Mortgage Madness Reignites at Wells Fargo and BOA

Amen. And they won’t change until the computer software and patents have been seized and destroyed.

Livinglies's Weblog

Predatory Mortgage Mortgage Madness at Wells Fargo and Bank of America

http://www.cnbc.com/2016/05/26/wells-fargo-launches-3-down-payment-mortgage.html

http://www.dsnews.com/news/03-22-2016/is-bank-of-americas-new-mortgage-program-a-substitute-for-fha-lending

By William Hudson

Wells Fargo and Bank of America have announced that they will be offering 3% down loans that are proven to be as high risk as no-money-down mortgages. These loans will be offered to people with poor credit. If 3% is too much to put down, the banks are offering insane “incentives” to entice borrowers to reignite a stalling real estate market.


Wells Fargo claims that borrowers can qualify for an even lower interest rate if they agree to go to a ridiculous and ineffective “government-sponsored” class on finance (think “Mortgages for Dummies”). Wells Fargo offers a 3.75% interest rate if you put the 3% down or 40% down on the loan- it hardly matters to them since they are selling the paper. Attending the finance class reduces your rate by a mere .08% of the interest…

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