Comments on: A REALLY Stupid Money Move

By: Kristy

Kristy — Fri, 08 Aug 2008 17:21:47 +0000

Yes, that’s part of my point Hard Equity. The bank should have shown a little more interest in the beginning and they would have realized that there was something off about the situation. That whole deal was not in the customer’s, or the bank’s, best interest. It’s frustrating to me, as a banker, to read these stories because I do my job. I make sure I’m protecting both the customer and the bank I work for – whether either sees it that way or not. Yet people perceive me as guilty by association. I’m a banker, I’m only interested in making the bank more money at the detriment to the customer. These kinds of stories reinforce that thinking, despite the fact that it’s not always true.

By: Hard Equity

Hard Equity — Fri, 08 Aug 2008 13:20:28 +0000

The bank never asked what he was doing, they just did the loan because he was a long time customer and that was that.

By: JoeTaxpayer

JoeTaxpayer — Thu, 07 Aug 2008 23:29:38 +0000

There are times that ‘money’ and ‘rational’ just don’t go together. I can’t understand what goes through some peoples’ minds. I know that kids out of school think retirement is so far away they don’t bother saving. I also know the average saving rate was negative recently, nowhere near the 10% (give or take) that most people should save as soon as they start work. People make choices that make no sense.
When offered a 1% ARM, did no one ask how the rate is set, how it adjusts each year, what the payment would rise to at the first and second reset? You are actually too educated to get down to his level to understand his thought process. Why do kids eat library paste?
Joe