Do the banks before they do you
Underwater on the mortgage ? Walk away ! Of course the banks are furious at the suggestion that their debt slaves follow their own practices.
” Norms governing homeowner behavior stand in sharp contrast to norms governing lenders, who seek to maximize profits or minimize losses irrespective of concerns of morality or social responsibility. This [...]
Money Pit in Sand
Built on slave labor and borrowed money, an extravaganza of opulence and misery is set to echo Shelley’s “Ozymandias.” Now all the money is gone, the slaves flee, and kleptocrat rulers fight usurious moneylenders in a background of half built dreams and pooling sewage.
Couldn’t have happened to a nicer buncha thieves.
Soon, as [...]
President Beats Up Banks Over Student Loans
The President is backing a bill that passed the U.S. House of Representatives. If passed, the bill would reduce banks’ and Sallie Mae’s part of the $92 billion university student loan business. Instead, the U.S. Education Department would run a new program.
“Ending this unwarranted subsidy for the big banks is a no-brainer for [...]
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Stress Test Causes Stress
Washington, DC — An inside source has said that Bank Of America is likely to need an additional $34 billion. This comes after their CEO, Kenneth Lewis, said, “We absolutely don’t think we need additional capital.”
The stress test is a U.S.A. government plan to examine the health of banks. The results expected to be [...]
Bailout? What Bailout?
Washington, DC — There is a misplaced belief that the US government is bailing out big business and financial institutions; however, bailing out is probably not a good way to describe the arrangement.
Many of the small and medium sized banks did not want to take Troubled Asset Relief Program (TARP) money. At the time, [...]
Insured Banks and Thrifts Lost $26.2 Billion in the Fourth Quarter
from the FDIC
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported a net loss of $26.2 billion in the fourth quarter of 2008, a decline of $27.8 billion from the $575 million that the industry earned in the fourth quarter of 2007 and the first quarterly loss since 1990. Rising [...]
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Bank Failures Increase Worldwide
by widgette.com
Bank failures continue to escalate over the face of the globe. Four more US banks were closed by regulators in Nebraska, Florida, Illinois and Oregon.
In the UK, Lloyds is already 43.5% government owned after having to seek assistance last fall. Now, they face $14.2 billion loss. At the same time, they [...]
The Economy
Citibank reported a fourth-quarter net loss of $8.29 billion (its 5th straight quarterly loss.) They also announced they are splitting into 2 seperate businesses.
Bank of America Corp (BAC.N) posted its first quarterly loss in 17 years. First, they obtained an additional $20 billion from the government’s Troubled Asset Relief Program (TARP). [...]
Federal Reserve Board: Resources for Consumers Mortgage Foreclosures
If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The following resources provide information and links to agencies and organizations that may be able to help you.
If you are having difficulty making your mortgage payment, one of the most important things you can [...]
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