Mr Mortgage Exposes Wells Fargo's Toxic Waste 4/7/08

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Wells Fargo Subprime toxic waste exposed. Do they have to raise capital? Mr Mortgage shows a 2006 Wells rate sheet. This is hard evidence of Wells doing nasty subprime loans for borrowers with scores as low as 500 and 120-day mortgage late payments, which is essentially foreclosure status. They did not sell this directly to consumers, rather used correspondents like New Century, Accredited, Countrywide etc to rebrand the programs and sell them as their own. This is a very common practice but this just proves Wells is dirtier than most. First, because not everyone did subprime. Second, because they lied of course.

Category:

People & Blogs

Tags:

• Mr
• Mortgage
• housing
• bubble
• bust
• home
• crisis
• Lehman
• Bear
• Stearns
• recession
• banks
• foreclosure
• real
• estate
• Subprime
• Alt

[markmti]

I know the internal...I was there for 20-years. No Ratio loans for $1 million all day long as long as you had 2-years proof of working at mcdonalds with 6 months piti or iti on io loans.

[markmti]

every time I see the CEO say 'we never did any other those type of loans' and only take a single digit percentage write down on a bulk of loans, wuch as HELOC's, where we know the default rate is double digit and someone saying 'if Buffet is invested they are the best, it is time to come out with the truth. And that it, Wells did it all. Just like CFC.

[markmti]

Nope...even Wells admits to owning $84 BILLION in Home Equity loans/lines. They are worth 1-5 cents on the dollar. You are wrong ad they all are on Wells.

[markmti]

That guy (not me) yanked out equity every year to the tune of 80-90, even 100% of the value at the time. One year later, values are down 25%, all financing options are gone unless this guy makes $250k per year (only had to make $100k a year ago to qual for the same deal) and walking away is a prudent biz decision.

But even in other states, interest only and other exotics were very popular. Subprime was very popular in non-bubble states. Now, those borrowers have no financing options.

[markmti]

The lack of financing is national and will eventually take down the regions that may not be feeling the bubble burst - WA state is a perfect example.

[christophgerald]

Greed is the guilty party my fellow colleague.....Most lenders in the game did theseinsane loans. IndyMac, my old employer, had a 620 100% LTV stated, no reserves, rent free, First time home buyer ok, 6% seller concessions......IN FLORIDA...OUCH....That really was just the tip of the iceberg. ONLY RETAIL IN THE FUTURE

[markmti]

most everyone sold that...but indy and countrywide were especially dirty.

[touchdownjoey]

just wait till the shit hits the fan with the Home Asset Management Account home equity lines. Lines of credit that increased automatically with an online appraisal once a year, and would never go down.

[jcfromadiki]

interesting how wells fargo doesnt seem to be hurting right now like every other bank. Interesting how Warren Buffet owns more than 10% of Wells Fargo. Good call

[cuchumbituepeltre]

Who the fuck are not liking this?

[spectrum0590]

Thanks a lot for revealing this scam. It adds to the burden of people.

[superwhuffo1]

WOW...this is an important video...thanks for posting it...This bank is sooooo corrupt and unethical... they do not care at all about human beings and their legal rights...they took my land unlawfully and unethically...and had my cabin trashed out without any due process of law...

search:Unethical and Corrupted actions of Wells Fargo Bank

search: Kerry Walker Story

[D34thSetX]

That piece of paper is meaningless actually. It states that they had rates for people with credit scores that low. However, it doesn't mean that every joe or jane with 500 credit score was getting a loan from Wells Fargo.

[mem10fan]

AVOID WELLS FARGO FOR HOME LOANS AT ALL COST THEY ARE THE WORST EVER!

[WhistleBlowa1]

I was in a similar company that uses PHONE BANKS as huge gaming networks, to share, compound AND REPORT the false sales THIS COMPANY CLAIMS on a daily basis. I expect a WF employee to laugh at my description of "Hoogan" and the "SSTS system"

Cheats will go down, down down eventually. Hope Im there to show the courts all these emails I have!

[TehPankake]

LOLOLOL XDDDDDDDDDDDDDDDDD

[starsburnout]

Let this asshole analyze other banks. He knows shit about what went on during the bubble. Did Wells ever dive into option ARMS? This fuck needs to chase a parked car.

[eyeinkassit]

fargo made me and broke me ,,, they knew exactly what they were doing ..... 1 property became............ 6 with a business.......alot of money on paper??!!!!!!! over night!!!!!!! .... now these are the times,,,, losing jobs no money on the street all these tenants running out of town" new york city" ???? would love to see the turn around ???? but how much am i am going to still be holding ?????what the f%&#$#%%^%&)(???????