Wells Fargo to pay $3.7B settling charges it wrongfully seized homes and cars

Re:Wells Fargo to pay $3.7B settling charges it wrongfully s... by aliasxneo on Wednesday December 21, 2022 @12:13AM (#34076931)

I'm a millennial and have been a homeowner for seven years now. I had average, if not below average, credit when I bought the house and I had no downpayment (i.e. I wasn't coming in strapped).

It sounds like I'm an extreme edge case, but I really don't feel that way. I have several co-workers in the same age range who also own property. The details being recapped in this thread are very foreign to me, so I feel like this must be a geographic issue and not a generational issue.

My experience could just be unique, of course.

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Re:Wells Fargo to pay $3.7B settling charges it wrongfully s... by jollofricepeas on Wednesday December 21, 2022 @12:27AM (#34077020)

It’s not unique.

A lot of my older millennial friends have paid off their houses in the last year or two.

Here in the Midwest (Pittsburgh), it’s not unusual if you’re fiscally responsible on even a single developer salary (2022, $120-200k) to both have bought a home and mostly paid it off especially if you bought within the last 10 years before the pandemic so we’re talking $140k-285k for a 4 bedroom, 3 bath, garage with yard and finished basement depending on your neighborhood preference.

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Re:Wells Fargo to pay $3.7B settling charges it wrongfully s... by Klinky on Wednesday December 21, 2022 @12:49AM (#34077145)

The housing market was significantly different 7 years ago[1]. I'll agree that if you bought in your 20s as a millennial, you're in a much better position. Impossible to replicate that today though.

1.https://fred.stlouisfed.org/series/ASPUS

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