Sunday May 21, 2017
 

Banks Give $7.4 Billion To Dead Beats

Well they just released Thursday that the five largest banks in the United States provided $19 billion in write-downs to some 240,000 borrowers

Well they just released Thursday that the five largest banks in the United States provided $19 billion in write-downs to some 240,000 borrowers.

This is all part of the same state and federal resolution for violations having to do with foreclosure-processing involving Bank of America, Ally, J.P. Morgan Chase, Wells Fargo and Citigroup.

Incredibly these five banks gave upwards of 70,000 deadbeat homeowners over $7.4 billion in pure write-downs on their mortgages. This means the average homeowners’ mortgage was reduced by over $105,000!

Let’s see if we have this right, the neighbor to your right could not afford the house they originally moved into & instead of either renting or purchasing another house of lower value to which they could actually afford the United States government has decided to use your tax money to pay down your neighbor's mortgage so they can manage to pay for it. All this while you continue to pay your debts on time!

Not to be left out, individuals who took out second mortgages had the banks forgive an additional $11.6 billion to another 170,000 homeowners.

So, now the neighbor on your left decided they would go ahead and redo their kitchen and finish out their basement to the “T”.

Brilliant plan; adds equity, adds more living space. What could be wrong with that? Well now that neighbor can no longer afford their second mortgage, so again the U.S. government has stepped in and required banks to absolve those debts for an average of $68,000 homeowners.

Not to worry you'll come out ahead?

  • Well it's going to be 10 to 15 years before you see home prices like you did in 2006 when you purchased
  • Your taxes are going to go up, so the government can pay for all the money they gave to your neighbors
  • Anytime you try to borrow money or deal with your bank you're going to pay higher fees because of this nonsense
  • Your retirement was either canceled or put off an additional 10 to 20 years because of the housing bubble/stock market collapse

Forget about coming out ahead you got screwed and you’re going to continue to get screwed! If serious changes are not made to how the US government is currently operating we’re all screwed!

Somewhere in the last 20 years the phrase “for the people by the people” has been forgotten and replaced with “take from those that have and give to those that don't whether they want to work or not”.

Comments   

 
# home loans adelaide 2014-02-20 19:18
For homeowners who are not severely underwater or for those owners who do not have significantly upside down mortgages these mortgage refinance
options may be the best way to go or at last try. However,
if you have things like a judgment, delinquent student loans or tax liens then you will have to clear these up before you will
be able to get approval. It can also be paid for in notes, but which will tie
up funds that may be available for emergencies or other investments.
 

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