FARK.com: (7328017) At Wells Fargo the contract is more what you'd call "guidelines" than an actual binding contract

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		At Wells Fargo the contract is more what you'd call "guidelines" than an actual binding contract (consumerist.com)		15
		More: Scary, Wells Fargo, South Norwalk, home equity line of credit, amortizations, lump sums

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3784 clicks; posted to Business » on 14 Sep 2012 at 2:18 PM | Favorite | share:

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DanZero		2012-09-14 02:15:58 PM

jlawn001		2012-09-14 02:23:13 PM

Unconscionable. I can't see a judge deciding otherwise were this to go to court.
However, according to WF's response to the Consumerist this is moot.

But let's green it anyway!

natazha		2012-09-14 02:31:46 PM

WtF, great company. We tried to do a refi. After five months, we were "approved" by the underwriters, except they had two pages of additional requirements. Didn't happen.

TofuTheAlmighty		2012-09-14 03:22:27 PM

My mortgage was bought by Wells Fargo and I'm trying to sell my place. I'll be lucky to break even on the sale (and I'm taking an actual substantial loss due to all the remodeling I've done on it). So I may be mailing WF my keys in a couple months.

Yeah, CSB.

Harvey Manfrenjensenjen		2012-09-14 03:29:58 PM

I'm sure there's more to this story. Why couldn't they just sign up for a new one and use it to pay off the old one? They obviously like to use their home equity as an ATM so they should be savvy to financial games. That said, it seems like WF should have just done some sort of rollover to an equivalent currently-offered HELOC offering.

MrEricSir		2012-09-14 03:41:53 PM

What Wells Fargo bankers may look like.

cirby		2012-09-14 05:25:37 PM

From the update to the article:
Impacted customers with this kind of account have been offered other options to replace this product. We offered [the homeowner] additional options that would have allowed her to replace the discontinued product and move toward paying off her balance.

mrlewish		2012-09-14 05:27:42 PM

That is why when dealing with larger sums in bank transactions that any line of credit be to and through a shell corporation that can be collapsed if the bank tries any funny business. What money? I don't owe you any money.. that collapsed corporation owes you the money.

They do it.

Cucullen		2012-09-14 05:53:03 PM

I like how finance types describe their usary as a "product." As if they actually produced something. Its a farking service they are exceedingly well compensated to provide. And they do a shiatty job at it.

Gig103		2012-09-14 05:56:15 PM

jlawn001: But let's green it anyway!

Just because WF was shamed into agreeing to their terms doesn't mean it should be swept under the rug.

Snarcoleptic_Hoosier		2012-09-14 07:36:41 PM

If the homeowner in question was playing the refinance game, couldn't they have signed a NEW refinance agreement after 1989 (when the act in the article was signed)? The new refinance contract wouldn't have the retroactive adjustment clause that Wells Fargo was using.

Not saying the bank isn't being douchey, but the homeowners DID agree to those terms.

grimlock1972		2012-09-14 10:08:15 PM

Wells Fargo is really pushing to over take BofA in the douchebag sweepstakes.

jlawn001		2012-09-14 11:59:06 PM

Gig103: jlawn001: But let's green it anyway!

Just because WF was shamed into agreeing to their terms doesn't mean it should be swept under the rug.

True. I guess it depends upon when they offered comparable terms. Initially, or as a response to the press.

Cloudchaser Sakonige the Red Wolf		2012-09-15 06:29:22 AM

mycatisposter		2012-09-15 07:35:48 AM

But, I learned here on Fark that it is okay not to pay back a mortgage because the bankers are greedy. A mortgage is a contract. Mixed messages, Fark.

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