Government Makes Billions Off Mortgage Fines
Basically that’s about 3k for EVERY American, man, women, child. The banks screwed America? How about the government screwed American…again. Because who is now paying higher fees with banks? By the way, where did the banks get that money? That’s right, Consumers!, the American people. So basically the banks didn’t pay back the American public, the American public paid themselves with their money! Mind blown yet?
thank you for the laughter. We all need to laugh. However I think you might be scaring all the people in Florida and Georgia who just lost their homes and are praying the US Government helps them……
People also need to remember that many sellers do not listen to their agents and they overprice their homes above the comps. Then prices have to be reduced. Unless prices are really falling big time, the market could be leveling out rather than the bottom dropping out. When our market began the major downturn in 2007, our inventory hit 350 homes on the market. Currently there are right around 200 homes, many of which are overpriced. Motivated sellers will have to price their homes reasonably, but we are not in free fall unless people believe we are. A balanced market does not have buyers or sellers in control. It is just a reasonable market. We do not have to go to extremes. Extremes cause people to do a knee jerk reaction. God forbid!
Why should anyone be surprised how the fine money has been spent? Government has never been the friend of the people! Socialism? Yikes!
Just more proof that our government is broken and lies to its citizens. When our government levies and collects fines for damages done to individuals by big business, and where those harmed individuals can be identified fairly easily, the government has the responsibility to return 100% of the levied fines as restitution to those harmed and make sure that the business stops its defrauding processes, and that those businesses do not consider or plan for future fines as a “cost of doing business. The money should not be used for any other purpose; and it should never be used to increase the salaries or fund pensions of any government bureaucrats including those in the judicial branch. Nor should it be used to fund newly created governmental programs. Consider Wells Fargo, how many times do they need to get caught with their hands in the cookie jar? They have violated so many consumer banking laws in the past 10 years, paid millions in fines, have been able to retain their banking charter, and then produce a slick advertising campaign that states that they are brand new in 2018. How about the truth. Wells Fargo hasn’t been the 1852 version since merging in 1998 with Norwest Corp. Norwest Corp. has been exploiting the reputation and goodwill created by the real Wells Fargo since that time because truth be told, Norwest, has been on the creative end of it’s poor performance for decades when it was known as “Banco” during the Great Depression. Banco survived the Great Depression by acquiring hundreds of smaller banks and by moving money around the various banks. Banco was also granted a “grandfather” clause that allowed it to operate banks in multiple states after the passing of the McFadden Act in 1927 which forbade operation of bank branches across state lines. Banco/Norwest has skirted the laws for years. Norwest has survived because of it’s continual quest to take over smaller banks. It made poor overseas investments in the 1980’s, created it’own mortgage meltdown in the mid 1980’s due to a quick expansion of their mortgage business culminating in 1984 when Norwest lost $100 million as a result of trying to hedge rising interest rates on adjustable rate mortgages, and it survived because of it’s continual pursuit of bank acquisitions No wonder Norwest under the guise of Wells Fargo was so eager to clutch the failing Wachovia out of the hands of Citigroup in 2008. It saw the potential to receive government bailout money and the opportunity to foreclose on hundreds of thousands of homes while pretending to be the Wells Fargo of 1852.
Excellent comment, Lisa! They are the ‘evil empire’ (along with Goldman Sachs) and we need Luke Skywalker and the Federation to blast that Death Star out of the sky.
Of course, the highest level if evil is the Federal Reserve itself. They are accountable to no one, and actually are a private corporation with common stock and their purpose to put cash in the hands of the 12 ‘member banks’ (which of course includes, Goldman Sachs and Wells Fargo). Read the book “The Creature from Jekyll Island” to get more info about how they were formed. This is actually the 3rd Central Bank in US history, but after the disasters caused by the first 2 central banks, they found a more palatable ‘marketing’ name by calling it the Federal Reserve – to deceive the public to make them think it’s part of the government.
The last president who actually uttered in public that the Federal Reserve should be abolished, JFK, was assassinated a few days later. Just sayin’…
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