In case you were wondering....the banks are not lending any money. Why not? because the don't have to. They have plenty of operating capital (as evidenced by large year end bonuses) courtesy of the TARP payments.
They are also not foreclosing. There are lots of homes in "foreclosure" yet the banks don't foreclose because then they would be responsible for homeowner association fees, property taxes and lawn maintenance. This leaves the HOAs and municipalities holding the bag for bank property and causes the HOAs and local taxing authorities to raise the taxes/fees on the rest of us, in order to maintain their services.
So we are all getting screwed by the banks. Again.
In addition, those homeowners who are lucky enough to have found buyers for their properties at less than the mortgage amount are being left twisting in the wind because those sales require bank approval. There is no communication from the bank on short sales. The contract is submitted by a negotiator to the Bank and then the contract sits on someone's desk, waiting for approval, until the buyer finally walks away angry and frustrated.
Then there is the matter of interest rate increases for bank credit cards. Some have raised their rates to close to 30% even for accounts in good standing. We used to call that loansharking. If , by some miracle, you have managed to save a few bucks despite the economic recession, the banks pay you nothing on your money and the government taxes you, then inflates the economy, until it disappears entirely.
America is being raped by the Banking industry, and they just keep getting away with it. Worse, we have paid them with Tarp money to do it to us.
Where is the media? Where are the rules and regulations that are supposed to govern the financial institutions? Where is the congressional oversight committee? Seriously!
Posted By Patriot to Patriot Unplugged at 1/18/2010 03:45:00 AM
read more at www.patriotunplugged.blogspot.com