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08/06/2009 03:42 AM ID: 80062 Permalink   

Banks Accused of Preying on The People They're Supposed to Help


An Associated Press investigation has revealed that the banks that are supposed to be helping people that have mortgage issues are actually "preying" on them by charging them illegal fees and making them pay for unnecessary insurance policies.

Some of the banks that are being sued include Bank of America, Wells Fargo & Co., JPMorgan Chase & Co., and Citigroup Inc - the very same banks that have collectively received over a trillion dollars from the US government.

Some companies settled allegations against them by pledging to correct their behavior, but have been sued hundreds of times since by homeowners who allege that they are continuing the same illegal practices.

    WebReporter: elderban99 Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  Of course they are....  
It's nothing new, people are just starting to actually read their loan documents now. Too little, too late America.

People sign legal documents every day having absolutely no idea what they're actually committing themselves to. They don't seem to mind adding $25,000.00 to their home loan for a $2,500.00 hot tub but they refuse to pay an attorney half or less than $2,500.00 in order to protect themselves from paying ten or fifteen times that amount for bullshit fees and charges over the life of their loan.

We are a nation of easy monthly payments. We don't care the total cost, we just want to know how much the easy monthly payments are. We don't even care how many easy monthly payments there are, so long as we can be convinced they are easy monthly payments.

I don't condone illegal business practices in the banking, or any other business but at some point, people have to take some sort of proactive responsibility for their own decisions in life.

  by: bbeljefe     08/06/2009 04:48 AM     
  I hate banks  
I work for a credit card processing company and because we're so large, we do get a lot of fraud claims and I had one woman earlier whose charges were obviously fraudulent so I was more than happy to refund back her $140. However it overdrew her account and the bank rep on the line basically said since it was not bank error but our error that we have to refund the overdraft fees. I was like uh, no you guys tack them on there, you can take them off, we don't have that money in our systems and she told the customer that she can file a claim but theres no guarantee they will drop the o/d fees even if the card was used fraudulently. I was like wow, what a horrible bank.
  by: orthiad   08/06/2009 05:35 AM     
totally agree
  by: willyshawker     08/06/2009 06:04 AM     
I am not trying to down BB&T but I have heard many things go wrong with them. My friend from work tried to withdraw $180 from the ATM. He got an error and no money, printed out the error, tried again, same thing. So he called them the next business day and told them and they wouldn't refund the money that he supposedly withdrew even though he had the original two receipts. Why wouldn't they? They felt like he was conning the company. So now he is out $360 and he has since then moved his bank. So be careful ye who has BB&T!
  by: nimira     08/06/2009 06:27 AM     
I don't know this "T" of whom you speak, but I can assure you, I am no party to anyone being denied a refund from an ATM that me and Mr. T own.. ;)

  by: bbeljefe     08/06/2009 06:37 AM     
  A farmer  
is way out in the middle of one of his fields in the dead of winter when he comes across a snake, nearly dead in the snow. Taking pity on it, he picks it up and puts it in his coat to warm it.

Revived, the snake promptly bites the farmer.

"Why did you do that?" the farmer asks. "Now I'll die, and when I'm cold, you'll die too!"

The snake replies ...
  by: Ben_Reilly     08/06/2009 07:08 AM     
"Well, that's just the kind of son of a bitch I am."

  by: bbeljefe     08/06/2009 07:12 AM     
Granted, people should read the agreement they are signing when they take out a loan. Granted, they shouldn't take out loans if they can't afford to pay them.

But, the banks mentioned in this article are taking advantage of the people that are stuck in these mortgages by forcing them to buy insurance and charging them illegal fees, neither of which - I am guessing - are part of their original agreements.

And I am willing to bet that the banks own the insurance companies they are forcing them to buy insurance from.

Oh, and I am in the process of suing my bank for overcharging me on overdraft fees. It may even turn into a class-action lawsuit.

It's funny how banks don't let you opt out of "overdraft protection". But, at $36 a pop (at my bank, anyway), it must be a goldmine for them. And I can't see how it's "protection" when a $2.00 overdraft turns into a $38 charge. And once you're in overdraft, they should stop allowing debits to go through...but noooooo...they keep paying them so they can charge you $36 for every instance.
  by: elderban99     08/06/2009 07:20 AM     
If anyone is "stuck" in a mortgage, they stuck themselves in it. I've yet to read a story wherein a person was forced to borrow money on terms they knew they could not oblige. Also, debtors have just as much responsibility to monitor their debts after the fact as they do before they sign.
As for overdraft charges.. the same applies. Why would one have a need to use or refuse overdraft protection if he/she knew their bank balance and didn't exceed it?

  by: bbeljefe     08/06/2009 08:20 AM     
If anyone is "stuck" in a mortgage, they stuck themselves in it.

In case you haven't heard people are losing their jobs with no where to go to replace it. When the funds eventually cease that would stick anyone wouldn't you think?
As far as people reading their mortgage contract, what does this article have to do with that?
  by: hellblazer     08/06/2009 09:05 AM     
  Bailed Out Banks Use Us  
They took our money to save their butts and they are still screwing us. Just watch the fees pile up if you make an error and over draw your account.
  by: aspiecelia   08/06/2009 09:38 AM     
  Bad example  
I know I'm a horrible person for doing it, but Bank of America has been awful to me recently so I decided to stop paying them. Sure, I'll ruin my credit, but it won't really matter since so many other people now have ruined credit. Whenever they call looking for their money I tell them "I already paid you, they took it out of my taxes."

I know, I'm evil, I'm bad, I'm immoral... But although I broke my agreement I feel much better now that I'm not contributing to a scumbag company.

( The real reason I stopped paying was because my company announced that they are outsourcing so I will most likely be joining 10%+ of America in the unemployment line and I wanted to make sure I have enough money to survive. )
  by: teh_epic     08/06/2009 05:40 PM     
"Well, you knew I was a snake, bitch."

  by: barryman9001   08/06/2009 06:38 PM     
I agree to your first post and I would like to expand on it.

Because people are so much into the "Easy payment screw the total in the end", Banks had been implicitly given a green card to screw anyway which they can.

I still remember when i went to the States from Canada and the ATM tried to charge me close to 20$ to allow me get my money out (from my out of state bank). When even buckwheat third world countries from the other side of the world would not charge me more then 2$ to get my money out.

As people have to 'read their contract' now that they had their corrective spanking, the banks have to be given a very severe corrective spanking.
  by: kmazzawi     08/06/2009 08:47 PM     
It's my nature.
  by: VermiciousG     08/06/2009 09:26 PM     
I'm quite aware that people are losing their jobs and having difficulty replacing income. I'm also quite aware that the vast majority of people don't put money aside for those events, nor do they adjust their lifestyle when such an event happens. Not to mention, most people in this country keep their finances on the "red line". In other words most, if not all, of their income is already spent before they have it. So in effect, they are paying for their homes, cars, big screen televisions, surround sound systems, jet skis, four wheelers, etc. on speculation. They are speculating on whether or not they will have a job next month that will allow them to pay for all of these things. I hate it for them that they have lost their income, but in reality, their lack of planning for a loss of income is their fault entirely. Speculating is gambling in no uncertain terms and when a gambler loses, it is his fault.

There is also another huge group of Americans who have lost their incomes and homes in the face of this depression. Those people are home builders who build "spec" homes. They borrow money and begin construction on homes with hopes of having them sold before they are completed. Again, speculating on an income. Yet, I see no crocodile tears for these men and women, when in reality they are doing the very same thing as most other Americans. In fact, honest, hard working home builders have been made guilty by association throughout this banking crisis when all they were really doing was the same thing other Americans do every day. The only difference is that they were self employed.

So, to make that long story short, yes there are lenders engaging in unethical and even illegal practices. They need to be held responsible for their actions as well. But, we cannot sit idly by and hold irresponsible borrowers harmless in their actions. This mess was create by a combination of things, not just "evil" banks, republicans, democrats, etc, etc, etc.

Lastly, if you still don't understand what reading and understanding a financial instrument that binds you to performance has to do with the subject matter of this article, I can't help you.

  by: bbeljefe     08/07/2009 04:06 AM     
  The Snake  
On her way to work one morning
Down the path along side the lake
A tender hearted woman saw a poor half frozen snake
His pretty colored skin had been all frosted with the dew
"Oh well," she cried, "I'll take you in and I'll take care of you"
"Take me in oh tender woman
Take me in, for heaven's sake
Take me in oh tender woman," sighed the snake

She wrapped him up all cozy in a curvature of silk
And then laid him by the fireside with some honey and some milk
Now she hurried home from workthat night as soon as she arrived
She found that pretty snake she'd taking in had been revived

Now she clutched him to her bosom, "You're so beautiful," she cried
"But if I hadn't brought you in by now you might have died"
Now she stroked his pretty skin and then she kissed and held him tight
But instead of saying thanks, that snake gave her a vicious bite

"I saved you," cried that woman
"And you've bit me even, why?
You know your bite is poisonous and now I'm going to die"
"Oh shut up, silly woman," said the reptile with a grin
"You knew damn well I was a snake before you took me in
  by: John E Angel     08/07/2009 04:06 AM     
  The Scorpion and the Frog a fable of unknown author, though often mis-attributed to Aesop.[1] The story is about a scorpion asking a frog to carry him across a river. The frog is afraid of being stung, but the scorpion reassures him that if it stung the frog, the frog would sink and the scorpion would drown as well. The frog then agrees; nevertheless, in mid-river, the scorpion stings him, dooming the two of them. When asked why, the scorpion explains, "I'm a scorpion; it's my nature."

Common variations include a turtle, fox, or farmer in place of the frog, or a snake in place of the scorpion.

It is often quoted to illustrate the purportedly insuppressible nature of one's self at its base level.
  by: VermiciousG     08/07/2009 05:35 AM     
I copied that from wikipedia. Forgot to include my "source"
  by: VermiciousG     08/07/2009 05:38 AM     
BB, you're missing the point.

Yes, I understand and agree that the borrowers are solely responsible for the mortgages they sign for.

BUT, these predatory lenders are going after these people that are stuck in these mortgages and telling them "You HAVE to buy our insurance" or "You HAVE to pay these fees" over and above what is stated in their paperwork, otherwise the lenders are threatening to foreclose on them. THAT is the illegal part. They are TAKING ADVANTAGE of these people ILLEGALLY.

And if ANY of the banks that we lent money to are doing this (and apparently they are), they need to go to prison for it, because that would mean that they are defrauding the American know, the people that bailed them out in the first place.
  by: elderban99     08/07/2009 05:49 AM     
  First of all, elderban, I do get the point.  
Secondly, you need not shout (capitalize) certain words in an effort to sway me from the point.

Your post only serves to reinforce the importance of reading and understanding the legal documents we sign. I hope you can realize that, btw.

No lender could ever foreclose on a person because that person refused to pay a fee that was levied upon them illegally, unless both the creditor and the courts failed to see that the foreclosure was invoked illegally. Further, our courts are run by human beings who suffer the same stresses as any other human being, so again the borrower has an obligation to understand how they (and the lender) must perform under the contractual agreement they sign.

I'm not defending the actions of these banks, nor do I support the welfare program our government create for them. In fact, I think it is despicable action on both our government's part and the part of these institutions.

It's really just like when two love struck, irresponsible teens create a bastard baby. Both are at fault and in the end, it doesn't really matter which one more so. There is still a bastard baby to be tended to.

  by: bbeljefe     08/07/2009 06:50 AM     
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