Thursday, November 13, 2008

Is This The Pot Calling The Kettle Black?

I just read a very interesting and very revealing article about our economy and the people that run it. Trust me, I would love to say what I really feel about these people, but I won't.

The office of the Comptroller of Currency of the United States of America or is it now the United States of Bank Bailouts? These people do not subscribe to anything but themselves and how they can benefit themselves and the banks.

I am going to quote the first two paragraphs of an article I just read and if it angers you as much as it did me on so many levels, I would urge everyone to write to this office as well as their senators and complain.

'WASHINGTON – Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt.

The Office of the Comptroller of the Currency rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don't qualify for existing repayment plans.' (Taken from the World Wide Web, November 13, 2008 @ 0744. Gordon, Marcy. AP Business Writer @

Now, let me see if I understand this correctly. The banks go bankrupt, their CEO's get to walk away with millions of peoples dollars as part of large severance packages for allowing the bank melt down, Americans retirement funds are dwindling if we have any left, they are allowed to run this country into an economic black hole & then they go crying all the way to congress and the senate for bail outs.

They are granted billions upon billions of dollars to get back on their feet and then when it is time for the comptroller of currency to be so forgiving to debtors that have much less than billions upon billions of dollars in debt, they say NO?

Not only do they say NO, but if your debt is forgiven, they are going to be generous and allow the IRS to tax you on the part that was forgiven as income.

I am sorry, but I cannot be the only one that smells a skunk in the office of comptroller of currency or know that the skunks in the banking industry are sleeping together.

Yes, I am behind on my payments, but I am at least making an effort to pay what I can. All I would like is the same courtesy from my banks that they got. A little relief! Stop calling me everyday all day long even after I have made a payment.

My credit union, Credit Union West in Arizona, Credit Union West who tells me they are here to help me and yet they have done nothing to help me. Credit Union West was quick to pull my credit line when without my knowledge, they pulled my credit report and hundreds or thousands of other Credit Union West members credit reports arbitrarily and closed our accounts. When this happened, I had never missed a payment or been late with my accounts.

When I began to realize we were struggling, I contacted Credit Union West and asked them if we could combine my car payment and credit card payment into one. I was told first of all they would have to run a credit report...yes, another credit report & then they would have to raise my interest rates. Thanks, but no thanks for being the friendly helpful credit union.

It got worse, they began taking every last penny I had in my checking account and putting towards my payments. So, if I paid them on time (I am behind by a month), they would 'absorb,' my money to pay towards my bill. Here is how it works...I have $7 in checking, so they take my $7 and then charge me a $6.15 late fee.

They locked me out of my account, so when my retirement check came into the bank, I couldn't even transfer it into the proper accounts, I had to call them for permission.

I agreed to close my checking account to ensure my retirement check would go directly to them and not anyone else (I have an automatic payment plan with Wells Fargo, that WF won't allow me to discontinue) and that way I wouldn't be penalized. Six days after the fact, I am charged a $25 NSF fee because their Risk Management person didn't close out the account.

As of yesterday it is now closed. However, won't they be surprised when December rolls around and the retirement check isn't there. Thats right, after having them steal every last penny they could out of my account, I switched banks. I will mail my payments and then I will have the right to decide where my extra money goes, NOT Credit Union West.

What about the giant Wells Fargo? During the disastrous storm and the aftermath last year in which we lost parts of our roof and food and other things, Wells Fargo contacted us. Yes, Wells Fargo called us as part of their disaster assistance program to their customers living in the affected zones and asked if we would like them to give us a 3 month grace period on our home loan.

Wow! Cool! That would allow us to save up the deductible for the roof, replace lost food and firewood and breath. Three months later, we receive a letter that the 3 months payments are due and due ASAP or we will loose our home to foreclosure. What was up with that? We had to go through project HOPE to save our home & Wells Fargo came to us.

I had a friend tell me a few weeks ago when I was complaining about NOT having a retirement account that maybe I was lucky as he had lost so much of his recently, it was pitiful. Where will his help come from?

Are we going to sit on our tookis and wait to see what OBAMA is going to do or are we going to stop complaining and start writing?

I had a college professor once tell me that calling your local senate or a CEO is like 20 people calling on the same thing, but writing is like thousands speaking at once because the writer had to actually locate the address, sit down and put their thoughts in order and send the letter off.

Trust me, I have had to dig for days to find some CEO's addresses because many companies don't want you to find them. Especially companies like my last mortgage company...Greentree Finance. Another shady bank.

All of us know someone that has been affected by the downturn of the economy, or someone in our family or neighborhood that has lost their home to foreclosure. Some people just were not prudent, but others were caught up in the mortgage banking industries greed to get richer.

Now that the banks have gotten billions of dollars to forgive their debts, they are not about to forgive those that have debts against them.

Write or call everyone you can and if you want the website to the comptroller, it is:

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