Want a Wells Fargo Mortgage? Write an Essay!

I came across this disturing article, that seems to be a new trend.

If applying for a mortgage isn't already one of the worst experiences of purchasing a home, now you have to write an essay, too, for approval.

This article explains the experience of home buyers, with excellent credit scores who were told to write an essay type letter, that had to include explanations of family planning, which I find to be outrageous!

With home sales being way off, I wonder if this will put a futher damper on home purchasing?

bucks.blogs.nytimes.com... odd-mortgage-essay-question/?busln

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.

What they found even more shocking, however, were some of the themes that Wells required them to include in their statement, specifically, their plans regarding an “increase/decrease in family” or property size.

There are just some things that cross the line, and this is an example of one!

Quitclaim deed, owner seller cut out the middle guy, restart our whole process excluding the banks and lendersharks.

At first, I felt as if someone or some entity should be able to require whatever they want, since it is there money they are loaning you. Then I realized, it isn't their money, rather it is our own money that they are lending back to us, only charching us an arm and a leg through usury type practices. As our founding fathers and American heroes alike have warned us since the beginning of our great nation, the bank is the devil and when you allow the bank to operate, you are enviting the devil to take over.

Part of me feels that all usury practices should be banned, though the libertarian in me thinks that if someone wants to get ripped off by a bank, then by all means they should be allowed to. However, our society is built around the bank, meaning that even if you don't want to get ripped by the bank, you have to in order to survive. So, because some people don't mind the bank destroying their lives through usury, we all have to endure it and put up with it.

Then, on another front we have the government forcing us to pay these banks through our tax-dollars and we have zero say in it. Would the bank bail you out? LOL.

We have allowed the bank to weave itself through our society and now it is strangling this society to death. Our founding fathers were right, it is the embodyment of evil. The bank was mankind's biggest blunder.

--airspoon

Originally posted by airspoon
At first, I felt as if someone or some entity should be able to require whatever they want, since it is there money they are loaning you. Then I realized, it isn't their money, rather it is our own money that they are lending back to us, only charching us an arm and a leg through usury type practices.

That is a very good point, and I never thought of it that way. The banks essentially loan stolen money. For those who don't know, the federal reserve is the only organization allowed to issue new money. The problem with issuing each new dollar is that it is essentially stealing $1 worth of value from everyone else based on how much money they have. If there is are a total of $100 in circulation and you have $1, then you now have to spend $1.01 for what previously costed $1, so 1 penny has been stolen from you. Of course in point of fact there are trillions of dollars in circulation so each new dollar issued changes prices by only a couple trillionths of a cent, but of course trillions of new dollars are being issued each year so it adds up fast.

So yes, you could say we are getting our own money lended back to us in the form of loans. Therefore its hard to say these bankers should be free to loan with whatever terms they want.

However, should a bank pop up that disconnects itself from federal reserve money, then that bank should be welcome to lend on any conditions they see fit that the buyer is willing to agree to.

I find the system of usury to be just fine so long as no money is ever taken by force from the person receiving the loan, and so long as the lender is not responsible for any harm that is delivered to the person being loaned money. At the moment I'm very happy to be participating in the system and have received what I perceive as big benefits. If I reach the point where I don't I may simply withdraw and stop paying my loan off.

On the other hand I am being loaned stolen money since I used Bank of America, so its questionable whether I should really be doing that. I'm basically supporting an organization that steals on a regular basis. I suppose it would be possible to pay them back exactly the amount I loaned and then stop paying. In effect, that would reverse the theft that had taken place though without it being possible for the victims to be compensated with interest on the essentially forced loan.