WELL, WELL, WELL, WELLS IS NOT WELL
If there is nothing else to report, I can always bring up the next Wells Fargo regulatory fiasco.
What would we do without them and the rest of the financial institutions to keep us entertained?
The latest in a long list of “Things You Should Never Do To Consumers” is playing hanky panky with mortgage rates.
According to this article from the consumer watchdog group ProPublica this is exactly what they did. Hello? Come on! What else can they do wrong?
Well, more, for sure. Seattle is the latest in cities which is refusing to do business with Wells, this in part is due to the fraud scandal, but also due in part to Wells’ ties to the Dakota Pipeline issues.
They just can’t catch a break. Last year, in the middle of December Wells failed their “Living Will” test.
Like our personal wills, a financial institution’s Living Will is their plan for a “rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company”.
I would venture to say that Wells should really make sure their ducks are in order as aren’t they in a little bit of financial distress right now and systems failure could be imminent?
Unfortunately, according to this article they failed another test and have been hit with more sanctions.
If they were an individual this is where someone trained in CPR would come in handy.
We wish their new CEO, Tim Sloan, good luck in the application of resuscitation methods to this industry giant.
We have to feel bad for the employees who are coping with the bad news, bad name and trying to make the corporate bottom line.
JPMORGAN CHASE GETS A SLAP, TOO
Wells is not the only one under scrutiny but they sure lead the chase. Ha! Ha! Pun intended.
JPMorgan Chase was accused of charging higher rates to minority Borrowers in the years after the financial crisis.
Settlement is $55 million. You notice that the article states that they agree to settle but “deny wrongdoing”.
That’s because this is just a slap on the hands for them and life goes on. Fines like these are just the cost of doing business.
…..AND CITIGROUP SUBSIDIARIES ARE ALSO IN HOT WATER
To join the number of institutions under scrutiny, the CFPB has now called out CitiMortgage and CitiFinancial Services for their handling of foreclosures. $28.8 million to be paid by their stockholders.
So Wells, take heart, you are not the only one in this millions of dollars penalties group. It’s like the high rollers in the Government Casino. Everyone loses but the House.
Do, you know anyone who works in compliance? This is the biggest job demand in the financial industries, courtesy of the CFPB, FTC, OCC and all those acronymic government agencies.
IRS – TAX TIP NUMBER 4:
And while we are talking about acronymed government agencies, there is none as old or more feared than the IRS.
During this tax season the IRS has one tax tip for you:
Make sure that your tax preparation professionals are safeguarding your data.
I just bet you didn’t think about that, right? All this non public personal information on your CPA’s computer system.
What if he gets hacked??
Bye bye Miss American Pie.
BIG GOVERNMENT IS A REALITY
The new administration is taking a hard look at the Dodd Frank Act, and in turn, its creation – the CFPB.
To bring attention to the ever reaching tentacles of the CFPB, the U.S. Consumer Coalition has started an ad campaign against the CFPB and their collection of our personal (shopping and other) data. So the article wonders, “.
Why is an organization dedicated to protecting consumers targeting those same consumers for research?”
It also points out that hackers would have a field day if they were to hack into the CFPB system.
If the IRS, Federal Reserve, and all those agencies can be hacked, it is only a matter of time that we learn of the successful hacking of the CFPB.
Watch the video on the link.
Big government is a reality, and the reality is that we have no control over them.
WHERE HAVE ALL THE FUNDS GONE, LONG TIME PASSING?
Was I fortunate to have been situated in an area that saw a lot of Chinese buyers in the last five years?
Yes, as these foreign Buyers poured their funds into my community so that they could have a foothold in the U.S., a place for their kids to stay, a place to park their money and bragging rights back home.
Unfortunately, the flow dried up by the 3rd quarter of 2016 and it is down to a trickle now.
Here is an article which succinctly states what has happened on the other end of the source of funds and it is a confirmation of what we have known and should be communicating to Sellers.
We can’t rely on the Chinese anymore.
We need to lower our real estate prices so that it becomes affordable to those who actually live and work here.
GETTING IN TOUCH WITH YOUR (INNER) MILLENNIAL:
How do you reach out and touch that Millennial?
Yes, let your fingers do the walking on your phone. News? Text them. Need information? Text them. Need commitment? Text them.
Calling is a secondary measure, used only when you are desperate when they don’t text you back in 2 minutes.
This according to an article by OpenMarket. Savvy companies understand that business models have to change to accommodate the new generation. So my question as this affects my escrow industry is this.
If a millennial texted me to my cell phone their agreement to a certain condition of their transaction, will this text be considered proof in the event of a lawsuit?
Should I be keeping this text? How do I transfer this text sent to my personal phone together with all the e-mails that we receive and keep in the course of the transaction?
Perhaps the first question to ask is this. Should escrow professionals even be giving out their cell phones to conduct business?
Don’t forget that when you text to a Millennial, you have to insert the obligatory emoji!
Here are some tips on which real estate emojis to use to punctuate your communication.
In commemoration of the Grammys, a cute little YouTube video about Millennials – Put on those headsets and enjoy!
What would you think if you saw these signs?
Outside a secondhand shop:
WE EXCHANGE ANYTHING – BICYCLES, WASHING MACHINES, ETC.
WHY NOT BRING YOUR WIFE ALONG AND GET A WONDERFUL BARGAIN?
On a repair shop door:
WE CAN REPAIR ANYTHING. (PLEASE KNOCK HARD ON THE DOOR – THE BELL DOESN’T WORK.)
Happy Chinese New Year…. It’s gonna be a cockledoodledoo of a Year!