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10-21-2009, 07:31 AM

Quote:
Originally Posted by jimmyg View Post
if we all pulled our money

Jim
Those who have money to speak of will never end up in a 79% APR card ... or even a 19% card.

Those that would accept this are the people who go through life making one stupid mistake after another.

After working in credit for years I can tell you this ... there are people who are getting better than they deserve at 79% APR.

LWW


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10-21-2009, 07:36 AM

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Originally Posted by LWW View Post
Those who have money to speak of will never end up in a 79% APR card ... or even a 19% card.

Those that would accept this are the people who go through life making one stupid mistake after another.

After working in credit for years I can tell you this ... there are people who are getting better than they deserve at 79% APR.

LWW

It's predatory practice!
It's usury!

It's completely immoral and should be unlawful.


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10-21-2009, 07:40 AM

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Originally Posted by chefjeff View Post
I'm no lawyer, but if they used fraud to lend you money, you might have a solution there.

Jeff Livingston

Who would be at fault? The lender or the person doing the appraisal? The whole situation arose because I have refinished my basement but I have no egress(sp) window down there. I tried to get my loan moved to a CU but when I had it reappraised to move the loans to a credit union they said I that I had less square footage which made me upside down in the loan.


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10-21-2009, 07:43 AM

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Originally Posted by LWW View Post
Those that would accept this are the people who go through life making one stupid mistake after another.

LWW

Quote of the year. People do what they think they have to do to survive sometimes, that involves making bad descions. I guess I am stupid too because I didnt realize they were inflating my square footage. I guess the lawyers I paid to protect me didnt do their job and I am stupid because of it. Right?

If I only had money to fight back against these evil doers. lol


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10-21-2009, 07:50 AM

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Originally Posted by T-dog View Post
Quote of the year. People do what they think they have to do to survive sometimes, that involves making bad descions. I guess I am stupid too because I didnt realize they were inflating my square footage. I guess the lawyers I paid to protect me didnt do their job and I am stupid because of it. Right?

If I only had money to fight back against these evil doers. lol
What would the richest man in Babylon do?

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10-21-2009, 08:00 AM

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Originally Posted by T-dog View Post
This sounds like a great idea only, it wont work IMO. Lets look at my instance. I can take out all my deposits and anything that I currently have at Wells fargo but I cant get out of my House loan and stupid home equity line of credit they talked me into. I am unble to move this information because when they did my appraisal on my house, they inflated the square footage without my knowledge to make the loan. I am now trapped in this loan until I get the balance between these to down to where it should be. I would love to get out of this situation. I have already moved everything else that I can to a local credit union. But alas I am still stuck with the devil.

I feel like I am trapped in a onepocket game with an unknown Efren R. stuck 4 games and hoping somehow, I can get even. Its not going to happen though. The banks trap better than Jack Hynes
Troy, Jeff is correct, if you can prove fraud, you may have legal recourse here, and the potential for treble damages...see a qualified lawyer. The credit union switch was a good move.

Not only can this work, it is working. These banks are already insolvent, the government and just about everybody else knows it, that's the reason the government is handing them billions of taxpayer money and guaranteeing their worthless credit paper, yet they still can't afford to lend.

The fractional reserve lending system allows banks to lend out about 9 times their deposits minus a small percentage for reserves. For every $1M that is withdrawn the bank loses the ability to lend 9M at usurious rates.

Withdrawing whatever we can will bury them, and they deserve it. Maybe the powers that be will finally understand that the American public is not as stupid as they think and we will NOT take this BS any longer.

Good luck.

Jim
  
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10-21-2009, 08:17 AM

Quote:
Originally Posted by jimmyg View Post
Let's finally put these bast*rds out of business. JIm

Tuesday, October 20. 2009
Posted by Karl Denninger in Editorial at 15:20

Had Enough? Time For A Boycott!

Have you had it with the scams, frauds, "mark to myth" and lies?

Tired of this sort of garbage - being punished for being responsible?

You may believe that your exemplary behavior shields you from unexpected credit card fees. Sadly, that is no longer the case.

You can stop it.

Yes, you.

All 330,000,000 of you.

Here's how.

Go withdraw all your money and business from the following institutions:

Bank of America
Wells Fargo/Wachovia
Citibank
JP Morgan/Chase


Those four.

Place your business with a local community bank or credit union in their place, and tell the above four institutions to "piss off."

I've resisted doing this, but the idea that banks are now going to try to penalize those who do not carry balances or pay late fees is the last straw.

This is a call for a boycott.

A call to break these institutions by destroying their deposit base and "net interest margin", one consumer at a time, as a protest against the outrageous actions these firms have taken in terms of risk and their shifting of the costs of that risk, which should have resulted in their failure and closure by The FDIC and OCC, onto the backs of their customers via outrageous fees, interest rates and costs, along with the direct subsidy being paid by all taxpayers generally.

Are not 30% credit card interest rates enough, while these four banks all can and do borrow at near-zero from The Fed and have issued debt with an FDIC guarantee (that is, funded by you)?

If that is not enough to dissuade you, how about Wells Fargo holding an unknown amount of Wachovia "off-balance sheet assets" at god-knows-what in terms of valuations - and justification for same - while cutting back HELOC lines and credit cards?

If not that, how about the practice of large banks re-ordering transactions to generate the maximum amount in overdraft fees, with the brunt of these fees and costs being born by those least able to afford it - the working class person? Yes, I know, the banks, in response to "outrage" on Capitol Hill, recently have "agreed" to reduce the maximum number of overdraft fees they will charge, but what they didn't (voluntarily) agree to do is stop that practice entirely. Oh, many will also allow you to overdraw your account at an ATM or debit terminal, and some will even display a "balance" at the ATM that includes uncleared funds in a puerile attempt to encourage you to do so. That latter practice, by the way, has drawn pending legislation - a few years late, of course, and with no clawback of the ill-gotten gains (tens of billions of dollars) that have been stolen, er, "earned" over the last few years.

There is no law that says you must patronize firms that engage in practices that you find outrageous or abusive. Indeed, it is your right and duty as an American to withdraw your consent to such practices by telling institutions such as this to go piss up a rope.

It is also your right to band together with others and persuade them to do so as well.

This is a call for all of America to do exactly that.

The "large banking industry" has effectively captured the regulatory and legislative apparatus of The United States to do their bidding, even when they screw up, instead of those costs being imposed on their shareholders and bondholders as it should be.

You have no duty to support or tolerate this, and indeed, if you ever want to see it change, you must stop providing these firms with your dollars - your deposits - and your loan business.

Wells Fargo/Wachovia
Citibank
Bank of America
JP Morgan/Chase


Tell them to go to hell and pull your business, whether it be small or large, and take that business to your local community bank or credit union.

Not only will you send a message, you'll reward those firms that provide you with quality service and a reasonable cost structure, instead of those who appear to use every opportunity to nickel and dime you to death.

These institutions, like all businesses, rely on customers in order to survive.

Deny them that business and these practices will change, or they will go out of business - as they should.
A little story about Chase.
I make a deposit on 10/2 for a nice amt from my attorney's trust fund.
10/10 I try to make a purchase and get declined using a Chase Debit.
I visit Chase manager and she tells me the other bank did not release funds.
I visit other bank manager, and she calls Chase manager and tells her she is full of it, and Chase has policy to hold large deposits for 2 weeks.
Chase refuses to make funds available.
I call attorney, he emails me his statement showing Chase cashed funds on the 5th (10/5)
I forward email to Chase, funds were made available immediately.

What bastards.
  
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10-21-2009, 08:23 AM

Quote:
Originally Posted by jimmyg View Post
Good for you, and I don't even care about the circumstances.
Yeah, it was good for me not them since I straightened them out .... like in tit for tat.

Quote:
These banks have been, and continue to work towards enslaving America's, and the world's, working class and they deserve to have to eat their predatory loans and be put out of business.

We can really do this, we really can. Much better than voting in new crooks.
Certainly agree.
  
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10-21-2009, 08:52 AM

Boycott all sports.

Boycott all hedge funds. Invest your own money yourself like I do.


A man has got to know his limitations.
  
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10-21-2009, 09:06 AM

Quote:
Originally Posted by jimmyg View Post
Troy, Jeff is correct, if you can prove fraud, you may have legal recourse here, and the potential for treble damages...see a qualified lawyer. The credit union switch was a good move.

Not only can this work, it is working. These banks are already insolvent, the government and just about everybody else knows it, that's the reason the government is handing them billions of taxpayer money and guaranteeing their worthless credit paper, yet they still can't afford to lend.

The fractional reserve lending system allows banks to lend out about 9 times their deposits minus a small percentage for reserves. For every $1M that is withdrawn the bank loses the ability to lend 9M at usurious rates.

Withdrawing whatever we can will bury them, and they deserve it. Maybe the powers that be will finally understand that the American public is not as stupid as they think and we will NOT take this BS any longer.

Good luck.

Jim

I never have followed up on this because I wondered how a lawsuit would make me whole. What damages would I get? I had to look up treble damages. I need to find the right people to help me take care of this situation. I guess I will start with a local lawyer to see how to proceed. Does anyone have any other ideas?


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10-21-2009, 09:08 AM

Quote:
Originally Posted by LWW View Post
Those who have money to speak of will never end up in a 79% APR card ... or even a 19% card.

Those that would accept this are the people who go through life making one stupid mistake after another.

After working in credit for years I can tell you this ... there are people who are getting better than they deserve at 79% APR.

LWW
Don't know why that statement is directed at me. I never made, nor commented on it. But I will now.

I think it's disgusting that a US bank, especially one supported by taxpayer dollars, can be permitted to charge such predatory rates. It should be illegal and they should be put out of business for doing so.

Next...anyone who accepts such a rate is not too bright to place himself in a situation where he feels as though he has no other choice. And, yes, many such loans may still understate the risk involved. That said, let's boycott these predatory banks and put them out of business.

Jim
  
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10-21-2009, 09:08 AM

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Originally Posted by T-dog View Post
I never have followed up on this because I wondered how a lawsuit would make me whole. What damages would I get? I had to look up treble damages. I need to find the right people to help me take care of this situation. I guess I will start with a local lawyer to see how to proceed. Does anyone have any other ideas?
whitewolf says you should start by boycotting all sports


My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me: seeing thou hast forgotten the law of thy God, I will also forget thy children.(Hosea 4:6)
  
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10-21-2009, 09:13 AM

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Originally Posted by BazookaJoe View Post
whitewolf says you should start by boycotting all sports
lol I started with baseball when I heard the price of tickets to a yankees game. btw, i live in Iowa. We dont have MLB, NFL, NBA or NHL. Shoot, we dont even have WNBA or curling for that matter.


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10-21-2009, 09:15 AM

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Originally Posted by T-dog View Post
lol I started with baseball when I heard the price of tickets to a yankees game. btw, i live in Iowa. We dont have MLB, NFL, NBA or NHL. Shoot, we dont even have WNBA or curling for that matter.
They may have my Falcons tickets when they pry them from my cold dead fingers


My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me: seeing thou hast forgotten the law of thy God, I will also forget thy children.(Hosea 4:6)
  
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10-21-2009, 09:17 AM

If we really all did a bank run, these bloodsuckers would go belly up, clamor for more handouts, and we will just be taxed harder to refill their coffers.


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