These banks deserve every bit..

[jjim120]

Well, the philosophies discussed on this thread and the voices heard are barely a whisper when it comes to the tens-of-millions who agree and play by the banking industry's rules. Most of us are here on this forum because we could not pay "contractual" obligations, or we refused to pay our "contractual" obligations. In terms of sheer dollar volume, we are pennies to the banking industry. I find it humorous when folks bad-mouth government policies, but are more than willing to call upon government programs such as bankruptcy protection. The 2005 bankruptcy reform act is only a glimpse into what our world would look like if punishment for defaulted financial obligations was left to private industry. I am grateful for any and all oversight of the financial industry. While I may not agree with many of the elected officials who represent me in Congress, they were elected by the people; not by a board of directors or stockholders of a for-profit coporation. Of course there are a few dollars involved in deciding who might get elected, but this is still better than a un-regulated "free-market" economy. Just my not-so-humble opinion.

First, you are right that we are barely a whisper to the banking industry (as well as the government). However, some of us are here, not because we could not pay our "contractual" obligations, but because the deregulated banking industry did not pay its contractual obligations. In fact, across the country the big banks simply called loan after loan because they determined that those commercial and real estate loans "might" be distressed and that they had made a "mistake" in writing those loans by overloading their portfolios with loans that they did not have the capital to fund adequately. Nearly all such loans have "at will" or "on demand" language so that the banks can foreclose or cancel loans, but legally they are supposed to act only with cause and in good faith.
Unfortunately, the bankers and their lawyers have determined that they are untouchable under those clauses if they can use the courts to uphold only that one line and ignore the rest of these contracts (many such contracts are multiple volumes of legalese). Since the 1980s, the government has given the banking industry relief after relief from regulatory "fair play," with Bernanke even stating that federal regulators are not able or required to investigate and try these instances of bank corruption and fraud. Under US Treasury secretary Geithner, the government went even further, telling the banks that received TARP funding that they were not obligated and should not use that funding to shore up existing loans, but should only use it for NEW loans. In fact, Geithner actually manipulated the sale of one of the most corrupt regional banks in the country to another bank using billions in TARP money, shifting the liabilities of the regional bank to the FDIC, so that any lawsuits against that bank that actually made it through the system to a monetary judgment would either not be paid or payment would be deferred by government manipulation for years to come. In at least one case against that bank, a federal judge actually ruled that the bank acted in bad faith and without cause, but that it "had the right to do so."
Many of us are on this forum because we are victims of this bank-government collusion to dump their failures to pay their contractual obligations on both us and the taxpayers. We no longer live in a "free-market" economy, but in what has become an unregulated "free-wheeling" economy that lines the pockets of the most corrupt and victimizes businesses, workers and all of us because our government has given up its power to enforce laws that keep the playing field level. Under-the-table corruption, most of it run by unethical, influential and powerful lawyers, is destroying the economy and we all sit back and blame the victims.

[tobee43]

So true.
We are just a number on the computer.

These banks could care less if the Brotherhood took our homes.

Thanks for the reminder Red.

the banks could even been owned by theh Brotherhoood for all we know now...

[espo1357]

Banks (large banks, at any rate) have nothing to gain by treating unsecured debtors differently. The person with an outstanding credit history and decades of on-time payments gets the same late payment fees and APR increases. It is definitely not fair.
But - fairness applies only to persons. Banks are impersonal. They do not care whether you pay your debts on time, or even if you pay them at all. Collection of bad debt is a rote procedure. It's all computerized, eliminating the last vestiges of personal contact between bank personnel (who cannot do anything for a debtor anyway) and the debtor.

And please be assured that banks, judges, attorneys, and trustees care not one single wit about any debtor's decision to file for bankruptcy. It's all in a day's work for them.

So true.
We are just a number on the computer.

These banks could care less if the Brotherhood took our homes.

Thanks for the reminder Red.

[kornellred]

Banks (large banks, at any rate) have nothing to gain by treating unsecured debtors differently. The person with an outstanding credit history and decades of on-time payments gets the same late payment fees and APR increases. It is definitely not fair.
But - fairness applies only to persons. Banks are impersonal. They do not care whether you pay your debts on time, or even if you pay them at all. Collection of bad debt is a rote procedure. It's all computerized, eliminating the last vestiges of personal contact between bank personnel (who cannot do anything for a debtor anyway) and the debtor.

And please be assured that banks, judges, attorneys, and trustees care not one single wit about any debtor's decision to file for bankruptcy. It's all in a day's work for them.

[espo1357]

Well, the philosophies discussed on this thread and the voices heard are barely a whisper when it comes to the tens-of-millions who agree and play by the banking industry's rules. Most of us are here on this forum because we could not pay "contractual" obligations, or we refused to pay our "contractual" obligations. In terms of sheer dollar volume, we are pennies to the banking industry. I find it humorous when folks bad-mouth government policies, but are more than willing to call upon government programs such as bankruptcy protection. The 2005 bankruptcy reform act is only a glimpse into what our world would look like if punishment for defaulted financial obligations was left to private industry. I am grateful for any and all oversight of the financial industry. While I may not agree with many of the elected officials who represent me in Congress, they were elected by the people; not by a board of directors or stockholders of a for-profit coporation. Of course there are a few dollars involved in deciding who might get elected, but this is still better than a un-regulated "free-market" economy. Just my not-so-humble opinion.

You are grateful for the SEC that let Bernie Madoff "do his thing" all these years too?

Personally, I would have never been in this situation if it were not for the governement urging banks to give loans out to people that did not deserve those loans, like the taxi driver making 35k that got approved for 10 homes. The government intervention created this mess.

I could afford my home when I bought it. I had a stable work history in the 6 figures for many years, and put a good percentage down. And when I lost my job, and took a 40% pay cut, what was I supposed to do? Just let the banks that screwed me?

To add to the job loss (created largely by a current administration that is giving no incentive to the private sector), I lost 60% equity in my home in TWO YEARS! I am supposed to not use the law to my advantage and file a 13 to get rid of the second mortage?

The difference is that, I, like many here, had to file BK...

While the corrupt governenment used all of OUR tax dollars to bail out the bankers.

The banks should have filed BK like the rest of us, and not get bailed out.

You seem to have twisted the facts a bit because it seems like you are caught up in the "cool" world of CHANGE.

[treehugger1]

Well, the philosophies discussed on this thread and the voices heard are barely a whisper when it comes to the tens-of-millions who agree and play by the banking industry's rules. Most of us are here on this forum because we could not pay "contractual" obligations, or we refused to pay our "contractual" obligations. In terms of sheer dollar volume, we are pennies to the banking industry. I find it humorous when folks bad-mouth government policies, but are more than willing to call upon government programs such as bankruptcy protection. The 2005 bankruptcy reform act is only a glimpse into what our world would look like if punishment for defaulted financial obligations was left to private industry. I am grateful for any and all oversight of the financial industry. While I may not agree with many of the elected officials who represent me in Congress, they were elected by the people; not by a board of directors or stockholders of a for-profit coporation. Of course there are a few dollars involved in deciding who might get elected, but this is still better than a un-regulated "free-market" economy. Just my not-so-humble opinion.

[goodyphilips]

What bank do you work for?

Did you read what the person wrote?

Go back to the cube and stay there.

It seems you are not the sharpest tool in the shed, you did not read carefully what i wrote. any ways it was not meant for you so do not bother reply please.

[oldman]

you are my hero U know wake up people od

[espo1357]

I am making sure I have over 1,500 in my bank account to avoid them charging me any monthly fees. Remember when the banks used to pay us interest for having money in their banks? Now they are looking for every way possible to penalize us. I think of banks now exactly like I think of a used car dealership or basically most other corporations. Don't trust them and avoid doing business with them unless absolutely necessary and watch your a$$. I will avoid credit cards now as well. I now use a debit card and cash only.

The recession really is a wake up call as to what corporations, banks, mortgage companies, etc. will do to you when you need them the most, they will screw you in the worst way. I also watch the politicians and parties that really turn on the poor people and burn them over and over again, while supporting and enabling the worst of the worst in corporations for their actions that actually harm people rather than help them. It makes me sick to my stomach how greedy society has become. Even when we expose the unethical behavior or greed, those guilty simply acknowledge what they have done and find a way to justify their actions (just like murderers).

If the stupid governemnt backed off, we would have never been in this mess. Its not so much corporate greed, as it is governnment handouts and governement intervention.

Welfare is cancer. What has it done for poor people? 40 years later, they are still poor!

the older I get, the more this makes sense" "the day you die is better than the day you are born"...

corruption is everywhere.

[helpme2010]

I am making sure I have over 1,500 in my bank account to avoid them charging me any monthly fees. Remember when the banks used to pay us interest for having money in their banks? Now they are looking for every way possible to penalize us. I think of banks now exactly like I think of a used car dealership or basically most other corporations. Don't trust them and avoid doing business with them unless absolutely necessary and watch your a$$. I will avoid credit cards now as well. I now use a debit card and cash only.

The recession really is a wake up call as to what corporations, banks, mortgage companies, etc. will do to you when you need them the most, they will screw you in the worst way. I also watch the politicians and parties that really turn on the poor people and burn them over and over again, while supporting and enabling the worst of the worst in corporations for their actions that actually harm people rather than help them. It makes me sick to my stomach how greedy society has become. Even when we expose the unethical behavior or greed, those guilty simply acknowledge what they have done and find a way to justify their actions (just like murderers).

[espo1357]

Someone out there should start a bank that is very people friendly, understanding, and not out for their own interests only. I bet they would end up w/a lot of customers, not to mention profits gained ethically. Too bad I don't have the $ to do that- lol!
I'm especially irritated w/one bank right now over a checking account. Our account was a few hundred dollars negative, and then I had an unauthorized e-check (ironically from a CA) go through and they honored it. I called them and told them this was completely unauthorized and that I wanted it taken out and investigaged. Of course they also tacked on fees for this being an overdraft. They refused to report it, investigate it, or do anything until I brought my acct. to a positive balance. They refused to work w/me to make payments to bring the acct. current. Well so long to this bank, it's going in my bk now. I'm filing bk and don't have an extra $800 laying around I can throw at you! Wasn't planning on putting them in the bk as I have no credit lines w/them, but this put me over the edge.

Its gotten to the point where I don't even want a bank account!

And the one I have ALWAYS has under 1k in it, just to pay bills.

F THEM. They screwed this country so much. And what did we do? Bail them out, because we have leadership that has no backbone.

[sealpup]

Someone out there should start a bank that is very people friendly, understanding, and not out for their own interests only. I bet they would end up w/a lot of customers, not to mention profits gained ethically. Too bad I don't have the $ to do that- lol!
I'm especially irritated w/one bank right now over a checking account. Our account was a few hundred dollars negative, and then I had an unauthorized e-check (ironically from a CA) go through and they honored it. I called them and told them this was completely unauthorized and that I wanted it taken out and investigaged. Of course they also tacked on fees for this being an overdraft. They refused to report it, investigate it, or do anything until I brought my acct. to a positive balance. They refused to work w/me to make payments to bring the acct. current. Well so long to this bank, it's going in my bk now. I'm filing bk and don't have an extra $800 laying around I can throw at you! Wasn't planning on putting them in the bk as I have no credit lines w/them, but this put me over the edge.

[espo1357]

I have NO sympathy for banks and at this point in my own financial train wreck can honestly say I have no guilt whatsoever in declaring a bankruptcy.

But the thing is, the banks really didn't pull a fast one on us. They're just doing what the contract terms allow them to do. We agreed to those terms. Nowhere did it say "we care about you and you can call us anytime to tell us your problems." They're parasites and we chose to snuggle up with them. And as a country, we continue to elect politicians who are more than happy to give banks every possible tax break and legal latitude under the sun. We all bear some responsibility. All we can do now is try to get smart and take actions to break the cycle. Maybe that starts with a personal BK but I think it needs to end with something a lot bigger.

Just my opinion. I'll put away the soapbox now.

Don't put the soapbox away!

People need to hear this. For some reason, we are conditioned to think that the governement and banks and corporations have our best interest at heart. They don't. Their only interest is to make money for themselves and their families.

Well, you and I need to do the same. Look out for our own long term interests.

Took me a few years to figure that out, dammitttt!

[mikeinsurpri]

Isn't it funny that all the financial experts or articles always say to call your bank or credit card company before you have problems paying. Yet over and over again, the banks/credit card companies don't care about helping you. Maybe in the next few years the so called financial experts will be the ones who went through a personal bankruptcy and will be able to provide real advice to real people not just the same old story line that the banks and credit card companies want you to hear.

[Peeps]

I have NO sympathy for banks and at this point in my own financial train wreck can honestly say I have no guilt whatsoever in declaring a bankruptcy.

But the thing is, the banks really didn't pull a fast one on us. They're just doing what the contract terms allow them to do. We agreed to those terms. Nowhere did it say "we care about you and you can call us anytime to tell us your problems." They're parasites and we chose to snuggle up with them. And as a country, we continue to elect politicians who are more than happy to give banks every possible tax break and legal latitude under the sun. We all bear some responsibility. All we can do now is try to get smart and take actions to break the cycle. Maybe that starts with a personal BK but I think it needs to end with something a lot bigger.

Just my opinion. I'll put away the soapbox now.