Why are we paying the banks who stole our tax payer monies?

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My brother, who has a good credit score, a full time job that he's worked at since 2002, and whose only loan is his mortgage, just went to the bank to get a car loan. He was turned down because he didn't have enough liquidity. He laughed and told the bank that if he had more cash, he wouldn't need to borrow money for a car! He was trying to borrow $15 k to replace his 12 yr old car.

This leads me to wonder--didn't billions of our tax dollars go to bail out the banks that were too big to fail? If that is true, why are we paying our mortgages/loans? If I borrow $100 from my friend $100, and later my friend borrows $200 from me, I would consider my $100 debt paid. So then why am I paying my home loan? If enough Americans stopped paying their mortgages, maybe we could end the existence of big banks. Didn't the rebels stop paying taxes to the British government before the start of the American Revolution? Should we start protesting in this manner too?

Ncarter34's picture
Ncarter34
Joined:
Jun. 26, 2012 7:56 pm

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There are so many mortgages that have been transfered without a paper trail that the banks really do not own them, or even know who holds the deed, or who has the right to foreclose. They are contracting foreclosures out the same way debt collectors contract with medical and credit card companies. Banks have no interest in renegotiating since they make money on the selling of the collection service. DE passed a law requiring a hearing between mortgage holder and bank before foreclosure can proceed. Foreclosures fell about 85%, because to gather the docs for the meeting was near impossible. Find out how your AG stands in your state. Beau Biden stands for the people, the homeowners.

Try getting your car loan through the car company's financial wings, they were also bailed out. Also seek a credit union option. My credit union also offered deals $100 over invoice pricing, no dickering, really smooth.

douglaslee's picture
douglaslee
Joined:
Jul. 31, 2007 4:01 pm

The bailouts were in the form of a loan that they paid back.

WorkerBee's picture
WorkerBee
Joined:
Apr. 28, 2012 12:22 pm

Crony Capitalism.

DynoDon
Joined:
Jun. 29, 2012 10:24 am

I must call bullshit.

I work for a lender, and for the past year work directly in subprime auto lending. 8 hours plus a day. 5 or 6 days a week.

If someone with good credit wants to borrow money for a car, it is available. If someone with poor credit wants to borrow money to buy a car it is avaible, at worse rates. If someone with sub 550 credit (which the the non technical term is shitty credit) wants to borrow money to buy a car, it is also available.

Phaedrus76's picture
Phaedrus76
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Sep. 14, 2010 8:21 pm

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