[quote=sdrealtor]CA R
If it makes you feel any better the lender is Wells Fargo which makes always buyer, seller, buyers agent and sellers agent all sign an Addendum stating that it is an arms length transaction between unrelated parties. If their lying they could end up in jail.
sdr
PS I am confused as to why you would be willing to pay $100K more than you think it would go for in a couple years[/quote]
Quite frankly, I couldn’t care less about their addendums. To enforce those is much more cumbersome than to simply have all the listings submitted directly to them (could use the **government run and regulated** on-line auction system I suggested some time ago, which would be extremely efficient and eliminate much of the fraud).
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NEW YORK, June 18 (Reuters) – Wells Fargo & Co (WFC.N) Chief Executive John Stumpf said in a newspaper interview he would like the bank to repay the $25 billion it took from the Troubled Asset Relief Program as soon as practical, but he gave no time frame.
“It was meant to be temporary,” Stumpf told the Charlotte Observer, referring to the TARP money. “We want it to be temporary. We will pay it back as soon as practical.”
The fourth-largest U.S. bank took the money in part to absorb Wachovia Corp, which it acquired on Dec. 31. Regulators ordered the San Francisco-based bank to raise another $13.7 billion after conducting a “stress test” of the bank’s ability to weather a deep recession.
“We have not yet applied to pay it back,” Stumpf said in the interview, reported on the newspaper’s website. “We will be talking with the (Federal Reserve). The first thing we did was get through the stress test. The stress test said that we had enough capital. The Fed said Wells should have more common capital, so a different composition of capital.”
Must be nice not having to care about your losses because “someone else” (that’s us) is covering them for you.
If they keep up this kind of chicanery, they will never pay back the money, and we will end up absorbing more losses through the various guarantees…and how much of this is Wells Fargo’s?
Last fall, the Federal Reserve declined to identify the recipients of about $2 trillion in emergency loans from U.S. taxpayers or the assets the central bank is accepting as collateral.
