Wells Fargo's positive forecast

[falafel]

Wells Fargo's CEO, John Stumpf, steps down in the wake of the unauthorized account scandal.

http://www.nytimes.com/2016/10/13/bu...-ceo.html?_r=0

[Clark Addison]

Washington politicians and consumer advocates may be upset at Wells, but they have nothing on those that work at other banks, who are currently dealing with a full-court press by regulators looking into whether the same problems exist elsewhere.

Rough estimate is that we are currently putting in 10k to 20k man-hours a week in total on responding to the OCC, CFPB, and the Fed.

[falafel]

Washington politicians and consumer advocates may be upset at Wells, but they have nothing on those that work at other banks, who are currently dealing with a full-court press by regulators looking into whether the same problems exist elsewhere.

Rough estimate is that we are currently putting in 10k to 20k man-hours a week in total on responding to the OCC, CFPB, and the Fed.

I do a ton of Wells Fargo work, so I don't want them to go under. Let's spread this mess around!

[Clark Addison]

I do a ton of Wells Fargo work, so I don't want them to go under. Let's spread this mess around!

I don't want them to go under, and they won't. They are just making my life un-fun. I have gotten 11 emails from my boss in the last 30 minutes, and unlike you west-coasters, it's a while past 5:00 here.

[Topper]

I don't want them to go under, and they won't. They are just making my life un-fun. I have gotten 11 emails from my boss in the last 30 minutes, and unlike you west-coasters, it's a while past 5:00 here.

I wish Bank of America would go under. That bank is unadulterated evil.

[Clark Addison]

I wish Bank of America would go under. That bank is unadulterated evil.

Thanks, I wish total misfortune on your life as well.

[Topper]

Thanks, I wish total misfortune on your life as well.

Hmmm.

Where were you when Countrywide was pushing those ARMs? I have fought them in court so often, dealing with BofA is always a nightmare as they never negotiate in good faith. My experience may differ from yours. I have seen the under-belly. They were a prime reason for the Great Recession yet skated by with nary scratch. BofA has also treated the entire state of Nevada badly in regards to mortgage modification and other aspects.

Wells Fargo negotiated with much more good faith than BofA ever did.

[Clark Addison]

Hmmm.

Where were you when Countrywide was pushing those ARMs? I have fought them in court so often, dealing with BofA is always a nightmare as they never negotiate in good faith. My experience may differ from yours. I have seen the under-belly. They were a prime reason for the Great Recession yet skated by with nary scratch.

Wells Fargo negotiated with much more good faith than BofA ever did.

Where was I? I was at BAC. Countrywide, on the other hand, was not. I agree that Countrywide was awful. To say BAC skated by with nary a scratch is absurd. The Countrywide acquisition has cost BAC close to $100 billion in losses, lawsuits and fines, not to mention the $20B or so it has reduced its Market Cap. Almost no one at BAC is happy about the Countrywide acquisition.

[Moliere]

Washington politicians and consumer advocates may be upset at Wells, but they have nothing on those that work at other banks, who are currently dealing with a full-court press by regulators looking into whether the same problems exist elsewhere.

Rough estimate is that we are currently putting in 10k to 20k man-hours a week in total on responding to the OCC, CFPB, and the Fed.

While the issue at Wells Fargo is bad, I have little sympathy for the big banks when they whine about regulators.


Sent from my iPhone using Tapatalk

[Clark Addison]

While the issue at Wells Fargo is bad, I have little sympathy for the big banks when they whine about regulators.


Sent from my iPhone using Tapatalk

I wasn't whining about regulators, I was whining about Wells, who brought down the wrath of the regulators.

[falafel]

Where was I? I was at BAC. Countrywide, on the other hand, was not. I agree that Countrywide was awful. To say BAC skated by with nary a scratch is absurd. The Countrywide acquisition has cost BAC close to $100 billion dollars in losses, lawsuits and fines, not to mention the $20B or so it has reduced its Market Cap. Almost no one at BAC is happy about the Countrywide acquisition.

Topper Clark Addison

[Topper]

Where was I? I was at BAC. Countrywide, on the other hand, was not. I agree that Countrywide was awful. To say BAC skated by with nary a scratch is absurd. The Countrywide acquisition has cost BAC close to $100 billion in losses, lawsuits and fines, not to mention the $20B or so it has reduced its Market Cap. Almost no one at BAC is happy about the Countrywide acquisition.

That is not enough. BAC has treated its Countrywide asset holders with complete disdain. BAC settlers were often unqualified and treated borrowers horrifically. You were not on the receiving end of the wrath of BAC. I would have fined BAC more severely. There has been no measure of reasonableness in how BAC treated borrowers. It was all about limiting its losses. Borrowers are treated shabbily. I know you don't fashion bank policy, but for borrowers your bank is very awful.

BAC is terrible for small businesses. If you are Steven Wynn, maybe you can get some favorable loan provisions, but otherwise, you are screwed when dealing with BAC. The top dogs at BAC did not suffer as they should have.

Wells Fargo on the other hand has treated small businesses more favorably and did work outs with borrowers. They also worked more closely with state governments.

[falafel]

That is not enough. BAC has treated its Countrywide asset holders with complete disdain. BAC settlers were often unqualified and treated borrowers horrifically. You were not on the receiving end of the wrath of BAC. I would have fined BAC more severely. There has been no measure of reasonableness in how BAC treated borrowers. It was all about limiting its losses. Borrowers are treated shabbily. I know you don't fashion bank policy, but for borrowers your bank is very awful.

BAC is terrible for small businesses. If you are Steven Wynn, maybe you can get some favorable loan provisions, but otherwise, you are screwed when dealing with BAC. The top dogs at BAC did not suffer as they should have.

Wells Fargo on the other hand has treated small businesses more favorably and did work outs with borrowers. They also worked more closely with state governments.

Not sure what you are talking about here. BoA modified thousands of loans in Nevada alone.

[Topper]

Not sure what you are talking about here. BoA modified thousands of loans in Nevada alone.

HAMP only. (That modification is for shits).

But when Nevada needed them to make non HAMP mods they refused.

[falafel]

HAMP only. (That modification is for shits).

But when Nevada needed them to make non HAMP mods they refused.

hmmmm, disagree.