JPMorganChase runs their bank into the ground. My rage-o-meter is off the charts... w/ Update

while the responsible people take it in the shorts.

Our mortgage is with Chase.  We hate Chase and we also want a lower interest rate - a bit over 3% lower to be exact.

We are doing a refi with a small local bank where we currently have our savings and checking account.

Here's how this works in today's world.

In the interest of "fairness", the federal government forced banks into giving out loans to people who could not afford the homes they were purchasing.  The result was to be expected.  Massive numbers of folks upside down and heading to foreclosure. So sad - too damn bad.  So along comes upstanding hard working people like us whose credit rating is beyond sterling, and have, according to the appraisal, well over a 100K equity in our home, and an income to loan ratio that is glorious.  Sounds like a slam dunk. Right?  That would be a big no.

The local bank, complying with a gazillion new regs that have been instituted by the very people that caused the problem to begin with, has made a simple refi a nightmare.

Now we get to the latest, which may seem like a small thing, but has sent my rage-o-meter through the roof.  We've had $30.00 added to this month's mortgage payment at Chase. What for?  Glad you asked.  Those slimy squids at Chase charged $30.00 to fax our pay-off figure to our small local bank.  They punched a computer key, printed a piece of paper, and stuck it in a fax machine directed to our small local bank, which incidentally is directly across the street.  And for that we have been charged $30.00.

Meantime, the feds are moving heaven and earth to make sure that brain-dead losers, who had no business buying a home in the first place, get all the help they need to stay in a home they still can't afford.

I'm 100% with Bob on this one:

 Update:

The Lonely Conservative:   Did Federal Reserve Policies Lead to the Huge Losses at JP Morgan?

The filthy squids plan on making it back $30.00 at a time...

Obama: Let's bail out some more homeowners at the expense of the taxpayer...

because we all know how well bailouts work.

Yesterday on the Dave Ramsey show, a woman called up and declared that she and her husband were thinking about not paying on their mortgage anymore.  Dave did a bit of questioning and this is what was discovered.  This family has an income of 150K - not super grand by any means.  The house cost 650K and is now worth between 450K - 500K.  The payment is 4k per month.  It seems this family also has some other debt, mostly for toys.

What did Dave tell her?  This is paraphrased, but it went something like this; "If you make 150K per year, there's no reason for you to not make your mortgage payment, and you need to clean up the mess you've made with your finances.  Quit spending money on big cars, eating out, and generally living large." 

I don't think this is what the woman wanted to hear.  No matter what any real estate agent tells you, or what chart the bank uses for calculating income to house cost, someone earning 150K should not be buying a house that cost 650K.  These are the very people who will benefit from this warmed-over plan Obama has decided is exactly what the economy needs.  The fact that people who did not over-extend themselves will get the bill is of no never mind to him.  Feel better?

Obama to detail broader housing refinance plan

[...]The program is the latest administration effort to help homeowners in the face of a massive number of foreclosures and plunging home values that have left millions of borrowers owing more than their homes are worth. The administration plan aims to ease the way toward refinancing for borrowers, who despite good credit have been unable to take advantage of lower rates because they are underwater on their loans or because banks fear they will be left taking losses. read the rest

Another Day, Another Crisis in the Theater of the Absurd

Good Saturday morning

Once again the MSM has captured the essence (or should that be odor?) of Obama.  The screaming headline reads Obama: Fresh Crisis Without Financial Rules

Wow - yet another crisis.  Let's all ignore Carter changing banking rules to allow more "lower income" families to purchase homes.  Never mind that these folks had no business buying homes. Then Clinton, when he wasn't busy with cigars, pushed it even further along (no pun intended.)  

And now Obama wants the crooks in Washington to control the banking and Wall Street crooks?  My first laugh of the day in the theater of the absurd we call the USA. 

Meantime, Clinton, who "did not have sex with that woman", is warning us that "the words we use really do matter" , and is worried the tea partiers may start blowing up buildings.  And Barry Soetoro finds us "amusing."

Is this the change we need???

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This flies by quickly so you may want to keep your mouse handy to hit pause. For best viewing enlarge to full screen. Grab a cuppa and take a look into the past and your possible future....






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