Fucking Banks

[Froward69]

after reading that the house voted to move up the date for Credit card reforms.
http://www.denverpost.com/ci_13712530

I posted this.

CC companies are loan sharks at best... If I charged 29.99% interest I would be arrested for loan sharking.
I am glad they are feeling the pressure to stop Preying upon their own customers.

as I am trying to help my nephew buy his first home. I ALSO POINTED OUT WHAT I
I AM FINDING AS A PROBLEM WITH REAL ESTATE THESE DAYS.

Another problem I am seeing in Banking/Loans these days is in foreclosures.
So the property goes into foreclosure.
No one buys it at auction.
So it reverts to the Bank that originated or serviced that defaulted loan.
so the bank (appears to) try and sell that property.
However the bank does not accept ANY offers at the foreclosed amount.
Only accepting offers at (or above) the previous sales amount.

so the difference between the foreclosed amount and the new sales amount on the same property, is pure profit to the Lender/Bank. Yet they say they are having problems making a profit from loans... BULL

Seems the Banking industry does not care about the economic situation in this country. only preying upon the rest of us. (after taking massive bailouts from us I might add.)

Once there was a time when you could buy a foreclosure from the bank and it was happy to be rid of it. You fix it up and sell or rent it out. someone has a nice home and you make some money.
Now the banks are insisting upon all that profit for itself without fixing up the property, or providing anyone a home.


AAArrrggggh!!!
ok end rant.

[Angry Dragon]

1. Rec a rant..........

[valerief]

2. Highway robbery, ain't it? nt

[Froward69]

4. Damn near

used to be one should fear a someone coming at you with a knife or a gun in their hand.

NOW one should fear a guy wearing a tie and carrying a briefcase.

[lib2DaBone]

3. The first thing Mr.Obama should have done is impose a moratorium on Foreclosures...

..this would have given people time to figure out a work-around.

After all.. he gave Billions to GM, Chrysler, AIG and Goldman Sacs? (too big to fail)

I know, I can hear the screams from the Blue Dogs.. .." Well how you gonna pay for this?"

You would pay for this by imposing a 1% Tobin tax on Credit Default Swaps, CDO.s and Carbon Tax Credits. The Mainline rip-off of the Big money boys at GS ,like Tim Geithner and Larry Summers. (Who.. by BTW.. are Mr. Obama's appointees.)

It would have been much better to impose a moratorium and keep people in their homes.. taxpayers who would keep Fire, Police and EMS going in their communities. Keep the schools open.

I'm afraid... the truth is.. there is NO ONE in Washington that gives a FLYING FUCK about the American People. Big Banks is the name of the game.

[sabrina 1]

5. I agree completely about a moratorium on foreclosures.

First of all, any bank that took a bail-out, as part of their agreement, were supposed to renegotiate mortgages with people who were in trouble, eg, losing a job. They were supposed to help keep people in their homes until they were back on their feet. Reducing a mortgage payment for a period of time was one way to do that. But, banks, like Wells Fargo eg, are not doing that. They took the bailout money, and are giving people the run-around when they try to re-negotiate with them.

Added to that, there is now the problem of who actually is the 'lender'. If a mortgage has been passed from one bank to another and was 'securitized', or bundled and other people invested in those deceptive 'assets', people do not know who the real 'lender' is. If Wells Fargo bought the loan from someone else, and there is no clear title, anyone buying a fore-closed house, could be faced with the original owner who was rolled over by the bank, claiming that the sale was illegal.

Each week now judges are demanding to see paperwork that proves the fore-closing bank actually is the holder of the mortgage. And now a third group is getting involved. The investors who may also have an interest in the properties have started suing banks for selling properties they were invested in.

The whole real estate business is a mess, and it will get worse as more and more people are pushed into foreclosure, but demand to see the proper paperwork. From several such cases it appears that the banks have not been able to provide those papers and foreclosures hae been stopped.

To clean up this mess will take years. But I would not want to someone who buys a foreclosed house right now, as the sale may not be legitimate especially if it is one of the big banks like Washington Mutual or Wells Fargo.

There definitely should be a moratorium on foreclosures while they sort it out and the people responsible for creating this nightmare, ought to be prosecuted. It was all about greed.

[Nikki Stone1]

6. K & R

[Coyote_Bandit]

7. I'm Familiar with a Situation

where a couple made an offer on a house. Short sale on a foreclosure. House had been vacant for nearly a year with bank paying taxes, lawn care, utilities, etc. The previous owner had made payments on the home for over three years - that would be three years of collected mortgage payments largely consisting of interest. The offer was comparable to current sales of other houses on the same street. Offer was for a cash sale to close in 10 days subject to satisfactory inspection. Bank verbally accepted offer. Bank mailed notice of exact sum due at closing. But bank did not sign real estate contract. Four months later bank came back and said, "we want another $18,000 and if we don't get it in the next two weeks then we're going to allow the house to go to auction." Potential buyers felt they were being extorted and immediately resumed serious house shopping. They'd still like to buy the house but they are not going to raise their initial offer. You do not want to know how hacked off this couple is at the bank - and the politicians who have turned their heads and permitted the banks to conduct themselves in this manner. Can't say I blame 'em.

[KT2000]

8. There must be a reason for this

really - this needs to be examined because they are realizing a gain from having these foreclosed houses that we have not figured out yet.
The question might be - how are they using these houses. They could be using them as assets on their books,or as losses with jacked up prices, maybe they are using them as collateral, maybe they are repackaging the foreclosed houses as some kind of new derivative.

Previous poster, Coyote Bandit describes a scenario that indicates the bank changed their deal midstream and seemed OK with losing the sale. Why?

I smell a rat.

[lib2DaBone]

10. The banks are trading foreclosed properties back and forth among themselves...

.. in order to gain enormous tax credits on their books and double-dip returns to their bottom line provided by more fraudulent loans and money brokering.

They really do not care if they sell these foreclosed properties until they have turned the paper over at least two or three times.

By that time... the houses have been vandalized, the taxes are so far in arrears no one would want the house. Then, the house is a tear-down... the cost of which which gets dumped on the local authorities.

Viola! The banks walk away with mega profits and American families sleep under bridges.

You think Obama and Tim Geithner don't know this is going on?

[KT2000]

11. So this is why foreclosures

are not even stopped by the administration, much less helping the people.
I guess they plan on leaving this country a wasteland before moving on to India and China.

[gleaner]

9. There does need to be a ....

moratorium on foreclosures, and the banking industry as a whole needs to be much more tightly regulated.

Let me tell you what Chase Manhattan did to my husband and I. Last year my husband nearly died from MRSA, an antibiotic resistant bacterial disease. He was 14 weeks in the hospital with the trusty private insurance that Obama is touting and when he came out we owed literally thousands of dollars in co-payments, deductibles, and services that the the insurance company simply refused to pay for even though they were covered.

My husband came home with serious damage to his heart after two surgeries. One replaced a destroyed heart valve, and the other implanted an ICD, a device to keep his heart in rhythm and fibrillate it if it goes out of rhythm. He has to spend much of his day in a hospital bed and sleep in a semi sitting position wearing an oxygen mask in order to breathe while he is asleep.

His kidneys were damaged, his lungs, his liver and his bone marrow. His blood values have never returned to normal. His vision has changed radically and the MRSA took away his ability to walk as he used to. He can now walk only short distances even with a walker.

During this time Chase Manhattan acquired the banking chain where our accounts are held. We had been planning to pay the money we owed in medical costs by tapping our home equity, but like many others in this economy we found that the value of our home had plummeted. What had been a safe equity had evaporated and we were more or less paying rent to Chase Manhattan.

My husband had to take a whole galaxy of medication to deal with his new medical conditions. Inflation hit our area hard and we began struggling. We fell behind one month in our mortgage and sometimes had to hit one of our zero balance accounts and depend on the overdraft protection that the bank before Chase Manhattan had extended us. That was the only way we could get by.

Yesterday we attempted to pay our mortgage payment that way and found that Chase had cut off the overdraft protection without warning or explanation. When we called them they said they would be happy to reinstate it if we applied for a line of credit which had a rate of interest that could only be described as usurious. We had deliberately avoided credit cards or lines of credit because of the predatory lending practices of both the banks and the credit card industry. We explained that we couldn't afford what they were asking of us, that we had no money to deal with extra expense, and that our credit reports were probably not any good anymore because of unpaid medical bills. We told them we were desperate and begged for a one month payment holiday with the payment to be added to the end of the mortgage, a common practice in reputable banks. They refused and kept pushing the credit.

We were mouse trapped but good. I was finally able to beg enough money from a relative to catch the mortgage up and keep us above water this time, but I don't know how it is going to turn out. I thank you for taking the time to read this post, and please avoid Chase Manhattan. I always knew they were crooked, but this is so blatant I don't have words to describe it. It is like, "let's go force the customers to have credit they don't want and which will sink them for sure."

I'm calling the Senate Banking Committee to tell them about this and to point out that Chase lied in its news releases promising customer relief. Once again just when I thought I was free of him, George Bush's fingers are closing around my throat. He was the one who made the decision to close my former banking chain. They were struggling but they were solvent, and his banking commission ordered them to close so that his friend and contributor Chase Manhattan could step in and acquire their assets for pennies on the dollar. Unfortunately for me, my husband and I were a part of those assets.

[upi402]

12. yeah, i'm sitting out this market for a while. no more rentals for me for a bit.

they are criminal now!
i would suggest staying away from entaglements until there is a real democratic party who will use the force of government to tame their criminality.