Daily Archives: September 27, 2016

Trump Boasted About Taking Advantage Of America’s Housing Crisis, Laws And Workers

I only saw at last 20 minutes of the debates and missed this part.Wow, brag about taking advantage of the housing crisis and he is running for President?

Huffington Post:

Republican presidential nominee Donald Trump bragged Monday night about taking advantage of the housing market crash, an architect he once employed and America’s federal income tax laws.

Every chance she got during the first presidential debate, Democratic nominee Hillary Clinton pressed Trump on his business in real estate, bankruptcy filings, employment practices and refusal to release his tax returns. 

In an early heated exchange, Trump said his wishing for a housing market collapse was simply business savvy.  

“Donald was one of the people who rooted for the housing crisis,” Clinton said. “He said, back in 2006, ‘Gee, I hope it does collapse because then I can go in and buy some and make some money.’”

“That’s called business, by the way,” Trump interjected.

“Nine million people lost their jobs,” Clinton continued, talking over Trump. “Five million people lost their homes, and $13 trillion in family wealth was wiped out.”

Trump did hope for the collapse. Two years before the recession and fall of the housing market, he said, “I sort of hope that happens because then people like me would go in and buy.”

His boasts during the debate didn’t stop there. Trump bragged he was “smart” not to pay federal income taxes for at least two years.

Wells Fargo : Labor Department Starts Review of Wells Fargo Labor Practices

WASHINGTON-The Department of Labor said it has begun reviewing labor practices at Wells Fargo & Co., stepping up regulatory scrutiny of the bank in the wake of a scandal involving unauthorized customer accounts.

Labor Secretary Thomas Perez said in a letter Monday that his department will conduct a “top-to-bottom review” of cases, complaints or violations concerning Wells Fargo over the last several years. The move comes in response to a request from several Democratic senators, including Sen. Elizabeth Warren (D., Mass), that the department open an investigation into whether the bank improperly compensated account executives, bank tellers, branch managers and customer service representatives.

The Labor Department’s Wage and Hour Division is “currently carefully reviewing the issues raised in your letter…to determine the best course of action in this matter,” Mr. Perez said in a letter addressed to Ms. Warren. “We take the concerns raised in your letter very seriously.”

Read on.

Wells Fargo hit with shareholder class action lawsuit over sales practices

A shareholder class action lawsuit was filed against Wells Fargo & Co on Monday that alleged the firm misled investors about its financial performance and the success of its sales practices.

Wells Fargo, the United States’ third-largest bank by assets, agreed to pay $190 million earlier this month to settle regulatory charges that some of its employees opened as many as 2 million accounts without customers’ knowledge, in order to meet sales targets.

Robbins Geller Rudman & Dowd LLP announced the lawsuit and is seeking class action status on behalf of buyers of the company’s shares between Feb. 26, 2014 and Sept. 15, 2016.

The lawsuit, which was filed in the U.S. District Court of Northern California, comes nearly a week after Wells Fargo chief executive John Stumpf faced U.S. Senate lawmakers about his oversight at the bank.

Read on

Here’s what Trump, Clinton said about housing in first #debatenight

Housingwire:

The first presidential debate had barely started and already Republican candidate Donald Trump and Democratic candidate Hillary Clinton lost their cool. An adult conversation was out of the question.

What’s that saying? Listen 80% of the time and talk 20% of the time. This debate did not reflect that.

They did, however, have one thing in common: They barely mentioned housing. Trump mentioned the housing market at the beginning of the debate, but did not stay on the topic long.

In fact, what was said about housing didn’t make much sense, as this tweet fromTrulia Chief Economist Ralph McLaughlin shows:

How could we have the worst recovery since the Great Depression but also be in a bubble?

This comes as no surprise, and follows the theme of both candidates’ campaigns: neither one has focused on housing before this point.