http://money.cnn.com/2011/09/02/news....htm?hpt=hp_t2

How funny is this? The federal government first saves the biggest banks. Then when the banks start getting on firm footing but refuse to hire enough people or lend enough money, they sue them for issues that almost lead to their bankruptcy in the first place. General capitalist ideology says if a business screws up they go out of business and a better organized business takes their place. Why save the flawed banks if you are just going to force them into bankruptcy after you save them? The government could have saved a crap load of cash and just let the banks fail and supplement the strong banks to help them grow.

What makes this so incredible is the fact that the executive branch can't seem to understand why nobody is in a hurry to do anything to improve the economy. Every time business turns around the government seems to be trying to tear them down.

 

Nice one.

Think it is $ 100B into 1 and $ 50B into the other at the last I can recall, and not a single dollar has been paid back ( BoA managed to pay back the forced loan, with an extra $ 1B in interest - Why is it a company that has federal money and oversight cannot turn things around ).

The Govt had taken them over, although the story is still it is only a temporary measure ( where have we heard this one from ? ).

Guess now that the govt essentially owns them, they know what kind of junk that is part of the $ 3+ T in mortgages that have been bought over the years, and there is no way the ~ $ 150 B pumped into the 2 is ever coming back to the fed ( and they are getting an idea of how much more is going to be required to keep them right side up ).
Without the money being paid back, the Fed is not going to turn control back over ( i.e. the Fed will own and try to run them to the end ).

BoA already got stuck with Countrywide's sins, now they want to come back again and add to the $ 8.5B they paid out by BoA ( who shoved Countrywide down their throat ? ).

Let me guess the magic amount will be ~ $ 300 B... about what they need to "repay" the loans into them, and give them enough runway to keep them upright long enough for the Fed to exit, only to have things fall apart 14 months later ( but it will still show in the win column for the elections ).

I did see the Realtor association numbers earlier in the week, where the loans completed dropped lower than expected.
Look like some have enough guts to try to buy a home, but nobody will loan them the money.
My guess the new rating requirements by Dodd-Frank bill make it a bit difficult for the total loans to be packaged up, and get something higher than AA. 20% down is just not cutting it anymore....

 

This falls under "Government Schizophrenia".

 

My bank was so excited to offer me such a low APR on a credit offer. It was 32%. How can they make any money like that?

They are just too soft hearted.

 

My son-in-law works for BofA. He said that by next spring, he expects 30K workers (temps, contractors and direct employees) to be laid off as the origination and re-fi business dries up.

This falls under "government stupidity"...

 

What's your credit score, 300?

 

They told me that it was the highest possible (900 I think) and that is why I was getting such a great rate. They asked me: Isn't this limited time rate just wonderful and we're so proud of you and we appreciate your loyalty over the years.

I love the banks. They are looking out for us all and they care so much. Instead of everybody hate-in on them the banks should get an award. Nobody should regulate or care about what they do. They are educated selfless professionals who care only about their customers.

You know what? One time I was 1 day late with the credit card payment and the bank only charged me $30. I mean they could have really socked it to me but they love me and appreciate my loyalty so they treated me good.

I want to hug and kiss my bank.

 

Sorry to say, but the highest credit score possible is 850.

 

"Why save the flawed banks if you are just going to force them into bankruptcy after you save them?"

Probably because they didn't want to save them in the first place they just wanted control. Its not about money its about control. Read between the lines and thats the only thing the government really cares about.

 

I know this is sarcasm, but you still make my point. A bank is there for one resaon.....TO MAKE MONEY. They are not your friend and they are not charities. They only give away stuff or provide good customer service as a method to make more money. Giving things away builds goodwill with the community and consumers resulting in an increase in customers. Good customer service keeps your customers coming back to give you more money.

If the bank (or any business) is not giving you the deal you want you have options. Go to another bank. Use a credit union or go with limited banking services. Personally I have a credit card, that I think the interest rate is 9.9%, but it could be 30%. I don't remember what it is because I don't care, it gets paid off each month. I have three loans. One for my truck and two for my house. ALL three are on the fast track to being paid off.

 

Sarcsam is good therapy for me. I guess it's cheaper than repairing holes in the wall.

Every year I send birthday cards to all the salesmen at the car dealership. They are such nice guys. I have all their pictures so I can remember all their names when I go in to shop or have service done.

I have the most fun with the newbies. Their inexperience is so cute.

 

How many times have you posted this by now ?

Seems part of the population these days think companies are evil for making money, and guess they should do everything for cost and let them pay their bills when ever they feel like it ( 1 day, 10 days, 60 days, when ever you feel like it ).

Same people are the ones that complain for days about a company missing earnings, having the stock price go down and their 401(k) / IRA take a hit.

This is also seems to be the same type of person that is 'just trying to get by' and should make more money.... In other words they don't see the irony in what they are saying ( my sister, my daughter...)

 

I like my credit union.. I use it for everything... I even have savings in it.. and that is being loaned locally helping local folks and businesses.. I have credit cards.. but no ballance on any.. have loan on my truck and home. Hope on e day soon to not owe anything but utilities and taxes
I have found over the last few years I can save for most everthing and just buy it.. Not enough cash or discipline to wait on the truck

 

I agree. I had my fill of banks when the wife was required to have an account at the ones she worked at. They do things intentionally to generate fees. One that irritated me occurred when the wife was doing our finances. She wrote a bunch of checks for bills, on the weekend she was to get paid. The branch manager had full control of what order items cleared the account. The way he did things was largest check first then all deposits (opposite all credit unions I've been a member). The checks came in and the bank cleared the largest first. Since it was entered before the deposits it bounced. Instead of putting the money back into the account minus fees, they just went down the line and entered all checks. Of course since the first one bounced they all bounced. After all of the checks bounced all of the money minus fees was placed back into the account. Then the wife's pay was put into the account. That lesson cost us $250 and the wife started an auto pay to her credit union account from her bank account equaling her paycheck. When she had to go in for her counseling she told her boss the issue was taken care of and it will never happen again (especially since she didn't write any checks on that account again). I didn't like the practice so I do all of my banking at a credit union. When the credit union gets heavy handed with their fees and start acting like a bank, I call and complain. They typically resort back to their credit union ways.

One I couldn't believe and it pissed me off enough to call one of the directors. My wife wrote a check to herself on her account then presented it to a cashier. The cashier saw it would cause an overdraft in the checking account, but the money was in savings (oversight on the wife's part, the money in savings was actually to cover the check she forgot to move it over). Instead of saying something, the cashier cashed the check and caused the overdraft. I could understand cashing the check if it were presented in typical business, but when the member is standing right there in front of you it makes no sense (even from a personal stand point) to cash the check when you see the money in the savings account without advising the person it will cause an overdraft. Typically when I call to complain one line I make sure to use is if I wanted to be treated like this, I would go to a bank. Comparing a credit union's practices to a bank's to one of the supervisors or higher is the ultimate insult you can give.

 

FICO highest 850*.
VantageScore highest 990 (credit bureaus composite of Equifax, Experian and TransUnion.)
850 is the standard from FICO, the most trusted credit check. (*There are variation that exceed 850 even with FICO, but rarely.)
The confusion is the VantageScore ceiling of 990. The number the consumer sees depends upon which credit score you, or more important, your lender chooses to use.