My Personal Crusade to Stimulate the Economy
Wells Fargo kindly loaned me the money I needed to buy my house, but the bank also earned a couple thousand dollars in fees on the mortgage. It will make more money off of me by charging an interest rate that’s about 4 points higher than what it pays depositors right now. Banks are once again making a lot of money off mortgages and other types of loans. Wells Fargo’s latest quarterly earnings were up 20%, and its stock price has risen more than 24% so far this year.