Mr Mortgage Exposes Wells Fargo's Toxic Waste Videos

luge668 Says:

Oct 11, 2008 - My apologies - that's 3-5K a month...

markmti Says:

Oct 11, 2008 - I know the internal...I was there for 20-years. No Ratio loans for $1 million all day long as long as you had 2-years proof of working at mcdonalds with 6 months piti or iti on io loans.

touchdownjoey Says:

Oct 11, 2008 - just wait till the shit hits the fan with the Home Asset Management Account home equity lines. Lines of credit that increased automatically with an online appraisal once a year, and would never go down.

Tiggernaut1 Says:

Oct 11, 2008 - Amazing what a person with a webcam can say.....97% of what he's saying is untrue. Try and get a loan with a low FICO and high debt ratio....it won't happen. Check out Wells Fargo's stock prices against the TRUE subprime companies.......originating vs. servicing a purchased portfolio from another company are apples and oranges.

rrico2 Says:

Oct 11, 2008 - What are all of you fools talking about? You post on here as if there were no underwriting standards. It's well known in the industry that Wells has historically been one of the most conservative banks. Just because a loan is stated doesn't mean that they are not put thru a reasonable test. I know for a fact that they do.

rrico2 Says:

Oct 11, 2008 - Not only did they sell most of these, but they also stopped doing stated subprime years ago. They still originate this business today, but it's full doc. Those of you hating on WFC must have lost a ton of money on WFC and IMB and are just sore.

NOR19ANDRO Says:

Oct 11, 2008 - Wake up people...who should we really point the finger at, these huge banks that are in business of ripping people off to make a quick buck or the ignorant customers who go out and get these loans. People go out here and get HELOC's like its a good thing. IT'S A FREAKIN CREDIT CARD ON YOUR HOME WHICH LIKE ANY OTHER CREDIT CARD IS REVOLVING CREDIT. I cant understand if you as a customer cant payoff you $2000 Visa card, what makes you think by consolidating it on a $25K HELOC will be any easier.

BillDFC Says:

Oct 11, 2008 - I loved Wells Fargo when it was on T.V. Remember Jim Hardy the left-handed gun? These old westerns were great.

Skiryan26761654 Says:

Oct 11, 2008 - Wells Fargo wouldn't do any equity loan/home equity or second mortgage if the cusotomers cltv is above 85%... the banker should reject the loan/equity line the customer is trying to do... I work there as a personal banker..

freddytuber Says:

Oct 11, 2008 - You don't know what you are talking about! I did get a 110% line of equity by agreeing to a slightly higher interest rate. Personal banker my ass.

sunyclime Says:

Oct 11, 2008 - Hey jerky. WHat are you trying to say? That they should have not offered the products that everybody in the marketplace was offering and what the street was buying??Trust me the only thing wrong there is the equity piece, the rest of the paper was sold and is performing better that the rest due to common sense underwriting unlike COuntrywide, Indy, etc.

poolerboy0077 Says:

Oct 11, 2008 - IndyMac just died today. More material another video.

davidluk8 Says:

Oct 11, 2008 - Thanks for the video.Most corrupted banking system.

christophgerald Says:

Oct 11, 2008 - I miss the 100% stated 80/20 with a min 620 score, no reserves, rent free.............RIP

vizionkc Says:

Oct 11, 2008 - Awesome Video Very Clear Cut.

freddytuber Says:

Oct 11, 2008 - How come they just now posted good earnings and even raised dividends? Are they lying?

2vintage68 Says:

Oct 11, 2008 - Awesome, informative video! Really fun reading through comments too as the verbal battle between current WFC shills and former insiders is extremely illuminating. Of course they did all this stuff, AND MORE. Look at the post below; this guy thinks its great that they sold most of this fraudulent garbage.

licebaby Says:

Oct 11, 2008 - Wells Fargo is a corrupt company full of incompetent people I'm not surprised at all that they're lying to their shareholders. I known people who worked there who commit credit card fraud, lazy, incompetent, blackmailed by external vendors for cash, sexual harassment and more. You'd be shocked but WF keeps terabytes of confidential customer data open internally where internal people can steal them.

notu286 Says:

Oct 11, 2008 - Great we site! I made a video for a kid that fighting Wells Fargo. Please check out him web site. video above.

notu286 Says:

Oct 11, 2008 - I see your video is on the Mortgage News Daily web site, Nice Job!

woodhind Says:

Oct 11, 2008 - Wells Fargo still does sub-prime, they just do them direct from the WFF financial center and not broker the loans out, I worked for them. WFF till this day offers d 8%\9%, 85ltv, 4 points 3year arms to PRIME BORROWERS that don't know better..

woodhind Says:

Oct 11, 2008 - WFF has a program called TTO?:Term To Own, basically they put all your debt into a mortgage loan along with your auto lease and have it on a 15 year while reducing your overall monthy debt, but don't explain it's a short fix until customer needs a new lease. How can it be legal to charge 4 ponts and charge such rate? I understand that we did

woodhind Says:

Oct 11, 2008 - TTO to convince a Prime borrower it's what needs to be done, so we can get the loan over 80ltv so it didn't go prime and that meant making thm take extra money they didn't need...PART OF TRAINNING

woodhind Says:

Oct 11, 2008 - the new loas are Auto loans, due to declining homes values, you can borrow 169% based on the nada bluebook and can charge 15%-25.99% state max on auto loan, we cwll them tax benefit when Wells Fargo repos, no one can pay the payments 45k x 18.99= x 36months,,,no one any person keep that payment

Susieshepherd Says:

Oct 11, 2008 - My friend has to work directly with Wells Fargo ...they use "temps" for some of their HUD approvals