Problem With Banks

I know that banks exist for the sole purpose of making more money out of some money. But I also thought that they are helpful. They can still make money by helping regular people like you and me save and invest. But banks don't really care about people. They only care about money. Think Mr. Potter from Frank Cappra's It's A Wonderful Life...

Actually, it's not the employees but the institution and its policies that don't care... There is a real need to boycott banks whenever possible! Check out your credit union. Really.

I'm really glad that Lehman Brothers failed. That's real capitalism. None of this quasi-socialist/capitalist BS.

The government is bailing out Wall Street and I keep hearing news of bank programs that help homeowners. But I'm seeing stories about the attitudes from banks and reactions from distressed homeowners. Here is one story from ireport.com:

My very good friend has a home in Weymouth, MA. The Chase Mortgage Company is the note holder. She slipped behind a month and tried to catch up on payments. She called numerous times to arrange a payment catch up plan. Chase refused to discuss it. After two months of run arounds her lawyer recommended she make weekly payments to Chase. This she did. Chase called several times to tell her to stop sending payments. Chase said the mortgage was going into foreclosure. Chase refused to acknowledge that these weekly payments were even made. It took a letter from the Bank president of the bank the checks were drawn on for Chase to admit they had cashed the checks and money orders. Chase said they were going to return the money over an undisclosed period of time and take the matter under advisement. Another month has passed and Chase still has not returned all the funds or stated what the conditions of a re written mortgage will be.

When you hear of people falling months behind in their mortgage payments think of this. It is not the homeowner but the banks themselves which are letting peoples home loans slip deeper and deeper in debt. The Congressional bailout has done absolutely nothing for this home owner and if Congress claims it is helping they are so wrong. There are most likely thousands of homeowners just like my dear friend who are in the same predicament. My hope is thousands of people will read this and push their legislators to really do something not just spin a tale of how wonderful they and their plan are. It is an outright lie! The banks DO NOT want to help homeowners and never did.