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View Diary: Updated: Wells Fargo PWNED! My Pop Helps Homeless Family Find a Home (214 comments)

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  •  Daaaayuuuum!! (6+ / 0-)

    Your dad rocks.  I need to get out from my Wells Fargo mortgage...this story and the one about them steering African-Americans into crappy loans make me really sick of doing business with them.

    Of course all banks seem to suck these days.  Who can I refinance with that isn't evil?  A local credit union wants $500 just to do the application.

    •  I refied with the credit union and they sold it (2+ / 0-)
      Recommended by:
      neroden, AnnCetera

      So I refied in July with my credit union for a super low rate.  By mid-August they sold it to BB&T who then sold it at the end of August to Freddie Mac but remain the servicer.

      I did have the option of refinancing to a mortgage that the credit union wouldn't sell but the rate would have been higher.

    •  well... (1+ / 0-)
      Recommended by:
      neroden

      if you're not afraid of Sharia law...http://www.guidanceresidential.com/

      I went to a presentation by this company back in the spring, and they've got some great products.  They have spent a shit-load of money to develop home financing products that comply with all US lending regulations AND OMFG SHARIA LAW.  

      So, you see, it's true, we're being taken over.

      Seriously though, they seemed like a great company, and they offer at least one unique benefit with their "shared ownership" model of home financing... they share the loss if you buy a house and the fair market value when you sell is lower than when you bought.  It's a little complicated to explain here, and as I said, I went to one presentation a few months ago, so I'm clearly no expert.  But they sounded like they had a good thing going.  Just as with all US home financing products, they comply with fair lending practices, so you don't have to convert to Islam to use their products.

      Just thought I would throw that out there.  

      The Republican Extremist Agenda favors tax cuts for millionaires and benefit cuts for Social Security and Medicare.

      by lcork on Thu Oct 14, 2010 at 06:39:23 PM PDT

      [ Parent ]

      •  Ah, that's what they need to do in order to (2+ / 0-)
        Recommended by:
        lcork, BYw

        comply with Islam's prohibition on lending money at interest.

        The way around that is that it's legal under Islamic law to be an equity investor, just not to be a pure lender.

        they share the loss if you buy a house and the fair market value when you sell is lower than when you bought.

        As long as they share in any losses (rather than you-lose-first, they-only-lose-afterwards), it's legal under Islamic law.

        So in fact the "shared ownership" model is necessary to comply with Sharia law (and is all that is required).  Nifty to know, eh?

        -5.63, -8.10. Learn about Duverger's Law.

        by neroden on Thu Oct 14, 2010 at 07:29:40 PM PDT

        [ Parent ]

        •  Yep (0+ / 0-)

          They've gone to great lengths to comply with all US law and Sharia law as well, so anyone can use these products, but they were designed to meet the needs of a very specific demographic.

          The Republican Extremist Agenda favors tax cuts for millionaires and benefit cuts for Social Security and Medicare.

          by lcork on Fri Oct 15, 2010 at 08:37:16 AM PDT

          [ Parent ]

        •  I should say (0+ / 0-)

          I'm not sure if that's the only thing they needed to do to comply with Sharia law, it's just a part of the way they structure these products that I thought was especially consumer-friendly, in a way that anyone these days could understand.  

          The Republican Extremist Agenda favors tax cuts for millionaires and benefit cuts for Social Security and Medicare.

          by lcork on Fri Oct 15, 2010 at 08:39:56 AM PDT

          [ Parent ]

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