Dick Kovacevich says EXACTLY what I have said for the past TWO YEARS- Why in the H-E- double toothpicks were banks ALLOWED to make these risky loans? Anyone who argues with this by saying - it is the people who took those loans fault - is just mindless!~!!
My accounts will NEVER stray from WF ever, unless they hire an idiot like other banks.
From MSP/StPaul Business Journal:
However, Wells Fargo’s prudent lending in recent years didn’t occur without a cost.
Wells Fargo’s (NYSE: WFC) mortgage business lost 4 percent market share annually between 2005 and 2007, Kovacevich said, adding that the bank missed out on $160 billion in fees in 2006 alone due to its decision to not offer risky mortgage products like the so-called option ARMs. The controversial mortgages are now creating huge headaches for rivals such as Wachovia (NYSE: WB) and Washington Mutual. (NYSE: WM)
Kovacevich said regulators should have seen it as a red flag when “someone who has been in the business for 30 years wouldn’t do it,” Kovacevich said, saying that their missing that warning sign is further evidence that “our regulatory system is not working.”
Perhaps Dick should run for President, or replace our damn Fed Chairman!
2 comments:
I'm so glad to hear this! We're about to finance a house with them.. It's great to know they're not stupid!
I know right!!!! We got approved to refinance on a 15 year with them three years ago - but, the hubs found a better deal with another company so we went with them. GOD I HATE THEM.... I wish we had gone with Wells, but it saves us about 250 a month with this sucky company and only 12 years and my house is MINE! It also has increased in value because we finished our basement. It now legally has four bedrooms....I love being married to a handy guy with handy friends!
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