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Government needs to stop banks from profiting from Covid19

swood

Active member
Dec 26, 2006
492
100
43
To on Ctv news it was reported that banks will profit big for deferring mortgage payments.
They will still charge interest. Your payments will go up. There will probably be fees for this. And your credit score can be affected. Plus they may not allow you to defer.
Other people who are trying to profit from these hard times are being shut down.
It's time to stop the banks!
Shame on them but not unexpected.
Pure greed.
 

fall

Well-known member
Dec 9, 2010
2,745
680
113
To on Ctv news it was reported that banks will profit big for deferring mortgage payments.
They will still charge interest. Your payments will go up. There will probably be fees for this. And your credit score can be affected. Plus they may not allow you to defer.
Other people who are trying to profit from these hard times are being shut down.
It's time to stop the banks!
Shame on them but not unexpected.
Pure greed.
If banks are profiting from COVID, why their stock is 25% down as the entire market? They are in the same boat as any other business. And why do you expect a private business give somebody an interest-free loan. Deferral is a nice thing, but I do not banks which shares I own to be involved in charity: I have already lost too much in the stock market. Same goes for anyone with any type of pension plan.
 

Smallcock

Active member
Jun 5, 2009
13,703
21
38
Members of the Illuminati will profit the most. You've read the stories about the Senators that sold off their stock portfolios after briefings about the virus before the media/market were informed. They sold at the top and will buy back in when it hits bottom.

These are not your average joes. Kelly Loeffler's husband has a net worth of $500 million.
 

Saskatchewan

Active member
Jan 20, 2010
1,309
4
38
Would you prefer they don't defer payments and take your house instead?
Exactly. I was on the phone with the mother fuckers at Scotiabank today. Hold time - just under one hour, 56 minutes. Then they take very limited information, (ie. Has COVID-19 affected your income? ) and after that they tell you someone from their mortgage dept will call you in a week.
 

superlover

Member
Jan 20, 2004
33
19
8
Banks are for profit businesses and to many people’s dismay are not government run. I am an I-banker at one. We have been impacted immensely by this and still are more than happy to help people out in the short-term with deferrals. Not sure why people would expect us to give loans interest free. Would you do that in your business?
 

shack

Nitpicker Extraordinaire
Oct 2, 2001
46,709
7,983
113
Toronto
Would you prefer they don't defer payments and take your house instead?
No, but they are profiting more by more people getting charged more interest.
 

shack

Nitpicker Extraordinaire
Oct 2, 2001
46,709
7,983
113
Toronto
Banks are for profit businesses and to many people’s dismay are not government run. I am an I-banker at one. We have been impacted immensely by this and still are more than happy to help people out in the short-term with deferrals. Not sure why people would expect us to give loans interest free. Would you do that in your business?
Then I guess other for profit businesses that are making sacrifices to help the individuals, even if they don't have to, are dumb. I hear lots of stories about those types of business owners.
 

Nesbot

Well-known member
Jan 25, 2016
2,031
1,024
113
If banks are profiting from COVID, why their stock is 25% down as the entire market? They are in the same boat as any other business. And why do you expect a private business give somebody an interest-free loan. Deferral is a nice thing, but I do not banks which shares I own to be involved in charity: I have already lost too much in the stock market. Same goes for anyone with any type of pension plan.
Did you just type that the Banks...the same people who took billions in help not but a few years ago, and used that money to enrich themselves, are somehow in the same boat as Joe Shmoe who lost his job and has 3 kids, a wife, a dog, and mortgage and has to make ends meet? You think THE BANKS are in the same boat.

Stop.
 

Samranchoi

Asian Picasso
Jan 11, 2014
2,609
696
113
The bank I work for we are ensuring that for those who set up deferral plans with us, their credit report will not show delinquencies, and I know other banks who are doing the same thing. We ARE NOT charging fees to individuals who choose to or have to defer their mortgage payments for up to 6 months. In terms of the interest, yes the borrowers will have to cover the interest not collected during the time of their payment deferral period. That is just normal business. After all we are paying interest to others for the funds we used to lend out. Our bank’s goal is to respond to and come up with an acceptable solution for clients whose incomes have been affected by COVID19 within 24 hours after the client has reached out for help. I am with a smaller bank so we make very little but from my conversations with clients you have no idea how much they appreciate speaking with someone who understands what they are going through and will do whatever possible to help them in getting through their personal financial crisis.
 

wigglee

Well-known member
Oct 13, 2010
9,819
1,603
113
Would you prefer they don't defer payments and take your house instead?
they should be forced to not charge interest for a few months..... and renters should get a couple months of free rent. Then the gov't could give out less money because people just need to buy food.
 

shack

Nitpicker Extraordinaire
Oct 2, 2001
46,709
7,983
113
Toronto
Maybe next time dont take out a mortgage you cant pay
And make sure you get a job that you are guaranteed for life with a company that is guaranteed to never fail.
 

hamermill

Senior Member
Oct 2, 2001
4,352
2,317
113
In a place far, far away
The bank should say no if your mortgage doesn’t allow you to skip or defer your payments too bad we are going to take your house.

This will increase the number of houses houses on the market, perhaps even lower the prices of houses...
 

superstar_88

The Chiseler
Jan 4, 2008
5,277
964
113
No, but they are profiting more by more people getting charged more interest.
Well, cry me a river. If you don't have a reserve fund then take out a smaller mortgage or buy a smaller house. Or rent and don't take out a mortgage.
 

superstar_88

The Chiseler
Jan 4, 2008
5,277
964
113
If you're buying properties for investment and you don't like risk then put your money in GIC's.
If you don't like banks then just don't do business with them. No one is pointing a gun to your head.
 
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