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(Yahoo)   One in three U.S. consumers would consider a Walmart mortgage, 2fer on family size bags or Doritos   (finance.yahoo.com) divider line 74
    More: Interesting, Wal-Mart, Doritos, U.S., U.S. consumers, eBay Inc., Quicken Loans, National Socialist Movement, online auctions  
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1919 clicks; posted to Business » on 03 Dec 2012 at 10:24 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-12-03 08:36:11 AM
Isn't it bad enough people already trust these companies with their paychecks and taxes?
 
2012-12-03 08:44:58 AM
Seems fitting. The country already has a Chinese-made mortgage.
 
2012-12-03 08:53:17 AM
Banks ain't lending. Might as well be the Walmart people. They're too fat to get a good knee break in like the standard loan sharks.
 
2012-12-03 09:14:56 AM
Couldn't really tell from the article if WM was going to hold the mortgage, or just originate it. I suspect they just want to originate them for a fee

I don't see a problem, and would certainly consider it. It makes no difference in the world to me who originates (or holds) my mortgage. It is not like anybody is going to cut you a break if you miss a payment, so why not go with the lowest cost lender and originator.

And if WM can use their size to force the prices down, great...as long as they share some of the discount with me.

I assume existing banking laws keep my financial information from the rest of WM...
 
2012-12-03 09:31:40 AM
"May I see your receipt for that bungalow, please?"
 
2012-12-03 10:22:57 AM
img.photobucket.com
 
2012-12-03 10:28:10 AM

mr_a: Couldn't really tell from the article if WM was going to hold the mortgage, or just originate it. I suspect they just want to originate them for a fee

I don't see a problem, and would certainly consider it. It makes no difference in the world to me who originates (or holds) my mortgage. It is not like anybody is going to cut you a break if you miss a payment, so why not go with the lowest cost lender and originator.

And if WM can use their size to force the prices down, great...as long as they share some of the discount with me.

I assume existing banking laws keep my financial information from the rest of WM...


Yeah, I highly doubt WM is going to be holding billions of mortgage paper themselves. So they're just simplifying the middle man process and cutting down costs. Just like they do with lots of other things.
 
2012-12-03 10:28:27 AM
I've got a mortgage with Arvest Bank, which is owned by Wal-Mart. No complaints yet--the loan application process was painless, and they don't sell any of their mortgages to other companies. We went through a mortgage broker the first time, and made payments to three different companies over the four years we had it.
 
2012-12-03 10:34:43 AM
I don't really care where I send my mortgage payment. If I can get a better rate and lower closing costs, I'll go for it.
 
2012-12-03 10:37:57 AM
I can't imagine why this is suddenly a bad thing, as Walmart already owns businesses in the financial world.
 
2012-12-03 10:39:06 AM
Damn, these bastards are going to force Midnight Oil to write a new album.
 
2012-12-03 10:39:47 AM
images.wikia.com
 
2012-12-03 10:40:36 AM
Doesn't matter, Freddie and Fannie take your mortgage anyway.

/bought a house in July, after QE3 shortly thereafter, got a letter saying it was transferred by keep making payments to PNC.
 
2012-12-03 10:44:06 AM

Incontinent_dog_and_monkey_rodeo: Yeah, I highly doubt WM is going to be holding billions of mortgage paper themselves. So they're just simplifying the middle man process and cutting down costs. Just like they do with lots of other things.


Bradog: I've got a mortgage with Arvest Bank, which is owned by Wal-Mart. No complaints yet--the loan application process was painless, and they don't sell any of their mortgages to other companies. We went through a mortgage broker the first time, and made payments to three different companies over the four years we had it.


Considering the size, value, and national coverage of Wal-Mart, it would not surprise me in the least to see them actually hold the mortgages. I'm not entirely up-to-date on all of Wal-Mart's business practices, but as I understand it, if they can cover a market segment from the top down, they will. They prefer not to be just a middleman.
 
2012-12-03 10:59:32 AM
FTA The study's results were based on online responses from 618 U.S. consumers in September.
That's an awfully big sample group there.
 
2012-12-03 10:59:45 AM

Driedsponge: Considering the size, value, and national coverage of Wal-Mart, it would not surprise me in the least to see them actually hold the mortgages. I'm not entirely up-to-date on all of Wal-Mart's business practices, but as I understand it, if they can cover a market segment from the top down, they will. They prefer not to be just a middleman.


Why does this remind me of WALL-E?
 
2012-12-03 11:26:42 AM
If they can beat FHA, I'm down. I mean I have a great rate right now, but this 5 year minimum PMI is shiat-tastic.
 
2012-12-03 11:28:08 AM
When buying a house I don't care who the Mortgage is with, actually Wal-Mart might be better than Wells Fargo come closing time, I had to travel 75 miles for my closing to an attorney when there was a Wells Fargo branch 1 mile from where I was living at the time. Wal-Mart would probably have closing attorneys in each of their stores.
 
2012-12-03 11:35:45 AM
Welcome to Walmart, I love you...
 
2012-12-03 11:41:27 AM

Girion47: 5 year minimum PMI


M&T Bank gave us the option to add our total PMI paid to our mortgage.

We ended up not doing it because the house we were looking to buy failed inspection (termites), we had the 20% down payment on the house we finally chose, plus a safety net in the bank.

It wouldn't have increased our monthly payment too much, maybe $20 or $30 a month more on a 30 year fixed. Maybe you can benefit from it.
 
2012-12-03 11:44:57 AM

pkellmey: I can't imagine why this is suddenly a bad thing, as Walmart already owns businesses in the financial world.


I would have a complaint towards their business practices towards other companies who are:

Wal-Mart's vendors ("Ok, Vlasic, sell us super sized canisters of your product at cheaper prices than you sell your product at any other company or you don't sell here. ...what do you mean you think that will ruin your company? Trust us, we're Wal-Mart!")

Wal-Mart's employees ("We saw you went overtime yesterday by an hour, you've got to come in on time as scheduled but don't punch in till we tell you to. No I don't think that's illegal and I don't think you should be asking those questions if you want to keep your job!")

Wal-Mart's customers ("I know you thought you were getting the same quality product TV here as you would at Best Buy and that it broke just after the warranty expired, but we had to tell the company to cut corners on *our version* of this device. You want $100 less than what you would have bought it for there, don't you!?").

and finally...

The community Wal-Mart moves into ("Look mayor, Wal-Mart is going to increase the amount of jobs in your area and bolster the amount of tax revenue that comes into your public coffers, we just need a little incentive as all to tax breaks for a few years and some subsidies to get started. ...what do you mean that you've read studies that Wal-Mart takes away jobs in the area as Wal-Mart further automates it's business, employs people at lower wages than anywhere else which takes away from income tax revenue, and once the tax break ends that Wal-Mart closes up shop and runs off to another town to say the same thing to a different mayor? That never happens! Trust us, we're Wal-Mart!")

We shouldn't be fine with this because Wal-Mart is an established business pkellmey. Instead we should base our decisions to let Wal-Mart do this on how they have acted and will act as a corporate citizen, and frankly I don't trust that company based upon what they have already done.
 
2012-12-03 11:51:08 AM
Would Walmart write paper on, say, a pallet of beef jerky? The big 2 pound bags, not them shrimpy, pussy 2.5 ounce bags.
 
2012-12-03 11:51:34 AM
Oh noes! This will mean the end of unionized mortgage brokers!

oh, wait...
 
2012-12-03 11:51:45 AM
Listen,

If Walmart wants to do subprime loans, let them. They're sitting on a pile of cash.

I'll be there laughing when their default rate is quadruple or better than the industry average.

And you can forget about a bailout, Walmart. Here's hoping you file bankruptcy and are forced to get broken up.
 
2012-12-03 11:55:59 AM
i love how all the derpy downers always seem to have so much hate towards walmart
but companies like target,jcpenny,kroger,big lots, home depo, pretty much any big box store ALL have the SAME employee practices
 
2012-12-03 12:05:03 PM

tbhouston: i love how all the derpy downers always seem to have so much hate towards walmart
but companies like target,jcpenny,kroger,big lots, home depo, pretty much any big box store ALL have the SAME employee practices


Kroger stores in the Seattle area (QFC/Fred Meyer) have top cashier wages of around $17 per hour, and fairly decent medical/dental benefits, as well as sick and vacation days.
 
2012-12-03 12:07:58 PM

tbhouston: i love how all the derpy downers always seem to have so much hate towards walmart
but companies like target,jcpenny,kroger,big lots, home depo, pretty much any big box store ALL have the SAME employee practices


walmart started it
 
2012-12-03 12:12:18 PM

tbhouston: i love how all the derpy downers always seem to have so much hate towards walmart
but companies like target,jcpenny,kroger,big lots, home depo, pretty much any big box store ALL have the SAME employee practices


pretty much this...except for kroger (its unionized) and Costco (also unionized).

as for Walmart vs banks: let them go for it. Walmart's customers are in the underbanked category; getting people out of payday lenders and into the banking system would be a net positive for the US economy.
 
2012-12-03 12:20:17 PM

Nightjars: Kroger stores in the Seattle area (QFC/Fred Meyer) have top cashier wages of around $17 per hour, and fairly decent medical/dental benefits, as well as sick and vacation days.


There's folks at Walmart making at least $17/hour, with all the other benefits too.

I'm not saying WMT is a great company with great practices, but at most of these retail giants you can eventually work your way up to a perfectly decent salary. Very few people do that, but some do.
 
2012-12-03 12:30:23 PM

tbhouston: i love how all the derpy downers always seem to have so much hate towards walmart
but companies like target,jcpenny,kroger,big lots, home depo, pretty much any big box store ALL have the SAME employee practices


I have equal opportunity hatred for them too, don't worry your lil head about it! :)
 
2012-12-03 12:39:13 PM

akula:
There's folks at Walmart making at least $17/hour, with all the other benefits too.

I'm not saying WMT is a great company with great practices, but at most of these retail giants you can eventually work your way up to a perfectly decent salary. Very few people do that, but some do.


The Kroger stores in Seattle are union, and you are guaranteed the top scale pay after putting in a certain number of hours. That's not quite the same thing as some hypothetical pay that some people at WMT might possibly get.
 
2012-12-03 12:48:55 PM

DarkSoulNoHope: pkellmey: I can't imagine why this is suddenly a bad thing, as Walmart already owns businesses in the financial world.

We shouldn't be fine with this because Wal-Mart is an established business pkellmey. Instead we should base our decisions to let Wal-Mart do this on how they have acted and will act as a corporate citizen, and frankly I don ...


This is why I only shop at Sam's Club.

dumbobruni: as for Walmart vs banks: let them go for it. Walmart's customers are in the underbanked category; getting people out of payday lenders and into the banking system would be a net positive for the US economy.


Good point. I didn't recognize the payday lender angle.
 
2012-12-03 12:52:11 PM
One in three Americans "doesn't believe in" evolution.
 
2012-12-03 12:56:00 PM

DarkSoulNoHope: We shouldn't be fine with this because Wal-Mart is an established business pkellmey. Instead we should base our decisions to let Wal-Mart do this on how they have acted and will act as a corporate citizen


Actually, it is because they are established already that we should be OK with it. They have a track record of continuing to grow in communities that already know about their history and the public is apparently OK with it. If the public had a real issue with them, their sales wouldn't be able to sustain their growth.
 
2012-12-03 01:00:24 PM

StanleyPuff: This is why I only shop at Sam's Club.


rlv.zcache.com
 
2012-12-03 01:06:41 PM
I have my house on lay-a-way...
 
2012-12-03 01:10:06 PM

akula: Nightjars: Kroger stores in the Seattle area (QFC/Fred Meyer) have top cashier wages of around $17 per hour, and fairly decent medical/dental benefits, as well as sick and vacation days.

There's folks at Walmart making at least $17/hour, with all the other benefits too.

I'm not saying WMT is a great company with great practices, but at most of these retail giants you can eventually work your way up to a perfectly decent salary. Very few people do that, but some do.


This is a good point. While I have my issues with Walmart, what they pay their employees isn't one of them. Both of my parents worked for Walmart once they'd retired from their careers and wanted to go back to work. Nobody else would hire people their age (70s). They worked there for five years, made lots of (also retired) friends, and used the job to supplement their pensions, SS, etc.

My sister started out as a stocker and is now a store manager. It took her about six years to get there. She used to manage one of their super centers. Now she has one of their neighborhood markets. Not only does she make a nice salary, she also has a bunch of Walmart stock, as do my parents.
 
2012-12-03 01:12:10 PM

Nightjars: tbhouston: i love how all the derpy downers always seem to have so much hate towards walmart
but companies like target,jcpenny,kroger,big lots, home depo, pretty much any big box store ALL have the SAME employee practices

Kroger stores in the Seattle area (QFC/Fred Meyer) have top cashier wages of around $17 per hour, and fairly decent medical/dental benefits, as well as sick and vacation days.


Funny wal-mart has the same thing
 
2012-12-03 01:27:23 PM
"I owe my soul to the company store"
 
2012-12-03 01:29:52 PM

stonicus: I have my house on lay-a-way...


In the early 1900s you could do that with Sears, pay it off and a boxcar showed up with your house.

*Some assembly required.
 
2012-12-03 01:40:38 PM

Tom_Slick: stonicus: I have my house on lay-a-way...

In the early 1900s you could do that with Sears, pay it off and a boxcar showed up with your house.

*Some assembly required.


This would be a laugh riot with the modern Sears. The boxcar would show up 1500 miles away, half the pieces would be missing, and the roof would be for a different house.
 
2012-12-03 01:44:11 PM

NewWorldDan: I don't really care where I send my mortgage payment. If I can get a better rate and lower closing costs, I'll go for it.


That's fine. Just acknowledge that you're OK with hurting the economy in the long run by supporting Walmart and we can move along.
 
2012-12-03 01:46:35 PM

tbhouston: i love how all the derpy downers always seem to have so much hate towards walmart
but companies like target,jcpenny,kroger,big lots, home depo, pretty much any big box store ALL have the SAME employee practices


You assume employee practices are even the worst thing about Walmart.
 
2012-12-03 01:57:44 PM

jso2897: One in three Americans "doesn't believe in" evolution.


With the people I see everyday I'm starting to have my own doubts.
 
2012-12-03 01:59:47 PM
www.bloomberg.com

BTW, you can buy term life insurance in a box at WalMart, too.
 
2012-12-03 02:09:31 PM
i7.photobucket.com
 
2012-12-03 02:17:29 PM
They can run our prisons too for all I care.
 
2012-12-03 02:26:29 PM

Nightjars: The Kroger stores in Seattle are union, and you are guaranteed the top scale pay after putting in a certain number of hours. That's not quite the same thing as some hypothetical pay that some people at WMT might possibly get.


Who's talking hypothetical? My wife (WMT pharmacy manager*) has a tech who has been unable to get a teaching job (out of college a couple years) but is making $15+/hour, plus benefits. At this rate, by the time she can get a teaching job she'd take a pay cut to do it. She's had some others who earned in excess of $20/hour since they'd been there forever.

If you're a good employee and get a full time gig, you can build your way into making decent cash per hour for what is mostly an unskilled position.** You won't retire at a young age or be out buying a new Lexus while owning your own home on that money, but it's enough to make one's way in the world. The thing is, like any union retail job, you don't walk in at that money. You don't come in off the street in any retail position and make a "living wage" with benefits. As much as the UFCW loves to blast Walmart for it, it wasn't that way at the store I worked where I was a UFCW member.


*While the WMT checks clear the bank nicely, I do get to see behind the curtain a bit. Walmart's real failing isn't in the compensation and benefit packages, it's how they are relentless in cutting corners and forcing people at the store level into nearly impossible situations. I don't envy the store managers at all; they constantly have to do more with fewer hours... all these situations where employees were made to work off the clock are because the bastards in Bentonville make demands and don't give the resources to meet them.

**If you can be trained to sufficiency within a couple months, you're unskilled labor. Running registers and stocking shelves is unskilled labor. There's darn few skilled jobs in retail.
 
2012-12-03 03:17:26 PM

Incontinent_dog_and_monkey_rodeo: mr_a: Couldn't really tell from the article if WM was going to hold the mortgage, or just originate it. I suspect they just want to originate them for a fee

I don't see a problem, and would certainly consider it. It makes no difference in the world to me who originates (or holds) my mortgage. It is not like anybody is going to cut you a break if you miss a payment, so why not go with the lowest cost lender and originator.

And if WM can use their size to force the prices down, great...as long as they share some of the discount with me.

I assume existing banking laws keep my financial information from the rest of WM...

Yeah, I highly doubt WM is going to be holding billions of mortgage paper themselves. So they're just simplifying the middle man process and cutting down costs. Just like they do with lots of other things.



Honestly, I wouldn't be terribly surprised if they got in holding the mortgages too. They are certainly big enough to eat the cost of foreclosures and their brick an mortar stores can only expand so much. Why not get into the banking game?
 
2012-12-03 03:22:24 PM

Tom_Slick: When buying a house I don't care who the Mortgage is with, actually Wal-Mart might be better than Wells Fargo come closing time, I had to travel 75 miles for my closing to an attorney when there was a Wells Fargo branch 1 mile from where I was living at the time. Wal-Mart would probably have closing attorneys in each of their stores.


I'd have some qualms about working with an attorney that made 9 bucks an hour.
 
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