Mortgage scheme is unfair

  • Follow Letters

Here we go again – another economic mistake by the Obama administration. The president should be sent to stand in the corner. I much prefer the do-nothing part of his reign.

As a customer of Wells Fargo (I also have a home loan with them), I am very concerned about the billions of dollars the administration is coercing out of the banks to fix the housing crisis.

Banks are in the business to make money. I foresee extra fees and add-ons to their customers, reduced interest on our savings and other ways they will use to make up for this lost revenue. For these banks, 99 percent of their customers will suffer because of the 1 percent. Oops – that is not the politically correct “1 percent” to be upset about.

Wells Fargo and the federal government better get ready for a class-action lawsuit. If a bank offers a $20,000 principal reduction on a few mortgage loans, they need to do it on every loan they service. For example, let’s say my neighbor and I each have an $80,000 loan. I work two jobs to make my payments, scrimp on going out to eat and forgo vacations. After a few years, I now owe $63,000. My neighbor doesn’t make house payments, buys a nice car, spends money wastefully and still owes the bank the full $80,000.

Now Wells Fargo is going to reward them, reduce their debt to $60,000 and give them a better interest rate. The bank’s 99 percent of good customers will be very, very upset, and will need to take action.

Steve Saffron

Aiken, S.C.

Comments (19) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
Haki
31
Points
Haki 03/29/12 - 11:41 pm
4
4
Hilarious! In theaters soon,

Hilarious! In theaters soon, "The Bank Advocate".

carcraft
27277
Points
carcraft 03/30/12 - 03:19 am
2
4
It won't be hilarious when

It won't be hilarious when bank fees go up to cover the cost of our new emperors new orders. Banks can't print mmoney like the federal government to cover other cost and fees so they cahrge more for services and will cut out "free" things lkie free checking and reduce services and then raise fees. If you are a liberal every body has enough money to pay for what ever you want for the victim class. It is always so much easiers to spend other peoples money or tell them what to do with thier money!

Riverman1
87535
Points
Riverman1 03/30/12 - 05:07 am
4
2
Those who are behind on their

Those who are behind on their house payments will always be behind hard working Americans who pay their bills. You could give some people a house, oh wait, we already do that, and they will still be looking for handouts to pay someone to come cut the grass. Oh wait, I think the government already cuts the grass in public housing. I give up trying to think of an example, it's all so crazy. Wealth redistribution 101 continues.

wribbs
452
Points
wribbs 03/30/12 - 05:56 am
4
0
@Haki. If the author is a

@Haki. If the author is a bank advocate then so am I. This whole mess comes down to the homeowners who took that pen and signed their name on the bottom line. If a borrower wasn't responsible enough to know whet they were getting into they should have never bought a house. Banks were under pressure to loan money by,wait for it, the federal government, not by their owners or stock holders.

This entire problem is caused by a lack of personal responsibility.

allhans
24147
Points
allhans 03/30/12 - 08:59 am
0
1
I would be surprised at any

I would be surprised at any program Obama enacts that is a good one.
Obama sincerely believes that we aren't very smart - the thing is we just aren't very sly. Within a year of leaving office he will be named to some upper-echelon position in the global community. NOT the top spot, Putin and Jiming of China (or whatever his name is) has the same ambitions.
The global community can't afford to have a strong America doing battle with them. Obama really needs another 4 years, he hasn't completed his task as yet.

dichotomy
34750
Points
dichotomy 03/30/12 - 09:39 am
3
1
The writer is correct that

The writer is correct that bank fees will go up and interest paid on accounts will go down. The fact is that EVERY Obama program costs working people money, not only in taxes, but also in the costs of everything we buy and in all services we use. The only way to stop these crazy programs is to put Obama and the Democrat senators out of office in November. They are killing the 80% who work to provide a free ride to the usual 20% who are always on the take.

Haki
31
Points
Haki 03/30/12 - 11:20 am
4
3
Oh, how we conveniently

Oh, how we conveniently forget the inconvenient fact that the REPUBLICANS used your tax paying dollars to bail out these poor banks, which now reap billions in profits. But, now that Obama is trying to bail out the taxpayer. Curses!

KSL
135589
Points
KSL 03/30/12 - 11:32 am
0
1
DaddyFrog
46
Points
DaddyFrog 03/30/12 - 12:19 pm
0
0
Mr. Saffron needs to find out

Mr. Saffron needs to find out what his neighbor is doing and see if he can't get the same deal with the bank. When he finds out he needs to let us all know. I've always heard that if you owed money to a bank on a car, a boat, a house , or whatever, " If you don't pay, they'll take it away ".

faithson
5276
Points
faithson 03/30/12 - 01:01 pm
1
0
ksl; yes they were forced

ksl; yes they were forced becasue 'everyone' had to participate. that way the ones in trouble could not be picked out, it was an all in game ! For most economist's of repute have not found fault with this 'rule of the game'. sorry

faithson
5276
Points
faithson 03/30/12 - 01:03 pm
1
0
first of all I would like to

first of all I would like to say; Get out of Wells Fargo, Get out of BOA, GET OUT of the 6 largest banks that HOLD 70% of the CASH in AMERICA.. GET OUT...

faithson
5276
Points
faithson 03/30/12 - 01:05 pm
1
0
Anyone ever think about the

Anyone ever think about the amount of real CASH that is transferred to these 6 largest financial institutions by the feds every 2 weeks... it boggles the mind ! ebt and all

faithson
5276
Points
faithson 03/30/12 - 01:07 pm
1
0
I say send it to the locals

I say send it to the locals to distribute... period.

faithson
5276
Points
faithson 03/30/12 - 01:10 pm
0
0
as far as the financial

as far as the financial system taking a hit to pay for government in all it's aspects, especially the security aspect, it is the COST of doing business and costs have just gone up on the financial district, I say just as well.

Haki
31
Points
Haki 03/30/12 - 02:56 pm
1
0
@ksl, I'm glad you're not a

@ksl, I'm glad you're not a teacher. It's common knowledge that some of the banks didn't want TARP, but it was an all in deal for the big 9. I could have gotten that "education" from Oliver Stone. I think he named it "Wall Street 2: Money Never Sleeps."

KSL
135589
Points
KSL 03/30/12 - 03:11 pm
0
0
You are right. The didn't

You are right. The didn't have a choice. They had to take it. I hope you are not, as well.

Haki
31
Points
Haki 03/31/12 - 01:48 am
1
0
They had a choice, but was

They had a choice, but was warned don't come back later. That's called a choice my friend. What part of choice don't you understand? Example: Ford made the choice not to accept the bailout.

KSL
135589
Points
KSL 03/31/12 - 02:29 am
0
1
First, I'm not your friend.

First, I'm not your friend. So please stop being so condescending. Also, they did not have a choice when it came to making those stupid loans in the first place.I don't know, and neither do you, how much choice they had. When it comes to dealing with our ever power grabbing federal government, I'm not so certain how much freedom of choosing we have and more importantly are going to have. One of these days, people like you (meaning 0 supporters) are going to realize what has been taken from you in the way of choice.

That would be, "They had a choice, but WERE warned." I would be a better teacher than you. I would teach my students proper grammar --- subjects and verbs have to match. It helps you get a job, not that I have had to count on that.

KSL
135589
Points
KSL 03/31/12 - 02:36 am
0
1
And I guess "Ford made the

And I guess "Ford made the choice not to accept the bailout" because they didn't need it. Does that translate into GM and Chrysler needing it, or were they just willing to sell out the bond holders in favor of the unions? Ford was offering a better product, better service, better everything before this happened. My spouse and I made the switch after generations of family buying GM products before this happened. I will never buy another GM product.

Back to Top

Top headlines

Search of alleged dealer's home found drugs, firearms

An Augusta man who alleged sheriff's officers have used illegal steroids, some for years, came to the attention of a Richmond County Sheriff's narcotics officer twice, according to an ...
Search Augusta jobs