OT: this is priceless!!!

[blue moon]

not the one to 'post stuff like this, but could not hold back on this one!

http://www.cbsnews.com/stories/2011/06/06/earlyshow/main20069297.shtml

[Sbrem]

They aren't the only ones either, I saw another couple doing the same thing a few weeks ago, they went after BoA.

Steve

[mk162]

That is awesome!

[Donnie]

All them F'ers (Banks) needs a good ass whoopin"!  Thanks for posting. Made my day.

[mk162]

Donnie, I wouldn't say "all," just some...mainly the super huge ones that took gov't money and then grew even larger.

Did you guys see how the loan modification program isn't working out for some people?  And I have seen a lot of foreclosures on the news that have been all jacked up...and my uncle's foreclosure pretty much never happened.  He hasn't paid his mortgage in 3 years.

[Northland]

I got a letter from my mortgage lender last year offering to drop my interest rate by 1% (5.125 to 4.125).
There were no closing fees... just a straight up gift.
I've never missed a mortgage in 30+ years and the home is worth about 3 times the mortgage value.
So, they weren't taking any risk.

After completing the transaction, I found out that they used TARP money for the loan.
They probably borrowed it at 1% and are getting 4.125% from me..... plus they have almost zero risk of default.
It would appear they don't want to risk TARP dollars on questionable loans... only sure things.

Chase Home Finance if you're curious.

[terryei]

All them F'ers (Banks) needs a good ass whoopin"!  Thanks for posting. Made my day.

Not sure about "ALL" the banks.  I've had a very good relationship with my "local" bank for 25 years.  Sure, gone are the days when you would call and they would deposit money into your account and a few days later you would do the paper work, but.
I think what everyone fails to relize is that when you sign a mortgage that is the security for the loan they give you.  You also sign a promisorry note.  That is, you promise to pay them back.  If you don't they have the house as colateral.  IMHO, if you promise something, follow through.  If you get out there on your mortgage why would you have the right to stay there and not pay anything?  You promised!
Sorry, when I bought my second home (25 years ago) and the rate was 12% we started having kids, lost one income, it was VERY hard making the payments, and the house wouldn't sell, I worked my a$$ off and didn't miss a payment cause that what I promised to do!   If you can't make the payments, can't work harder, GET OUT!  Why should you be able to live there on someone else's nickel?
Terry

[Sbrem]

All them F'ers (Banks) needs a good ass whoopin"!  Thanks for posting. Made my day.

Not sure about "ALL" the banks.  I've had a very good relationship with my "local" bank for 25 years.  Sure, gone are the days when you would call and they would deposit money into your account and a few days later you would do the paper work, but.
I think what everyone fails to relize is that when you sign a mortgage that is the security for the loan they give you.  You also sign a promisorry note.  That is, you promise to pay them back.  If you don't they have the house as colateral.  IMHO, if you promise something, follow through.  If you get out there on your mortgage why would you have the right to stay there and not pay anything?  You promised!
Sorry, when I bought my second home (25 years ago) and the rate was 12% we started having kids, lost one income, it was VERY hard making the payments, and the house wouldn't sell, I worked my a$$ off and didn't miss a payment cause that what I promised to do!   If you can't make the payments, can't work harder, GET OUT!  Why should you be able to live there on someone else's nickel?
Terry

Bravo. Giving mortgages to folks who can't pay them is just so wrong, then compounding them by modification rates that they still can't afford to pay is more wrong. But as a couple of others say, it's not all banks. Our bank of twenty years has been rock solid, they didn't get into any trouble, because they simply didn't make those kinds of loans.

Steve