Have you ever thought how bankers make their money? Not like you and me!! We work for our money. Bankers create money out of thin air and charge us interest. Make more fake money and charge us interest again, while paying back little on interest bearing accounts. Bankers don’t work, they make their money off the hard labor of others. That is why they can pay outrageous bonues and salaries to their executives!
I had a friend contact me about trying to get his mortgage company to re-finance his home mortgage. He’s has an excellent credit rating and has paid on his mortgage religiously over the years. His bank basically told him his property didn’t qualify for a rate reduction because he lacked equity. Come again? He doesn’t have any equity because the bankers and their dirty schemes caused a blowout in the housing market and he lost big time, hence, the loss in equity.
My feeling on the above is that because of the bankers shenanigans i.e. sub-prime mortgages etc., everyone across the board should get a rate reduction and base it on the value of the property before the housing market tanked, not on the appraisal of today’s market. You see the bankers make money whether the market goes up or down. Unfortunately, my friend’s mortgage interest rate is locked in, even though, his house is worth a lot less. Fair? I don’t think so!!! This “mortgage relief” that we are hearing about from the government – IS THAT FAIR? Why do some get the relief and others don’t, especially ones who pay their bills and do what is morally right.
The banking industry needs to be revamped and it starts at the top with the Federal Reserve. They are the ones who set the rules and us poor slobs have to follow. Your thoughts on the above? Have you received any mortgage relief? Would you like to have some relief – maybe a 1-2% reduction in your interest rate? Now that would be a great way to stimulate the economy, instead of giving it to the crooked bankers on Walll Street!!