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To spare a few the arithmetic: Wells Fargo set aside $8 million for compensation; divided among 400 persons, this works out to $20,000 each.
by DamnInteresting 8y ago
To spare a few the arithmetic: Wells Fargo set aside $8 million for compensation; divided among 400 persons, this works out to $20,000 each.
- deleted 8y ago[deleted]
- JackFr 8y agoThat actually sounds like a pretty reasonable amount, given that the borrowers likely had close to 0% equity in the homes they owned.
- jabwork 8y agopunative damages could exceed that under a lot of conditions
- bogomipz 8y agoI guess you don't realize that closing costs on a home are between 2 and 5% of the purchase price? There's something called the "the five year" rule, which is generally considered the amount of time it takes to recoup the closing costs of a home purchase [1] Now add the price of two relocations - moving into the house and moving out of the house. These folks are like if they net anything more than a few grand on this. [1] https://moneyning.com/housing/the-five-year-rule-for-buying-a-house/ https://moneyning.com/housing/the-five-year-rule-for-buying-...