Wells Fargo, NAR, and Predatory Lending

As discussed, Wells Fargo is nationally recognized for their Predatory Lending tactics in the subprime market.  Did you know that members of the National Association of Realtors recognized this company as a "Platinum Sponsor" in 2009?

Please review these articles about Wells Fargo...

http://www.cbsnews.com/stories/2009/02/09/eveningnews/main4788018.shtml

http://www.bnet.com/blog/financial-business/ex-wells-fargo-loan-officer-details-shady-practices/1257

http://www.dailyfinance.com/story/real-estate/wells-fargo-subprime-mortgage-exit/19548625/

Obviously, this information makes it difficult for NAR to describe Wells Fargo as a company that "protects and promotes the interest of their clients."  

In my personal experience, NAR could care less about protecting the client. Their number one priority is to protect the interest of their personal bank accounts.  For this reason, NAR should revise the Code of Ethics and replace the "Golden Rule" with the "Greedy Rule."

NAR: Golden Rule... or Greedy Rule ?

I have discovered an interesting fact about the National Association of Realtors.  When money is involved, the "Golden Rule" is quickly transformed into the "Greedy Rule."

Here are two examples...

Loan 1:  (Property value $150,000)  A. $4,799 yield spread premium  B. $500 processing fee  C. $250 document preparation fee  D. $50 courier fee  E. $35 electronic filing fee  F. $425 administration fee (lender fee)  

Loan 2:  (Property value $120,000)  A. $1,440 yield spread premium  B. $960 application fee  C. $1,920 in "discount points" (paid to Scott Veerkamp)  D. $409 administration fee (lender fee)  E. $150 underwriting fee (lender fee)