So I'm reading my Gmail this morning and I see this advertisement from Wells Fargo that says, "Wells Fargo(r) Home Equity - Pay $147 Interest-Only per Month $30,000 Line of Credit."
And this comes from the website"
This come-on for another esoteric, too-good-to-be-true loan is for a company that got more than any other bank -- $25 billion -- from the federal bailout. This is the bailout that was necessary because the banks were pushing flawed and scammy loans on unsuspecting people who couldn't afford to pay them back.
And now, after we "loaned" Wells Fargo $25 billion, they're at it again. Playing the same games that got us into this mess.
You hear all the time that it's the fault of the borrowers who got in over their head, or if is was a scam it was just a small local lender (crook) and then the loan was packaged so no one knew it was a scam.
Apparently, that's wasn't the case. And apparently it's still not the case.