Posted on 10/18/2009 2:39:33 PM PDT by blam
Thousands At Cow Palace Seeking Mortgage HelpA
Carolyn Said, Chronicle Staff Writer
Saturday, October 17, 2009
Armed with sleeping bags or folding chairs, many spent a chilly night on the pavement outside the Daly City event center.
"I'm just trying to keep my house," said Gerasim Karapetian of Yorba Linda (Orange County), as he waited in the bleachers to meet with a loan counselor. "I drove eight hours, got here at 2 a.m., and waited outside all night. The line wrapped around the whole parking lot."
He was among more than 4,000 people from around California and neighboring states who converged on the Save the Dream tour organized by NACA, the Neighborhood Assistance Corp. of America, a Massachusetts nonprofit ( www.naca.com).
[snip]
(Excerpt) Read more at sfgate.com ...
Wow—I can tell you firsthand, the banks don’t give a you know what.
I know, because I am in a similar situation.
We just received a notice that our Citibank Visa will be charging 29.99% interest on any new charges after Nov 30..... unreal.
I bet you people will just stop paying. Unsecured credit and yes, I know, it ruins your credit score but so many people are in the same boat just trying to keep a roof over their heads and barely scraping by.
Gotta level the playing field. It’s wealth redistribution plain and simple.
I think the banks are going to really feel the affects of all of this in the next few quarters...mortgage gone bad, people stop paying their credit cards......esp. after Christmas.
No, You're Reading That Right 79.9 Percent Rate Targets Credit-Challenged
Yup. Take from the working middle-class and give to the porch-sitting do-nothings.
Ridiculous we all suffer because of the others you know the supposed regulations what a joke they gave them an entire year so they could ratchet up the rates before they took effect not that I think all the regulations are good but it just goes to show the whole thing is smoke and mirrors from the bo administration to act like he did something to the banks.
Dow Hits 10k As Bailed Out Banks Announce Huge Profits And Bonuses
The recession ended her exporting business and reduced his commissions as a bank loan officer, they said. They owe $713,000 on a home worth about $365,000.
This is what really started the Tea Party movement. I scrape to pay my mortgage on time, but no one's offering me a 2% rate. Perhaps because I didn't use my house like an ATM during the bubble years. Disgusting.
I thought there were limits in various states on what they can charge? Wasn’t that by State law?
If you are in debt and can only afford to pay one of them, which do you pay? Mortgage or credit card debt?
I thought so too...now that you mention it.
They probably found a 'loop-hole.'
I just looked it up: The home state of the issuing bank may have a rate limit, but it is not necessarily the State in which you live. Many banks incorporated in south Dakota or Delaware becuase they have no Usery law.
The Cow Palace was the Home of the Warriors when I was kid. Now, it’s the Home of the Worriers.
"The home state of the issuing bank may have a rate limit, but it is not necessarily the State in which you live."
There are people who have a stronger claim to your (taxpayer) money that you do.
For example, an illegal immigrant Haitian who hits the beach in Florida, qualifies for more government benefits (your money) than you or your children just because they're Black.
Ever wonder why most credit card companies are located in Delaware? Or South Dakota? It’s because they have no usury laws on their books. They then mail you a credit card offer in your state. That’s how they get around state usury laws, at least in part. I’m sure many in the political class were paid off to effect all this.
To be fair to credit card companies, they are lending money to people they don’t know. It’s unsecured i.e. no collateral is offered, and if those people don’t pay the money back there isn’t a whole lot they can do profitably.
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