Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This economy is bringing back the memories from 2004-07 when banks were pushing money down people's throats. The rest is history: it led to a financial disaster.
The "no income validation" mortgages are also back.
Banks are handing out beefed-up credit lines no one asked for
It might sound like a risky strategy at a time when millions of Americans are drowning in debt: keep raising the limit on people’s credit cards, even if they don’t ask.
But that’s exactly what big banks have been doing lately to turbocharge their profits, leaving customers with the potential to rack up even bigger monthly bills.
For years after the financial crisis, Capital One Financial Corp. resisted that step for customers who looked vulnerable to getting in over their heads. In internal conversations, Chief Executive Officer Richard Fairbank characterized the restraint as a radical theology, in part because it went beyond post-crisis requirements, according to a person with direct knowledge of the discussions.
This economy is bringing back the memories from 2004-07 when banks were pushing money down people's throats. The rest is history: it led to a financial disaster.
Speaking of pushing money down people's throats, remember the Wells Fargo account fraud scandal where Wells opened accounts for their clients without their permission? It seems like the orange man with the Bully Pulpit Twitter account should be tweeting about banking regulations right about now but he doesn't seem to care. Don't worry though. The little guy may lose out but the banks will be fine.
Yep, this is probably why the economy looks so great right now....but the time to pay the piper always comes afterwards!
The "re-fi & cash out" offers are starting to fill the mail-boxs. Many will take the bait, and regret later. Same thing in 2004 when Greenspan stood in front of the cameras and told people to take advantage of the exotic loans. He KNEW the rates had nowhere to go but up.
Speaking of pushing money down people's throats, remember the Wells Fargo account fraud scandal where Wells opened accounts for their clients without their permission? It seems like the orange man with the Bully Pulpit Twitter account should be tweeting about banking regulations right about now but he doesn't seem to care. Don't worry though. The little guy may lose out but the banks will be fine.
He has sworn to remove as many regulations as possible, as did Bush, and the rest is history.
And the banksters will bet money on the bubble burst, making money on the collapse and scooping up valuable stocks at a fraction of their current rate. The party will be over, and all the Republican led deregulation of the banking industry will again make the wealthiest 1% fantastically rich.
And the banksters will bet money on the bubble burst, making money on the collapse and scooping up valuable stocks at a fraction of their current rate. The party will be over, and all the Republican led deregulation of the banking industry will again make the wealthiest 1% fantastically rich.
And the cycle will repeat itself after the next Democrat President tries to clean up the smoking wreckage left behind by Trump, as Obama did with Bush, and Clinton did with Reagan/Bush.
This economy is bringing back the memories from 2004-07 when banks were pushing money down people's throats. The rest is history: it led to a financial disaster.
The "no income validation" mortgages are also back.
Banks are handing out beefed-up credit lines no one asked for
It might sound like a risky strategy at a time when millions of Americans are drowning in debt: keep raising the limit on people’s credit cards, even if they don’t ask.
But that’s exactly what big banks have been doing lately to turbocharge their profits, leaving customers with the potential to rack up even bigger monthly bills.
For years after the financial crisis, Capital One Financial Corp. resisted that step for customers who looked vulnerable to getting in over their heads. In internal conversations, Chief Executive Officer Richard Fairbank characterized the restraint as a radical theology, in part because it went beyond post-crisis requirements, according to a person with direct knowledge of the discussions.
stupid people buy items that they can't afford to pay for.. free country, be as stupid as you want.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
