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View Diary: Breaking up the Banks: I did it! (128 comments)

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  •  Wells continually tries to con my father (0+ / 0-)

    Into refinancing his current mortgage from a 3.5% fixed rate home equity line to a 5% ARM with "lower payments."

    At the same time, they refused to let him refi into a new fixed rate loan that would let him take advantage of a boatload of energy efficiency rebates in MA. The overall combination of rebates and lower energy costs would cut his monthly expenditures by 30%, while the "lower payment" ARM would (at least until they jacked the rate) only lower his expenses 5%. They claim that his income can support the loan that temporarily saves 5%, but not the one that saves him 30%.

    He's lucky he can't speak, so we can intervene and protect him from their shenanigans.

    I know a lot of good people work for the banks, but the banks themselves have decided to adopt predatory, evil policies, and thus can no longer be supported. I feel bad for those who will lose their jobs if the big banks start to fail, but not as bad as I do for all those who have lost homes, jobs, and more due to the banks' policies.

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