," Advance America, the biggest payday lender, wrote in a regulatory filing.
Citigroup says it doesn't lend to the industry. Bank of America has financed some payday lenders but tries to avoid doing so, applying a stricter-than-usual screening process when they apply for credit, bank spokesman Jefferson George said. "We have a limited appetite for doing business with them," he said.
Wells Fargo provided credit lines to six of the eight largest publicly traded payday lenders and also provided early financing to help the businesses expand, according to Tuesday's report
A spokesman for Wells Fargo said the company sought to provide equal access to credit for all "responsible companies."
"We exercise strict due diligence with payday lenders and check-cashing companies to ensure that they, just like us, do business in a responsible way and meet the highest standards," spokesman Gabriel Boehmer said.
"We put payday lenders through an additional level of scrutiny that other companies and industries might not have to go through," he said.
A JPMorgan Chase spokesman declined to comment, while US Bancorp did not respond.
Payday lenders typically charge $15 in fees for each $100 borrowed, fees that are charged each time a loan is rolled over for two more weeks. The Center for Responsible Lending, a Washington, D.C. -based research and lobbying group that has been critical of the banking industry, estimates that the average effective annual interest rates on these loans is 417 percent.
Uriah King, a policy specialist at the center, called the financing from big banks to payday lenders particularly offensive because banks have received taxpayer-paid bailouts and can still borrow at interest rates near zero because of Federal Reserve monetary policy.
Steve Schlein, a spokesman for the Community Financial Services Association of America, a trade group representing payday lenders, defended the industry, saying it helped struggling Americans.
"Payday-loan companies are in fact good creditors because their customers are good creditors," he said.
George Goehl, director of National People's Action, a community-organizing group and the study's sponsor, said banks that finance payday lenders should instead make that cash available to struggling borrowers as short-term loans at reasonable rates.
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