This Is Not A Democracy, It's A Republic........
I had thought Wachovia was one of the banks that DIDN'T play this shit. That's why I left BofA. I'm now at Wachovia and overall they've been a better bank. Not funny!
Does "troubles elsewhere at the firm" mean "subprime loans to illegal aliens"?
If so, Karma is not only a bitch, but a PMS'ing one.
As it should be.
Well if you read some of the stories something like 60% of those defaulting are "Hispanic".
But rest assured, your money is safe and well protected by the FDIC, up to $100K per account...
To make this easy for dingleberries like Orion and libdud to understand, that's a lot of money...
And the *K* means thousands...
Sad when ya just know you need to explain stuff to the kids...
Well if you read some of the stories something like 60% of those defaulting are "Hispanic".
Jenn
Yeah - but that just tells me all the asshat banks are doing it. I mean, what the hell is left to put your money in. I was with BofA for 14 years and took my money out for just that reason - and they didn't care (I, of course, told them why I was leaving).
Anybody have any suggestions? I'm in Virginia and have finite options.....
The individual financial advisor don't 'play this shit' at Wacovia. The horrible mistakes that these companies are making, are made at the top. I can tell you from personal experience.
Interesting indeed. I'm heading to the Bay Area this weekend and will paly cards with a couple of buds that work for Wachovia. they were formerly employed with World Savings, and one is a VP so this should make for some interesting conversation.
Ooooh Gawf, let us know the skinny.
Ooooh Gawf, let us know the skinny.
Jenn
Ditto....
KO
OK, here's the skinny:
World Savings, who was an incredible business venture, was bought out by Wachovia a couple years ago.
In 2 years, Wachovia has decimated the company.
As for home loans, it is perfectly legal for non-citizens to purchase real estate in the US (think Pebble Beach and the Japanese), World Savings made several home loans to anyone with a tax ID number. A SSN is not necessary to purchase real estate.
There was no way for them to know if the loans were being made to illegal immigrants as there was no mechanism to identify them; not that it would have mattered anyway because it isn't against the law for anyone to buy real estate.
One of my buds has to lay off 4 of his staff this week in the home loan division which will likely be completely closed. My other bud is a VP of the banking division which seems to be fine. Both are not happy with Wachovia and will likely move one eventually.
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