Predatory Banking & The Housing Crisis

Discussion in 'Wall St. News' started by Thomas Kee, Jul 26, 2008.

  1. Read the following report I prepared. Here's the first paragraph, the rest is accessible by following the link underneath:

    A Simple Predatory Accounting Policy provides windfall profits for Banks at the direct expense of struggling homeowners. Never before has this deceptive practice been more destructive than in the face of escalating home foreclosures and on the Eve of the 3rd major down period in US History. Recent reports suggest that Foreclosures increased by 121% over the past year, and there's no end in sight. This Banking Practice increases the rate of Home Foreclosure and creates an avoidable strain on our Economy. Release/News_release_TA_0007002608.htm

    Let me know your thoughts.

  2. Good article. I hope something will become of it.

    "This predatory banking procedure is an accounting practice, and a method of order - posting imposed by our nation's banks. First, the banks claim they have the right to record transactions in any order they choose. In reality, they use one posting method, which is to record transactions from largest to smallest regardless of the order those transactions were made."

    Question. Do you know how long this has been going on? I have the impression when just paper checks were used they would debit in order processed.

    The cynic I am, this method of accounting was probably a give back to the banks in return for fulfilling some other worthless non productive requirement by the gov't.
  3. Doji7


    Big boys pay huge interests to their lenders TOO ..
    figure Citicorp perpetual bond at 10.5 Yield and JPM 8.5%
  4. trendy


    My thoughts? First, you must have given your English teachers fits. What's with the random, improper capitalization of numerous words throughout your piece? Secondly, you speak of the Investment Rate (TM) indicator without ever explaining what it is, or how it works. This is followed up with the gratuitous comment that its "the most accurate leading longer-term stock market and economic indicator ever developed". Says who? Apparently, its also the most unknown longer-term stock market and economic indicator ever developed, since I didn't find any reference to it in a Google search other than on your website. Thirdly, people should keep track of how much money is in their account. That's what a check register is for. If they are too lazy to do that, then arrange for overdraft protection, or use a debit card.
  5. He is only quoting the article. That is what the writer did
  6. trendy


    Dude, the OP is the creator/writer of the article, check out the names.