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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 368.29+0.6%Nov 7 4:00 PM EST
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To: Snowshoe who wrote (80965)10/7/2011 9:09:05 AM
From: Ilaine1 Recommendation  Read Replies (2) of 217591
 
I don't blame people for being angry at banks. I am angry at banks every day. Ever since the financial crisis began in 2007, I have spent all day, every day, looking at crazy mortgages and trying to save people's houses, or counseling them to let go.

I will say this, though. Pretty much all of the companies that wrote the crazy mortgages have gone under, and the crazy mortgages were transferred to bigger banks, that did not actually write them.

I am finally seeing a significant number of loan modifications. Unfortunately they are not reducing principal, only lowering interest rates and stretching them out over a longer term.

But I am angrier at other financial institutions, like payday lenders, car title lenders, and rent-to-own lenders, that target subprime borrowers. If the protesters only knew how relatively clean the banks actually are.
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