http://abcnews.go.com/GMA/bank-america- … d=10071658
This story just hit Yahoo News. It's sick the power that our Government gives Banks.
How is this action by Bank of America not criminal?
The Government hands them Billions for free. They now can foreclose on homes and then just sit on them. Because they got paid for the bad mortgages. So now they have the free money and the homes.
Here in Las Vegas the Foreclosure Capital banks are taking homes but because they have the free money they are not releasing them for sale.
So 1,000's of homes are sitting vacant. And there is no incentive to sell them because the banks are not losing anything by sitting on them.
The few homes that are released are being sold to investors. Thus the average guy can not get a deal.
This is plain and simple market interference. There markets are not being allowed to adjust and the money is being taken from the public and the public has no access to the homes.
So instead of selling to locals who will move in and care for the home and contribute to the local economy the Banks are being rewarded got their bad behavior.
Paid on the Backend and paid on the front end while families are displaced.
The Government is helping banks but not people. But it's the people through mandated taxes that are paying for the Bankers to profit.
That is so shady and we see it where we live to, the investors buying and then there is a fight for one home. When you drive around the subdivisions there are so many more people can choose from but the banks will not let them go. It is a shame and I agree something needs to be done, but GOD only knows what. Corruption runs rampant and it is ashame! The homes will slowly deteoriate and the property around them loses there value.
I just spent four months overcoming how Bank of America categorized my loan. A liability to them, and an advantage to me. A 6.25%, 30 yr fixed loan that they bought from Country Wide. After almost a dozen calls, and FINALLY calling the Obama Loan Modification Program, I nearly fell off my chair to "Bank of America. How may I help you?" I told the guy I called the wrong number. I found out I DIDN'T. He assured me it was the Loan Mod number, and I was in the right place. The ONLY thing this guy did was tell me what 10 other people didn't: my loan was a liability to B of A, and they were not going to budge one way or another about a refi or loan mod, because according to all their info, I didn't qualify.
So I went to 6 other lenders, got boat loads of crap and finally landed on a smaller reputable lender who I'm finishing my refi with. They have treated me very, very well.
Moral of the story:
Get your mortgages AWAY from the big money machines. Get your accounts, your retirement--everything away from the big money machines. Go to a credit union open your accounts there, or some other smaller, reputable, well-rated bank.
Bring these bastards down. They are screwing us with our own money, thanks to the bailout.
Actually Obama proposed some legislation yesterday or so that would require banks to accept the new lower value for homes they are foreclosing on and would give the ex-homeowner $1500 for moving expenses as they become renters again.
If passed, this would go a long way toward resetting home values to something realistic. It would hurt for a short bit, housing price correction, but then the situation could improve. It would also dramatically help the actual home owners (who could not be sued for the difference between the current fake value they are underwater on) by the banks and hounded forever ruining what's left of their credit score.
The banks are having a tizzy about this.
There are some holes in it. It won't help homeowners with second or third mortgages.
http://www.politicsdaily.com/2010/03/08 … s-to-sell/
On the plus side, it would help a lot of people immediately.
Banks above the law?! Noooo!!! that couldn't be!!
Banks and the government work together. Our money is supplied by a private group of bankers, called the Federal Reserve (no it is not a government entity), and they are allowed to decide how much money there is in the system. They use this magical and wonderful number called the 'interest rate' to create money, and the government takes the money (first, of course) and blows it on completely idiotic things like the war in Iraq.
If you follow the history of inflation and wars, you will see an AMAZING correlation.
Also, when a bank puts up collateral in an agreement, it isn't actually putting up any real money - banks use a magical thing called 'fractional reserve banking' which allows them to take the one dollar you gave them, and turn it into (usually) 10 dollars. They then lend out the 9 dollars as collateral - but the 9 dollars don't really exist!!!!!!!!
Governments need control over the money supply in order to launch a welfare state, keep their friends in power, and many other evil things - that's why we have paper money. Paper money is so frequently referred to as 'fiat money', but they are indeed slightly different things - paper means paper, and fiat means government dictated.
Anyone who has ever read the Constitution of the US (what's that? the Constitution? never heard of it!) can see, in Article 1 Sections 8 and 9,, that the federal government is supposed to be using un-inflatable GOLD and SILVER *COINS*.
Yes banks are evil. Yes Governments work with banks to further their control of the population. And NO, governments do NOT add to the wealth of society, they can only take wealth from one group and give it to another using political decisions as their guide.
This article is a bit crass compared to my usual demeanor, but this issue has been discussed at LENGTH by anyone paying attention to it. If you want to learn more in a very easy to read setting, check out my "Evan's Easy Economics"
There was a very good movie called 'The International' which gave us an interesting insight into banking practice and how the banking industry perceives power.
To a banker: Power is The Ability to Control the Debt.
Consider this at the time you negotiate anything with a banker.
That was a great movie! Very on point to describing what may be sad truth to who runs our government. Just research the Federal Reserve Bank for yourself. It's a privately run bank, yet has it's hands all up in our government! I've got an awesome link to a video on my Political Perspective article. Anyone truly interested in this matter should take some time to check it out, very well worth your time.
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