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…]
Not a Friend to this Family: Part 1
March 28, 2008 by Leave a Comment
When I helped Micheal and Pam with the financing of their home almost five years ago, it was a challenging transaction. They were excellent borrowers, except for the particular type of Visa he had (they’re Canadian). Long story short, we wound up doing a 5/1 ARM through Woo Whoo Bank as they were only planning on staying here for about 5 years. About four months ago, Micheal met with me to review his Note and to see about refinancing. They may be staying a few years longer if they have their choice…Michael is having a challenge extending his Visa. Michael wanted to refinance and was concerned about his ARM adjusting. With our current mortgage climate and his current situation with his Visa, I could not refinance him. We reviewed how his ARM and discussed how it functions and at that time, I told him that he has time–he did not to refinance yet. He was still feeling pressured to do something–letting his ARM adjust was not sinking in. He went directly to Woo Whoo to investigate a refinance. Michael forwarded me the first good faith estimate from Big Bank. The rate seemed too high to me; especially compared to his current mortgage. I again encouraged him to wait out a few more months to see what rates do and that by that time,he would have more information on the status of his Visa. Fast forward to the present.
