Wells Fargo Mortgage Essay Questions Violate Fair Housing Act

nytimes.com:

When Linda Falcão applied for a mortgage from Wells Fargo, she didn't realize she would be required to write the type of essay that's more commonly included with a college application.

Read the whole story: nytimes.com

Comments

[SullivanM]

06:56 PM on 08/29/2010

This is really insulting. I don’t understand how these companies can get away with this, asking about such highly personal aspects of our lives that are totally irrelevant to getting a loan.

What will we have to do next to get a loan – sing a song? discuss our plans for world peace? wear an evening gown?

Wells Fargo and the others need to stop playing doctor and start following the law.

[Linda Falcao]

02:30 PM on 08/28/2010

Looking at comments here and around the web, a clear theme emerges: people are tired of being abused by big banks, and especially the ones who got bailed out. Maybe it's time to bring back some of that '70’s "Network" mojo, go to the window, throw it open, and yell, “We’re mad as hell and we’re not going to take it anymore!”

[Mark Harker]

01:32 PM on 08/25/2010

i see nothing wrong with this.

[Linda Falcao]

01:28 PM on 08/26/2010

May I ask why not, since according to HUD it's illegal?

[mariusvinchi]

05:18 AM on 08/25/2010

Another reason to avoid Wells Fargo like the Bubonic Plague!

[Siebenstein]

01:30 AM on 08/25/2010

screw 'em

[philosopherkingtomas]

05:28 PM on 08/24/2010

can you still LIE about second job???

[soonerdru]

02:33 PM on 08/24/2010

The mortgage companies and bankers are full of crooks and theives. Recently I had 16K in hail damage to my home. The insurance co. wrote a check for it but put the mortgage co. (Wells) on it as well. My bank wouldn't deposit the money, told me to check with Wells. Wells says I have to send THEM the money because they have a vested intrest in the property and need to manage the project. When I asked them where they were located they said Ohio. Shit, I live in Oklahoma. Exactly how are they going to manage my roof repair??? Why do I smell 'managemen­t' fees on the horizon???

[munki]

07:51 AM on 08/24/2010

Check all the banks...
Who do we trust?
Are we not in "free" country?
What is going on????

[MyAhaMoment]

07:23 AM on 08/24/2010

I don't use a bank. I belong to a credit union. when we refinanced the loan officer actually NFORMED us that we didn't have to have a down payment for a refinance to a convention­al loan. I was stunned! It was a better rate and a better loan. if you hate your bank, find a credit union...th­ey're an ENTIRELY different financial experience­. oh and yesterday my husband went for a personal loan, and got it immediatel­y even though he had to bring some paperwork home for me to sign. the fees are less and the service is better. MOVE YOUR MONEY!

[Nichole Boultas]

06:48 AM on 08/24/2010

I cannot believe banks like Wells Fargo can ask for things like this.

[Kris Bui]

12:04 PM on 08/24/2010

I've been in mortgage finance for over 15 years and that is entirely illegal for them to ask for that. Since those 'bad loans' (Interest Only, Stated Income, etc) were allowed to take place the finance industry has just gone down hill and I lost my job. The government has helped to make that happen by putting such incredible credit limititati­ons on the lending industry in place among other things...t­hey are not finance experts (just look at the deficit!) and should not have their hands on anything to do with the finance industry.

[lrobb]

05:20 AM on 08/24/2010

Not too long ago I applied for a loan on a new home from Wells Fargo, my current lender. The applicatio­n asked why I was moving, and I explained I didn't want to, but my present home was being taken by right of emminent domain to build a freeway onramp.

Within 24 hours, I was asked if I wanted to refinance instead. Are you sure anyone is actually reading those essays?

[DaisyDog]

12:35 AM on 08/24/2010

I can't speak to the letter for a loan thing, but as a small business owner I found Wells Fargo to be the worst bank to deal with. Not only did they screw up my accounts and then refuse to fix some of it, but the continues to call me continuous­ly to ask if I wanted to buy this product or that product. I even told them I was angry about all the up-selling during a survey when they called me and they continued to call! I finally severed my relationsh­ip with them and moved to a local community bank. Never been happier. Funny, but Wells Fargo called me last week to "sell" me another product and I told the woman I had left Wells Fargo last year and would never do business with them again. That ended the conversati­on then and there. Waiting to see when the next call comes...

[Amalek]

12:23 AM on 08/24/2010

A new cottage industry has arisen. Ghost-writ­ing heart rendering tales of one's moral commitment to always put their beloved bank first.

[Frog in a pot]

10:43 PM on 08/23/2010

Against the law?What a joke.The banks are writing the laws.They do what they want now.

[maxfax]

11:38 PM on 08/23/2010

The banks, like the energy industry, run Washington­.

[publiuswarmac9999]

10:37 PM on 08/23/2010

They want to see if they are dealing with an American citizen who understand­s the English language or someone who is likely an illegal immigrant without language skills who will say they didn't understand the contract they were signing. The banks want litigation protection and some sense of honesty in the people who borrow. Almost certainly won't work.

[Amalek]

12:24 AM on 08/24/2010

I don't think they care much about immigratio­n status. what they are ferreting out are people who can't write, since they are more likely to become unemployed­.

[publiuswarmac9999]

08:39 AM on 08/24/2010

There has got to be something in the new financial legislatio­n that is driving this. What you don't seem to realize is that somebody has to read and judge the essay --- and that comes at a cost.