Wells Fargo has been in the media quite a bit recently for terrible things the bank has done to their consumer clients and employees. It will be interesting to see how this all plays out…this is another example of how a powerful large bank has taken total advantage of consumers. [Read more…]
Always Read All of the Fine Print
December 9, 2009 by Leave a Comment
I’ve been noticing at my bank a new promo offering “1% mortgage cash back”. My husband has enjoyed teasing me saying stuff like “why would anyone use you?” And when he was at the bank branch, he asked a mortgage-teller if this was legit they replied something along the lines of “yeah, isn’t this great!” [Read more…]
Who’s Vilifying Who, Mr. Dimon?
March 12, 2009 by 10 Comments
In a speech to the US Chamber of Commerce, Jamie Dimon, CEO of JP Morgan Chase made a statement that caused my jaw to drop. From Bloomberg:
“My biggest mistake, probably of my whole career, was not closing down our mortgage broker business sooner.”
He says that mortgage broker business had a loss rate two to three times higher than loans originated directly by the bank.
Here is what you need to know: [Read more…]
