So the banks got TARP for screwing up....

[billvon 3,120]

>Banks made huge mistake and made huge money .... this we can all
>agree on I think?


?? 71 banks have failed this year alone. So far over 400 have gone under since 2007. I wouldn't call that "huge money" although some are still making money.

========================
FDIC Banking SUmmary
Posted in Banking , FDIC
September 16, 2011

2011 Failed Banks
By Jennifer Calonia

An overall struggling economy continues to push banks into the red. Factors like the receding housing market, continually increasing loan defaults and a 9.1 percent national unemployment rate have contributed to American’s inability to keep in good standing with their loans. The increased level of defaults have played a harsh, cyclical role in 2011 bank failures.

The official bank failure count for 2011 has reached 71, due to the fall of The First National Bank of Florida on September 9. The Federal Deposit Insurance Corporation (FDIC), charged with collecting and selling the assets of failed institutions, was named the receiver of The First National Bank of Florida’s $296.8 million in assets.
========================

>If you ask me that's a raw deal and as such, why do I need a US based bank?

You don't! Sell your condo and take the loss, cut up your credit card, cancel any PayPal etc accounts and start using cash. Rent a place and you won't have to deal with mortgages.

>The AMERICAN thing to do would be to utilize other lending
>institutions that were not a part of this mess.

No, the American thing to do is to get the best rate you can from a bank then pay your bills. But you can do whatever you like. Keep in mind that no matter what the name is on your mortgage statement, the actual debt is owned by people all over the world, US and foreign alike. Heck, if you have an IRA, you probably own some of that debt.

>The US based banks have no reason what to sever to negotiate with
>anyone. Why? Simple the USG rewarded their bad behavior and thus
>are very sure they can do it all over again.

Really? Those 400 banks really didn't go bankrupt?

[normiss 898]

I have a friend in foreclosure.

He obtained a loan with NO proof of income. Idiotic to me to give away that kind of money without looking at the risk...but whatever.
So he falls behind because he mismanages his finances. He hasn't made a mortgage payment in almost 3 years.
He is in the acceptance portion of re-negotiating.
He has been able to live for free for 3 years by the time this works out. That 3 years is a wash.
They ATE the difference. The bank did. An American bank.
Who do you think is paying for that????

[DougH 270]

There goes Billvon makes logical sensical statements again. Stop it, you are make the rest of the bunch look bad.

"The restraining order says you're only allowed to touch me in freefall"
=P

[DrewEckhardt 0]

Quote

>Hum...let me put it this way.....why do I need US banks?

You don't. But apparently you do _want_ them, since you have a mortgage and probably a bank account and a credit card or two.

Most mortgages are bought or guaranteed by Government Sponsored Enterprises (they've had a 50%+ market share since the 1970s and accounted for 70% of the mortgage market activity in 2009 with FHA and VA programs accounting for another 25%). Nearly all those not bought by the GSEs are sold to investors.

Private banks just collect profits in the form of origination and servicing fees.

You'd still have the mortgage money without banks and would just need some one else to handle the paper work and payments like the US Postal Service which has convenient locations around the country and seeing its primary business disappear.

Quote

What's in it for you? A home. Most people would do almost anything for what you have - a home with heating, air conditioning, cable, internet access, plumbing, electricity, windows etc etc. A bank allowed you to purchase that.

Not necessarily. My current mortgage came from a credit union which is

1) Technically not a bank

2) A not for profit organization which can often pay higher interest rates on deposits and loan money at lower rates than banks which need to make money for their share holders.

[DrewEckhardt 0]

Quote

Hum...let me put it this way.....why do I need US banks?

Why do you believe you matter?

To net jobs paying $174,000 a year Congress critters spend an average of $1,416,666 a year to land Senate seats and $750,000 a year for the House.

That comes from individual hard-money donations, with just .4% of Americans coughing up more than $200 and some candidates receiving the majority of their contributions at the $2500/individual ($5000/couple) legal limit plus unlimited soft-money contributions to the parties often from industry PACs.

The guys who matter in the financial industry would like to continue earning their big bonuses and profits while America assumes the risk (for instance, since the housing correction Government Sponsored Enterprises have been buying or guaranteeing up to 90% of the mortgages written while the banks profit from origination and processing fees).

The congress critters would like to keep their seats and power.

A little quid pro quo is a win-win for everyone who matters.

Start donating $2500 to each of many campaigns, become a bundler for important politicians, and you might matter.

[billvon 3,120]

>My current mortgage came from a credit union which is technically not a >bank, and a not for profit organization which can often pay higher interest
>rates on deposits and loan money at lower rates than banks which need to
>make money for their share holders.

Me too. My first home loan was from my credit union, second was from a bigger bank. In both cases the loan was almost immediately sold to another bank.

>You'd still have the mortgage money without banks

Well, sure. But once you have an organization that holds your money, administers loans for you, retains credit card services etc it's doing banking. Calling it something else isn't a big change.

[shah269 0]

Getting back to your house, what exactly do you want done for you and your house?

Simple, for those with 700+ credit scores and who have a good history of credit and payment. NO COST REFIANCING! AT THE CURRENT RATE!

Don’t hold your breath it's not happening. The feds have asked the banks to do this very thing....but thus far less than 1k have qualified and even less were accepted into the program.

But if that doesn't work...than yes let's sue the banks into the ground. And let the Chinese come in. What? Why do I care? I do not care who owns the bank I utilize as long as they are honest and we have our mutual interest at heart.

At this moment, who can honestly say that about the current US based banks?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 3,120]

>Simple, for those with 700+ credit scores and who have a good history of
>credit and payment. NO COST REFIANCING! AT THE CURRENT RATE!

Quicken Loans has been pestering me to do just that. Apparently I am pre-approved. Give them a call.

>But if that doesn't work...than yes let's sue the banks into the ground.

Careful, they might sue _you!_ I know a lot of people who have basically been living for free for months (sometimes years) because they just stop paying their mortgage. So far the banks haven't been too aggressive in going after them. That might change if it becomes a sue-fest.

[shah269 0]

Come on man...really I get those little love notes in the mail as well. Come on now I'm being serious.

And note the part I stated that those who pay their debt on time should qualify not those who skip payments.

But you know....after I take my x wifes name off of this fracking loan I may just do that. If i ower them $5k they can own me...but I owe them a little more and well.....they can suck it.

With 12 months of not paying I can make a nice downpayment on a nice forclosed property.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 3,120]

>And note the part I stated that those who pay their debt on time should
>qualify not those who skip payments.

Agreed. And you qualify.

>But you know....after I take my x wifes name off of this fracking loan I
>may just do that.

Sounds like the banks are even more moral than you are.

[kallend 2,150]

Quote

Getting back to your house, what exactly do you want done for you and your house?

Simple, for those with 700+ credit scores and who have a good history of credit and payment. NO COST REFIANCING! AT THE CURRENT RATE!

Don’t hold your breath it's not happening. The feds have asked the banks to do this very thing....but thus far less than 1k have qualified and even less were accepted into the program.

But if that doesn't work...than yes let's sue the banks into the ground. And let the Chinese come in. What? Why do I care? I do not care who owns the bank I utilize as long as they are honest and we have our mutual interest at heart.

At this moment, who can honestly say that about the current US based banks?

I paid cash for my house and have money in the bank. Why should you get a refinanced (cheap) loan at the expense of investors?

...

The only sure way to survive a canopy collision is not to have one.

[shah269 0]

Quote

>And note the part I stated that those who pay their debt on time should
>qualify not those who skip payments.
Agreed. And you qualify.
.

Ha HA! Oh how funny!
this little sand nigger has an 800 credit score, a bit of savings, zero outstanding debt other than his home.
home appraisal has the house at the average loss of 30%
Do you know what the DUMB SOB from the bank told me..."OK so the house is under value by $65k if you put in $15k we can refinance it for you...."

Now I'm not a violent person but...if that dumb fuck was near me he would have been DEAD! Who in their right fucking mind will throw good money after bad..."Oh if you pay 15 FUCK YOU YOU FUCKING FUCK!"

plans are thus, pay something north of $4k to remove the bitches name off the loan and then do the American thing...hand in the keys attacked to a picture of my ass that reads KISS IT!

Fuck it! So I go from 800 credit score to 400....please brother please! Average in the US is 500, one purchase and two payments and I'm back to 500. FUCK YOU YOU FUCKING FUCKS! And in two weeks you worthless little bitches will be sending me pre approved credit cards!

My tax money saved your sorry asses when you were making money hand over fucking fist! Now you don't want to play you fat fucking bully.....fuck you! SUCK IT!

Be a patriot, use foreign based banking institutions or credit unions!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[chutem 0]

Quote

Quote

>And note the part I stated that those who pay their debt on time should
>qualify not those who skip payments.
Agreed. And you qualify.
.

Ha HA! Oh how funny!
this little sand nigger has an 800 credit score, a bit of savings, zero outstanding debt other than his home.
home appraisal has the house at the average loss of 30%
Do you know what the DUMB SOB from the bank told me..."OK so the house is under value by $65k if you put in $15k we can refinance it for you...."

Now I'm not a violent person but...if that dumb fuck was near me he would have been DEAD! Who in their right fucking mind will throw good money after bad..."Oh if you pay 15 FUCK YOU YOU FUCKING FUCK!"

plans are thus, pay something north of $4k to remove the bitches name off the loan and then do the American thing...hand in the keys attacked to a picture of my ass that reads KISS IT!

Fuck it! So I go from 800 credit score to 400....please brother please! Average in the US is 500, one purchase and two payments and I'm back to 500. FUCK YOU YOU FUCKING FUCKS! And in two weeks you worthless little bitches will be sending me pre approved credit cards!

My tax money saved your sorry asses when you were making money hand over fucking fist! Now you don't want to play you fat fucking bully.....fuck you! SUCK IT!

Be a patriot, use foreign based banking institutions or credit unions!

Quit holding it in and tell us how you really feel.

James

[shah269 0]

Quote

\
Quit holding it in and tell us how you really feel.
James

I know man...I try to be a good guy....yeah shallow and prone to knowing exactly what button will cause a few panties to get i a twist and others to blow off.....but wow talk about pissed!
How dumb did that worthless piece of shit think i was?

He basically made my choice for me, you want to be unreasonable.....ok asshole...suck my nuts! I have a secure job, I make good money....I have no kids....here are the keys to the condo go fuck yourself!
Oh and your mother too because.....on average in this complex it takes a solid year to sell a condo! So FUCK YOU YOU FUCKING FUCK!

And I will by then have moved to Hoboken have rented a nice condo with hot bitches on the roof top pool! FUCK YOU!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[chutem 0]

You are working towards an MBA if I remember correctly. Will this "blemish" on your credit record possibly hold you back from getting the big job and cost you more in the long run?

James

[kelpdiver 2]

Quote

You are working towards an MBA if I remember correctly. Will this "blemish" on your credit record possibly hold you back from getting the big job and cost you more in the long run?

you bet his ass it will.

[kelpdiver 2]

Quote

Ha HA! Oh how funny!
this little sand nigger has an 800 credit score, a bit of savings, zero outstanding debt other than his home.
home appraisal has the house at the average loss of 30%
Do you know what the DUMB SOB from the bank told me..."OK so the house is under value by $65k if you put in $15k we can refinance it for you...."

Now I'm not a violent person but...if that dumb fuck was near me he would have been DEAD! Who in their right fucking mind will throw good money after bad..."Oh if you pay 15 FUCK YOU YOU FUCKING FUCK!"

Not sure why it took you a day to finally get to the point of WhineFest Part II.

Unless vour plan is to walk, and bail out on your financial obligations, you're going to pay that 15k now or later. You implied that a loan at current rates would save you $500 a month, so in 2.5 years that 15k would be paid for.

Put more simply, if you think you're going to be in this condo in 2.5 years, you'd be a fucking idiot not to pay for the refi.

You're looking at these 4% rates and thinking you deserve them just because you have a job and a good credit score. But take away that home ownership and your score drops at least 40 pts. Skip out on in and you won't see 800 again for a long time. But more importantly, those low 4% rates generally require 10 or 20% down....you don't get those with an LTV of 130. That you're even eligible to get such a loan at 50k over is a gift you should be thankful for.

Quote

Fuck it! So I go from 800 credit score to 400....please brother please! Average in the US is 500, one purchase and two payments and I'm back to 500. FUCK YOU YOU FUCKING FUCKS! And in two weeks you worthless little bitches will be sending me pre approved credit cards!

Where you do come up with this shit? The credit score is not like the SATs - the average is certainly not 500. Only 2% of the country has a score under 500. The median is in the ballpark of 720.

[shah269 0]

Quote

Quote

You are working towards an MBA if I remember correctly. Will this "blemish" on your credit record possibly hold you back from getting the big job and cost you more in the long run?

you bet his ass it will.

How can I put it bluntly.....our friends in the world of finance are nothing if not greedy.

They will as always quickly forget ANY indiscretion so as to make a quick buck.

Yes I will take a hit...so fucking what.
Here is where I have the bank by the balls.

1) I'm a sing guy with no kids......it's September school just started....I can walk...no little rug rats to worry about.

2) I make about $5k a month....I don't pay for say 4 months I'm up $20k...NICE! I can rent with that kind of cash no problem.

3) Look let's face it the banks have screwed things so bad the job market won't be even back to 1975 levels for another 5-7 years (hint hint nudge nudge check out the over all number of empty homes all across the heart land)...JUST IN TIME FOR ME TO BE BACK AT 800 CREDIT SCORE!

4) I have no home base, I'm as comfortable working here in the US as I was in Europe. So who gives a shit about credit scores in the good old EU.

So big bank.....suck my fat Persian cock!
You want to play ball I offered you the chance, I said OK I'll refinance, I'll pay a few K to make things right.....but nope you JUST HAD TO BE A BITCH! The feds have all these nice programs you could reach out to.....but nope....you are an empowered little stinky piece of shit bully.

SO BITCH SAY AAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHH AND GAG ON MY FUCKING COCK!

oh your going to come after me oooohhh oooohhh for $60 fucking K! HA! FUCK YOU! At BEST a judge will award you maybe 30% I have document proof I reached out and attempted to rectify and was not met.

So...
SO BITCH SAY AAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHH AND GAG ON MY FUCKING COCK!

And like a good American I think I'll be banking with a nice Chinese bank or a nice credit union....OH WAIT! I'm already at one of those credit unions for everything but my mortgage!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 3,120]

>OK so the house is under value by $65k if you put in $15k we can
>refinance it for you...."

So they said yes, you just have to put in $15K.

Your choice.

[kelpdiver 2]

Quote

2) I make about $5k a month....I don't pay for say 4 months I'm up $20k...NICE! I can rent with that kind of cash no problem.

more special Shah math - you'd be saving your mortgage payment, not your net income. BTW, you can't deduct the interest if you don't pay up, so figure on some additional income taxes. And that 800 credit rating won't come back for at least 8 years - 7 to discharge from the record, and some time after buying another house.

buy hey, you seem to want to learn all life's lessons that hard way, so go forth.

[StreetScooby 5]

Quote

3) Look let's face it the banks have screwed things so bad the job market won't be even back to 1975 levels for another 5-7 years (hint hint nudge nudge check out the over all number of empty homes all across the heart land)...JUST IN TIME FOR ME TO BE BACK AT 800 CREDIT SCORE!

Let me share some personal experience with you...

Shortly after 9/11, I broke my back. I had no money coming in, and a shit ton of money going out. As I'm laying in the hospital bed, looking at a $25K bill that insurance probably wasn't going to cover, in pain like I have never felt before, I made a decision that I regret to this day. "Wife, don't pay anything on the credit cards this month, not even the minimum". Just for one month...

My credit went from 820 to just over 400.

Immediately.

I had never missed a payment before, and have never missed a payment since. It's 10 years later, and my credit is just now hitting 800 again.

In that time, I missed several opportunities that would have been available to me if my credit was good.

I see you having a very simple approach here, and things might not work out like you expect. Your credit history is incredibly important, especially if you're looking to move in higher professional circles.

My advice to you is, don't play around with it.

I fully appreciate the sentiment your expressing. $15k isn't worth the kind of anger your feeling in the long term. Pay it, suck it up, and move on. You need to address this situation rationally and objectively. You must step back from your immediate anger to do this. 10 years from now, you'll be glad you didn't mess with your credit rating.

We are all engines of karma

[shah269 0]

SSSoooooo
we are back to the title....the banks screw up and get saved but the American public gets screwed by the banks screw up and..................


Just wait till enough people start getting angry.....and politicians start loosing elections.....guess who will be taken to the slaughter?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[StreetScooby 5]

Quote

Just wait till enough people start getting angry....

As always, it's best to keep informed of what's going on around you. Alot of people in this country are missing the boat wrto this issue.

We are all engines of karma

[shah269 0]

Quote

Quote

Just wait till enough people start getting angry....

As always, it's best to keep informed of what's going on around you. Alot of people in this country are missing the boat wrto this issue.

Thus.....be a patriot...bank with a credit union or.....HSBC.
Let the American banks die or learn how to play

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[StreetScooby 5]

Quote

Thus.....be a patriot...bank with a credit union or.....HSBC.
Let the American banks die or learn how to play

Capitalism in its purest form!

For what it's worth, my long term bank did help me and my wife out in a difficult time, and they were exceedingly fair when they did so, even though my immediate credit score could have warranted something far more onerous.

We are all engines of karma