Maxine Waters, one of the people responsible for making “too big to fail banks bigger than ever” now wants to break up one of the monsters she’s created – Wells Fargo.
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I would be inclined to believe that FNMA & FHLMC G-Fee increases since Dodd Frank have cost consumers more than the cost vs. no cost checking??
All political candidates up for reelection are going to blow smoke up our ass. Just like they did for the 911 victims. Everybody wants to distance themselves from their party.
We have multiple things going on here…forget Dodd Frank and just think about Smells Fartgo. Not only did Wells do what this article talks about—they shut down an entire division of hundreds of agents who screwed the public in many ways with dishonest loan agents. A huge company that acts as link between the bank and customers has been contacting borrowers for several years after the government slapped Wells and told them to pay people back. Millions of dollars have been given back to people but just the money difference between the rates they received and the rates they got isn’t good enough to pay for the way it screwed up many of the publics lives. Wells have been doing horribly dishonest things for years—paying fines—staying alive because the government makes sure they don’t go down the toilet, then doing more. They cant die. Its like being a protected government witness or having diplomatic immunity. Do a search on Wells and lawsuits and actions against them.
G-fees/taxes on top of loans with Freddie and Fannie began in 2008. They are currently about 54 basis points. Approximate cost over 30 years with a $100K loan amount is an additional $10,600.