Why am I boycotting Wells Fargo Bank?

[J.Bennett]

Couldn`t Wells Fargo have just diverted the money strait to the minoritie communities without involving BLM?

That's exactly what it did! It's not giving any money to BLM. It created programs to lower the mortgage rates for minority homeowners, i.e., diverting the money straight to the minority communities. The problem is that the article is calling that "giving to BLM."

 

[Grif]

You mean like if, on average, black homeowners with incomes between $75,000-$100,000 had higher interest rates than white homeowners with $30,000 or less in household income?

That could be if their credit is forked up.....where's the rest of the data? Scientist.

 

[J.Bennett]

For sure WF ain't offering no free lunch. The bank's narrative may be all altruistic and benevolent, but reality is the opportunity extended is an investment with an expected return. The feeling good part is a nice by product.

OK, not my point. My point is that Wells Fargo didn't give any money to BLM. Now the folks getting a better rate on their mortgages might donate to BLM, but I imagine that the folks who would qualify for these programs don't have a lot to donate in the first place.

 

[Rossi717]

The article is pretty misleading... It counts anything that a company does which benefits minorities as money "received by BLM and related causes." For example, 3M created a bunch of scholarships only available to African American Students over the next several years that the institute compiling the information classified as money given to "BLM and related causes."

The article isn't misleading. You can go on the BLM website and it will tell you where some of the money has been spent. What caused the 2008 mortgage melt down? Subprime mortagages on real estate. You also have a large exposure to subprime car loans and student debt loans. These are the next two areas that are going to implode in the United States. At the end of the day, Wells Fargo isn't doing anyone any good by getting them into sub-prime mortagages. Home ownership for minorities fell to it's lowest level after the 2008 mortgage melt down. Moreover their credit histories were ruined.

 

[Grif]

The article isn't misleading. You can go on the BLM website and it will tell you where some of the money has been spent. What caused the 2008 mortgage melt down? Subprime mortagages on real estate. You also have a large exposure to subprime car loans and student debt loans. These are the next two areas that are going to implode in the United States. At the end of the day, Wells Fargo isn't doing anyone any good by getting them into sub-prime mortagages. Home ownership for minorities fell to it's lowest level after the 2008 mortgage melt down. Moreover their credit histories were ruined.

That's impossible.

 

[J.Bennett]

That could be if their credit is forked up.....where's the rest of the data? Scientist.

You do realize that not too long ago, Wells Fargo had to pay $175 million because they were charging African Americans and Hispanics higher fees and rates on mortgages compared with white borrowers with similar credit profiles. Bank of America had to pay $335 million for the same thing. I wouldn't be surprised if these new programs that Wells Fargo is rolling out (at a cost of $210 million) aren't part of some sort of settlement agreement left over from that.

 

[API]

the folks getting a better rate on their mortgages might donate to BLM,

Might be... though don't see the BLM budget including that as a significant source of income.

 

[J.Bennett]

You can go on the BLM website and it will tell you where some of the money has been spent.

You have a link for that?

I used the link to the website that the article provided.

You are being redirected...

According to the website provided by the article, Wells Fargo "Spent $150M in company's own money to lower mortage rates for and reduce refinancing costs for blacks and $60M in Wealth Opportunities Restored through Homeownership grants to support 40,000 homeowners of color." 150 + 60 = the 210 mentioned in the article. Problem is that none of it went to BLM.

 

[Grif]

You do realize that not too long ago, Wells Fargo had to pay $175 million because they were charging African Americans and Hispanics higher fees and rates on mortgages compared with white borrowers with similar credit profiles. Bank of America had to pay $335 million for the same thing. I wouldn't be surprised if these new programs that Wells Fargo is rolling out (at a cost of $210 million) aren't part of some sort of settlement agreement left over from that.

No, and I don't forking care. None of the black guys I know got overcharged. I would imagine some metric told WF bank that some loans were more risky than others. I'm sure that metric had to do with race. I'm sure some people among that race/races got their panties in a bunch. And then, like the last housing fiasco, it turns out they WERE a bad risk. It's an old story that I don't care about anymore. I just like to laugh at it.

 

[Brottboss]

You mean like if, on average, black homeowners with incomes between $75,000-$100,000 had higher interest rates than white homeowners with $30,000 or less in household income?

Nobody should take precedence over ANYBODY based on skin color, sex, religious beliefs, etc., but here we are watching SFJB and co. doing it daily.