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For Those Complaining About the Big Banks and Mortgage Companies Please Look in the Mirror

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posted on Apr, 22 2012 @ 07:31 AM

Originally posted by FissionSurplus
Then came the 21st century, where people's credit ratings are checked by potential employers.

THAT is below the belt. I haven't heard of that happening here (yet).

The only reason an employer would benefit from knowing your financial situation is so they know whether they can get away with abusing you.

posted on Apr, 22 2012 @ 08:28 AM
Thank you for that very clear and well written account of the truth. I sincerely hope that others here read that carefully and reconsider their positions. Although many people did take on far more debt than they needed to during the boom years, the underlying truth is that the debt problem, and subsequent collapse, was created by the lenders and the politicians.

Also worth noting is that, while ordinary Americans have been ruthlessly punished for their failings to keep up with debt payments in a sabotaged economy, the banks and politicians have been rewarded with more free money to play recklessly with, no prison sentences, no confiscation of assets.

As for reading the fine print in mortgages and other debt instruments: these documents were created to give all rights to the lender and no rights to the borrower. There is (or rather was) a proper legal understanding of implied rights under a written contract- fair dealing and good faith. Also, there is (or rather was) an understanding by the courts that a predatory contract is invalid on its face, and that nobody, particularly the weaker party, can be considered to be waiving basic rights and leaving themselves entirely at the mercy of the predatory whim of the stronger party. This is one of the issues being fought in the courts these days, and rightly so. It is in no way unreasonable for a person to expect good faith, even if that was not specifically spelled out in the contract.

The problem began when the banking industry was permitted to treat contracts as mere commodities. Contracts involve a working relationship and a balance of rights and responsibilities of both parties. The banks, by treating the contracts as mere commodities, have callously disregarded the contractual relationship and thoroughly dehumanized the borrowers.

posted on Apr, 22 2012 @ 10:09 AM
What about the fact that prices on goods and services have gone up alot, while wages have been almost frozen for the past 5 years?

Im making less than I was 5 years ago actually... but everything else costs alot more, so its really tough to stay afloat...

Im tired of the whole fake economy...

posted on Apr, 23 2012 @ 12:24 AM
reply to post by Bugman82

Read your O.P.
Didn't need to read your graphs.

You missed a huge point, intentionally or not, I'm not sure.

I finally lost my home a year ago, after fighting (negotiating) for 2 years.

We were negotiating for a mortgage modification.

My wife and I re-financed into an ARM years ago.
When the payments adjusted, we were screwed by our own decision.
We effed up. Period.

My wife, child, and I paid for our bad decision through the loss of our home.

On the flip side, however:

The bank also made a bad decision, by deciding to invest in us, as well as millions of others just like us.
They never made a single offer of modification.

They didn't have to, because the whole time they were initiating foreclosure on us, they were receiving billions of dollars in bailouts, funded by yours truly, as well as every other taxpayer in America.

They were to big to fail, I was not.

Can you imagine how quickly the bank would have negotiated with us and millions of others just like us if their actual existence depended on our payments?

Instead, the bad decisions the banks made were bundled and sold to the taxpayer,
and not a single bank faced the repercussions of the bad decisions they made.

They chose to make poor financial choices, as did I.

I paid for my poor choices.
They did not.
edit on 23-4-2012 by Oaktree because: (no reason given)

posted on Apr, 23 2012 @ 12:29 AM
Every Mortgage is a complete fraud! But Ignorance is bliss I guess with most people still believing the tripe the OP posted... Sigh!

edit on 23-4-2012 by hawkiye because: (no reason given)

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