Is This The End for Wells Fargo? | I Allegedly

Welcome back. I’ve got a good one for you today. I’m Dan and you’re watching I Allegedly. So much is happening in our economy right now and you’re not supposed to put it all together but today that’s what we’re gonna do and please comment in the video, please like, subscribe, share it, and today we have a sponsor, Canola Dine. And first things first guys, Wells Fargo. They used to be the largest seller of mortgages in the United States, number one, and they stopped servicing mortgages directly and one thing that they’ve done recently is they have just sold their commercial real estate processing.

Now wait a second does that mean they sold their loans? No. Collection, maintenance, customer service phone numbers, all that stuff has been sold to a company called Trimonth and what Trimonth is going to do is they’re going to start servicing this. Well Dan is that really a big news? It’s huge news because one thing that Wells Fargo can’t do is they can’t service the product that they have and the problems that they have right now so what they’re going to do is they’re going to go out and sell it to Trimonth for $725 million and Trimonth is going to be the one to start going after the loans.

Now, they didn’t say that in the CNN article, but it’s very clear—they need someone who can process and handle all these loans. Man, oh man, they are not collecting on these loans right now, and Trimonth is going to pay a fortune. It looks like they’re going to start taking over the operation in early 2025, if not sooner, if they can get it approved. But what this does is shift the big problem with commercial real estate from Wells Fargo to Trimonth. So there’s that.

Now, the other fascinating thing right now is that you’ve got builders talking about how they’re having problems in certain areas getting projects done, mainly in Texas and Florida. Originally, they always talked about whether the real estate market was competitive from the new product to the old product, and the answer is no, it’s not. I just had lunch with someone who told me a great story about people who bought mortgages down. In other words, let’s say that the interest rate for them should have been 7 or 8 percent because of their credit or because they’re self-employed.

Well, they didn’t want to talk about that, so they bought the loan down to 4 percent, and now they can’t sell the house. The builders are doing lovely things like selling the properties for less than these people paid for them, and then they’re just stuck. Again, I’ve told you guys, if you’re renting an apartment and you’re moving to a mansion, check the neighborhood out. Check everything out that you could possibly check out that could potentially go wrong and be an issue when you purchase a home. The reason for doing this is that you want to know about the crime rate, whether you have a neighbor with 14 motorcycles, or if someone has a boat that blocks the street—things like that.

It’s funny, my dog lately has been wanting to pick different routes for our nighttime walk, and there’s a neighbor we never noticed before because we never go that way, who fixes Vespas. Now, it wouldn’t bother me, but it’s kind of funny because lately, we’ve noticed the sound of him warming up his Vespas. I’m sure if you lived next door to this guy, it would be irritating because the other night, I counted—well, I should say I counted, Rosie didn’t count—and there were 14 Vespas in this guy’s driveway. Things like that you should know about—not the end of the world, not the worst thing to have as a neighbor, but it’s something you should consider. Can we live with this, honey? No, we can’t.

The problem is, this woman bought her house, bought the loan down, and now she can’t sell it. These builders would sell their soul to sell a home, so if you think they’re not going to give away things or sell things for less, you’re absolutely kidding yourself. But the two problem markets right now are Florida—which, let me tell you, you haven’t seen anything yet in Florida. I really think Florida is going to be the worst market for houses soon enough because of the insurance problem, the association problems, and the fact that people thought they were buying something to retire in and now they’re just stuck. You’re going to see some crazy, crazy stuff during this time.

So, read those stories below. And another thing, I’m verifying all this stuff: How about having to start paying for your trash that you create? “Well, I have trash pickup, and they charge me to pick up my trash.” No, no, no, that’s not what I’m talking about. I’m talking about your personal space. If you leave trash at a restaurant or in certain areas, you’re going to be responsible for it. Now, the latest one—which I cannot verify because it was just sent to me via TikTok—was Chick-fil-A charging 10 cents a bag. Now, that’s insane, guys, because what are you going to do—get those crinkle-cut, greasy fries handed to you without a bag? It’s insane! You have to have a bag. “No, we’re going to charge you 10 cents for this.”

Another thing people are freaking out over—there’s a story below on this—is charging for internet if you walk into a business. “No, it’s $3, it’s $5.” “What? I just want to use the internet while I drink a cup of coffee.” “Yeah, well, you a customer? Yeah, you can have that, but you still have to pay for it.” Either way, this is going to ruin certain businesses if they start doing this.

Our trash footprint—this is one of those crazy things they talk about, and you don’t really want this. Come on, guys, what’s included and what’s not included in life anymore? I really want to know. So, let me know what you think about this because I think it gets to a point where it gets a little crazy, and we’re supposed to sit there and act like this is no big deal. But they’re going to build fees into everything. As municipalities and cities make less and less money, they’re going to start creating fees and charging people more and more on a daily basis—your trash, your footprint that you leave. “Dan, you’re kind of a dirty guy, and you leave extra trash around, so we’re going to charge you an extra $15 a month.” This is insane, guys—it just gets crazy.

The commercial real estate problems—it’s funny, my friend Doug was like, “Hey, the postings are really picking up. He’s the foreclosure guy. Come out with me next week; let’s go post some houses.” So I’ll go do that again with Doug. But for those of you who write me and tell me there is no foreclosure problem, there is no commercial real estate problem, things are fine—you are just absolutely wasting your breath right now because you’re going to see things happen over the course of the next 90 days that are going to be shocking. They really are. But what’s going to happen in 2025? If you watch Bob Kudla’s video, everybody believes you can lie and say that we’re not in a recession, this is not an economic downturn. You can say whatever you want. This is worse than that right now.

So, let me know what you think about this, but we’re going to go post some houses as things get busier in the foreclosure space. Let me know what you want to say.

I also wanted to talk about our sponsor, Canola Dine. If you suffer from daily pain, it can be excruciating and debilitating, to the point where the simplest of tasks can just completely wipe you out. Well, medical scientist Clint Winters developed Canola Dine. It is an all-natural supplement that you take daily. It’s non-narcotic, and it is something that will completely help you with your pain. It has been on the market for 14 years now, and there have been over a million people that have taken it. The studies are so positive for this. If you go to trykono.com/iallegedly, you can get this for less than a dollar a day. Check it out today, guys—so many people have already signed up for this, it’s fantastic. But think about this—you want to get an edge, you don’t want to take ibuprofen and things that have horrible side effects as we get older. Try this, try Canola Dine today.

And, you know, I always relate it to who’s taking this. When you have former boxers, when you have UFC fighters that take it on a daily basis, this is making a difference in their lives. Check it out today—trykono.com/iallegedly. Use the link below—it’s always the easiest way to get to these sponsors. But check them out today.

Now, remember, everything is great. There are no problems, it’s just you, Dan. I want you to think about this—this is the largest month on record since they started keeping records of this: 60,000 contracts for real estate purchases were canceled in the month of July. Just got these numbers in—60,000. The majority of the people are holding back, not doing this. “What am I going to do now?” Here’s the other thing—the landlord that I met today, the professional, this guy was talking about this. I want you to think about this number: What is the percentage of homes that were purchased in the last year, the last year, that had 3 percent down or nothing down? They were VA loans. What was the percentage? 53 percent, guys. This is horrific. These are people that were sold a bill of goods that, “Hey, listen, we’re gonna see housing prices continue to go up,” and they’re not going to continue to go up—they’re going to be nothing but problems. And these people have bought an asset that’s depreciating.

So you’ve got 60,000 people that canceled their real estate transactions. Just don’t do it right now—just wait. You can give me a hard time three months from now, six months from now if I’m wrong, but I’m not going to be wrong. Because when you see Wells Fargo sell off their loan processing, it’s because they want these guys to go after them. And again, my buddy, the foreclosure buddy, is like, “Oh my gosh, I’m gonna contact them and start going out to the collections.”

Subway—you know they’re doing so good—there was a Subway franchisee owner in Arizona that went out of business and people didn’t get their final paycheck. Well, that’s horrible. How many people? Hundreds. How could that be? 23 different Subway stores went out of business in one day—shut them all down, didn’t pay anybody, didn’t give people their final paychecks. That is awful, isn’t that terrible?

And then, a JP Morgan employee has been accused of allegedly stealing people’s personal data, including their social security numbers and banking information. Uh-oh, 200 of them—none of us are safe. You know, what would Jamie Dimon say about that? “Oh, we’re looking into it, we’ll deal with this appropriately.” I bet you will.

So, you know, it gets old, guys. It really does get old that we’re supposed to sit there and act like this is no big deal, but business is not the same. Like Bob Kudla was talking about—a hundred years ago, what things were like right before the Great Depression, and the problem with technology and certain things. Certain things he thinks will help slow things down as far as the sell-off, but it’s not going to stop you from losing your job. It’s not going to stop your neighbor from losing their job and not being able to buy food. You’re going to see a lot of things happen that are going to be terrible in the coming months and years.

I am thrilled to announce that our new uncensored channel, “I Allegedly Live,” is open right now, and this is something that’s absolutely fantastic. I’m very proud of this, and you can sign up, guys, for only $4.99 a month. Check it out today—use the link below. We’re going to have content about things that we cannot talk about on this platform and other platforms, but it will be completely uncensored, and we can get real with everything. Come check out “I Allegedly TV” at the link, and sign up today.

I love to travel, and I love technology today because it allows you to check everything out before you go anywhere. If you’re going to go on a cruise ship, you can basically watch videos and get an education on everything. Mark Jeevans is a travel blogger, and he was excited to go visit the pyramids and the Sphinx in Egypt. He booked a hotel that didn’t exist. He flew all the way there, had his cab driver take him to the address, and there was no hotel there. He paid for it in advance, and the cab driver was like, “I don’t know what to tell you.” And, of course, there were no hotels in the area, so the guy was kind of stuck. Read the New York Post article because that is wild that that happened.

And the next thing is, you’ve got families—we touched on this a little bit, but this is sad. The average family this year on back-to-school items is going to spend $350 for back-to-school stuff. That’s a lot. Now, people are going to go into debt and borrow it in different ways, using buy now, pay later for pencils, for notebooks. And this is a sign of the times, guys—it’s shocking. You know, when my kids were in school, Target and even Kmart had these bins of notebooks and stuff like that. You’d say, “You guys get to have this, and you guys get to go get whatever you want, here’s your spending limit.” The other thing was, when Office Depot was open, I had an account there, and it was the greatest customer rewards program, where they would send you a check and the check was good at their stores—basically, a store credit. And because of my company and what we purchased, we’d have times where we’d have $580 in rewards, and I would use that for my kids to buy office supplies. My kids just loved to use that money for back-to-school. But this stuff is outrageous, guys—it’s getting more and more expensive as you go along.

Final, final story, and this one’s insane. Alaska Airlines had a flight diverted—it had to do an emergency landing in Salt Lake City because the pilot, Mr. DEI, was not qualified. “I’m really sorry folks, I’m not qualified to land this plane.” What are you doing flying the plane, jackass? Come on, do you see—someone’s going to get killed. But think about this—what if they had crashed that plane, and this guy admitted that? I think everybody should be able to sue anyway, myself. But can you believe that? Read the story below. “Hey, I’m sorry, I know your wife died during surgery. I know I was just working on her arm, but I wasn’t qualified to do that.” It’s insane, guys—it really gets to be absolutely nuts when you think about this.

Let me know what you think about this—email me at hello@iallegedly.com. So much is happening on a daily basis. Onward and upward, guys—I’ll see you very soon.

[tr:trw].

See more of I Allegedly on their Public Channel and the MPN I Allegedly channel.