 pokkets says: Foreclosure means the Bank gets the house. A mortgaged House is portrayed to be a customer's asset, when it is in fact a Bank asset. Not to mention the lure of borrowing on equity. The Banks are being defensive, but they don't want to do any deals with 'Customers' that will lead to an overall reduction in their profits. Banks can do amazing things with their books, and the alleged advantages of a Lifetime Debt sentence. If anyone has a Mortgage. The Bank owns them. I belong to a 'Credit Union', which is owned by and operated by the customers. The funds are a pool of customers assets, and and profits are reinvested in a community or customer services. The Credit Union 'Reliance' has opened branches in remote areas where bank branches have closed, and internet, or electronic transfer is the only way to get financial services. A Credit Union can be set up in a town or city and every customer has a share. The only way to beat banks, is to take the money out and put it somewhere safe . Reliance Credit Union Constitution DOWNLOAD the Australian Country Credit Union Ltd trading as Reliance Credit Union constitution Get Acrobat ReaderFormat: PDF (146Kb) http://en.wikipedia.org/wiki/Credit_union A credit union is a cooperative financial institution that is owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union. Credit union policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself. Only a member of a credit union may deposit money with the credit union, or borrow money from it. As such, credit unions have historically marketed themselves as providing superior member service and being committed to helping members improve their... Banks (or mortgage lenders like CFC) are trying to avoid foreclosure because they'll lose allot of money if everyone will bail out of their mortgages, they'll lose much less if they'll do a "workout" and give their borrowers a better deal that will keep them in their home paying lower interest mortgage. Its a win-win solution in my opinion. That Credit Union thing sounds very interesting i don't know anything about it (i learned about similar institutions) but as good as it sounds its not always working out well. the fact that no one is making money doesn't necessary mean that its cheaper or better in anyway to the end user. But there are some examples of institutions close to that that re... My son puts a small percentage of his pay into an online bank. No buildings, salaries, and overhead, so higher interest rates. There is also the problem, that I'm not sure we can avoid, that money attracts the greedy, who are determined to get a slice no matter what means.The biggest problem with banks is according to federal bank regulations, is that much of the money lent is the equivalent of fictitious.They can lend far in excess of reserve. While they cry poor, the executives are paid exorbitant salaries win or lose. It seems safer to have an institution that is both closer to the customer, and has legitimate accounting principles. |
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