In recent conversations I have become aware that even now there are far too many Americans that have no real idea what happened with the banking scandal. Yes there have been countless articles and a deluge of anger and hostility, and the whole Occupy movement, but when I talk to people about it, they still don’t really fully understand what happened. That lack of understanding is in part exactly why it was able to happen. I know many people who are still banking with the big banks that are involved in illegal foreclosures as we speak. So today I am going to try and wrap it up in a nice neat little package in hopes that you will declare your independence from these criminal behemoths and take your money elsewhere. It is after all Independence Day.
Before deregulation there were rules, and the banks weren’t allowed to sell you financial products that weren’t in your best interest, and if they tried to … your fail safe was that you wouldn’t be able to qualify.
After deregulation banks were able to sell complex adjustable rate mortgages, with low introductory monthly payments that would increase yearly, lie about your options, biggest lie which people believed hook, line and sinker (When the rates go up you will be able to refinance and get that rate back down) then illegally qualify you to purchase these products. They obtained fraudulent home appraisals that would value the homes higher than what they were really worth so they could lend us more money than we should have been able to borrow, all the while knowing (with their complex understanding of finances and the market) that when the rates went up, and the market fell the American people would be in serious danger of default and would most likely lose their homes. When that happened and the American people suffered recession and couldn’t pay for the inflated financial products they were sold.. the banks cried foul, and asked our government for a bailout, which our tax dollars paid for.
Our president outlined a modification package that would keep people from losing their homes and advised the banks to implement said package (Making Home Affordable) which most Americans in danger qualified for. The key word here is ADVISED, our president did not tell the banks they had to give people who qualified this package. So guess what, they didn’t!
Some Americans got bank sanctioned packages that were nowhere near as good as the president’s outline, and many got nothing! American homeowners embarked on the arduous, lengthy and infuriating process called loan modification, and then while most qualified far too many were denied and their homes taken anyway. It wasn’t enough that they had made millions off of us already, or that they got bailed out (with our tax dollars) when their shady practices left the American economy in apocalyptic conditions, no… they have added insult to injury by illegally foreclosing on millions of Americans and taking our homes too. This is Capitalism and greed at its finest, and at a time when they should be ashamed and remorseful, they brazenly continue to market to us and try to get even more of our money. I see it every time I go to pay my mortgage… “oh hi Mrs Heart, How are you today? Would you like some candy, or ice cold water? Can I open an account for you? Feel free to visit to cookie/coffee center on your way out” 5 people say hi, how are you, is there any way I can assist you, while I make my way from the entry door to the line and await the teller so I can make my payment. I just want to hork and scream! The absolute unmitigated gall!!!!!!!!! Of these predators appalls and sickens me!
Since we have no control over how often our mortgages are bought and sold, the only power we have left, until regulations are again put into place to police these criminals, is where we keep our money. So I urge you, today to declare your independence and refuse to let them use our own money against us. Close your accounts with the big Wall Street banks and take your business elsewhere! Thanks for listening.