If you haven't been under a huge rock for the last few weeks, you probably heard about the recent catastrophic discoveries in the mortgage lending industry (if not, call or email me and I'll send you a copy of some articles).
Let me give you a quick run down in several languages to reach everyone out there. Astute investor language-Wells Fargo, the large bank and mortgage lender, has been a p p r o p r i a t i n g money from us and now refuses to make refunds to borrowers after routine examinations revealed what the state alleges are excessive interest charges and inadequate disclosures.
Plain English language-Wells Fargo has been stealing and taking advantage of us. They were caught and now will hide under all their money, tie it up in court and hope the American public will soon forget. Ebonics -these mofo's are playing us to the left. I'm talking huge Jimmy no grease, dissed us and then shook the spot.
All they people got gators on Jordans while we pushing buckets till the wheels fall off. This situation should really piss you off and get you worried even if you don't own property yet because this allows an avalanche of other companies to stick it to us without consequences.
I can only imagine what has been going on at this company and others like it that have not been caught! Your grandmother was sold a house for too much and was charged fees she should have not paid. You lost a house that you probably could have kept cause the payments were a bit high. Catch my drift.
Well's profits went from 3.4 billion in 2001 to 5.7 billion last year. I'm talking BILLION people, they're not hurting at all. A chunk of that was acquired "allegedly" illegally. Folks that's a 67% increase in revenue in one year!
The examiners that caught the wrong doers said, "people just didn't read the fine print on the contracts". I can explain their findings in one word "trust". When African- Americans and many Hispanics do business, it's based on absolute trust. I need to be able to trust you to hand over my hard earned cash. I don't have 10 hours to sit there and read a truckload of papers with a lawyer and CPA by my side to provide clarity.
I just need to trust the fact that a company has my family's best interest at heart. That's what Well's has been taking advantage of and for who knows how long. It gets worst. I've been in this industry a cool minute and I've worked for some horrible companies and managers.
The bottom line for my departure from these slave drivers was this: they didn't want to do business correctly, especially when it came to my people. I don't know if they were doing what Well's was, but I personally witnessed poor service, keeping minorities uninformed on purpose and providing mediocre customer service at best.
So here's the scary part, "if large companies can do this and small companies are known for other short comings, where do we go and who do we trust with the biggest investment of our lives". Spencer Holman is a financial advisor for Countrywide and can be reached at (909) 515-5117. Well's Broken Trust Spencer Holman
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