Podcast EP 102 All Quiet on the Western Front (Dec 11)

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Dec 12, 2023

Transcript

Podcast Available on

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Show Notes

Summary of the day

Low volume
SMH lifetime highs
Bitcoin under pressure with regulation around corner
WFC 0.00%↑ in news about predatory lending and targeting certain demographics

Breadth

812 new highs
210 new lows
52% advancing 43% declining
25% below 50 day ma
41% below the 200 day ma

Stuck out

The Wells Fargo news, while not surprising, is sad. The customers have been sold this “American dream” which just is fictional at this point.

“Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination”

Published Mon, Dec 11 202310:00 AM EST

https://www.cnbc.com/2023/12/11/wells-fargo-mortgage-lenders-probed-over-racial-discrimination.html

Key Points

Wells Fargo received an official notice from the Consumer Financial Protection Bureau on problems with its use of mortgage rate discounts, sources said.
Wells Fargo hired a law firm to grill mortgage bankers whose sales included high levels of the discounts, said the sources.
Several banks received MRAs about lending practices last year, the CFPB said without naming any of the institutions.
In their industry review, regulators found “statistically significant disparities” in the rates in which Black and female borrowers got pricing exceptions compared with other customers.