You really have no clue do you?
The lesson is work with your banker and don't play hardball with them. Trump smart, O&Y dumb. Do you get it now? Or, do you need more explanation?
Government needs to stop banks from profiting from Covid19
- Thread starter swood
- Start date
The lesson is work with your banker and don't play hardball with them. Trump smart, O&Y dumb. Do you get it now? Or, do you need more explanation?
There is absolutely no equivalency to trump or O&Y dealing with banks to the average Joe homeowner with a mortgage. Please tell us what leverage a guy making $100k with a family and $500K mortgage has when the bank increases the rate? How does he play hardball? He is at their mercy. He either meets their demands or he loses the house. He has no keys to any yacht.You really have no clue do you?
The lesson is work with your banker and don't play hardball with them. Trump smart, O&Y dumb. Do you get it now? Or, do you need more explanation?
And back to my original point, the title of this thread, regardless of the merits of its' premise, is about a call for government to limit banks from profiteering. Your Aesop's Fables reply about trump and O&Y is completely off topic. Nothing to do with government and nothing to do with how they deal with banks' profits during Covid. It even had nothing to do with Covid either.
Please explain how this post:
addresses OP's topic.During the great real estate meltdown of the early 1990's, the story is that Donald Trump walked into Citibank and gave them the keys. Citibank forced him to sell his yacht and Trump Shuttle and live on an allowance.
Olympia & York, on the other hand, played hardball and the banks forced them into bankruptcy.
But, you really have no clue. Do you?
p.s. I am not necessarily disputing your advice, but it is totally irrelevant to this thread.
There is one rational idea that you have here: prevent banks from profiting from COVID (not making them pay out of their own money to help people - this is government's job, not a private company job). So, basically, we do expect banks to lower their variable rates by the same amount as BofC lowers its rate. And the back do that so far: my prime rate on mortgage has decreases as much as BofC rate and I hoe it will go down by another 0.5% on Monday. A decrease in credit card rates by 2% may also be in order. But this is it. Everything above it would not be "preventing banks from profiting off COVID" but actually making banks to pay out of their own money. In fact, even reduction in credit card rates, deferring mortgage payments, and reducing mortgage rates hurt the bank (relative to no-COVID scenario), since with COVID the probability of personal defaults increases,, hence, the rates must increase to reflect the higher risk (except for secured mortgages or mortgages that already paid off by 50% or more)There is absolutely no equivalency to trump or O&Y dealing with banks to the average Joe homeowner with a mortgage. Please tell us what leverage a guy making $100k with a family and $500K mortgage has when the bank increases the rate? How does he play hardball? He is at their mercy. He either meets their demands or he loses the house. He has no keys to any yacht.
And back to my original point, the title of this thread, regardless of the merits of its' premise, is about a call for government to limit banks from profiteering. Your Aesop's Fables reply about trump and O&Y is completely off topic. Nothing to do with government and nothing to do with how they deal with banks' profits during Covid. It even had nothing to do with Covid either.
Please explain how this post: addresses OP's topic.
But, you really have no clue. Do you?
p.s. I am not necessarily disputing your advice, but it is totally irrelevant to this thread.
It's called" We're all in this together so lets all chip in and do our bit, do what we can." We don't need anymore Pusateris.There is one rational idea that you have here: prevent banks from profiting from COVID (not making them pay out of their own money to help people - this is government's job, not a private company job). So, basically, we do expect banks to lower their variable rates by the same amount as BofC lowers its rate. And the back do that so far: my prime rate on mortgage has decreases as much as BofC rate and I hoe it will go down by another 0.5% on Monday. A decrease in credit card rates by 2% may also be in order.
It is apples and oranges. Banks are "chipping in" by reducing their variable rates by the same amount as BofC rate, allowing mortgage deferrals and not increasing credit card rates despite higher non-repayment risk. Anything above it is the same as asking anyone with some assets (e.g., a house that is mortgage to less then 75%) to take on additional debt (or sell the assets) and give it away to "needy". While "corporations" and "banks" are legal entities, it is regular people who actually own them through their direct (stock market, mutual funds) or indirect (employer-managed pension plan) investment. Asking banks them to "donate" money (e.g., by forfeiting interest on current loans) is the same as asking regular people to give money directly. It is called taxation and it must be done at the government level trough personal taxes (and it will be once the Liberal spending frenzy will have come to an end, as the only alternative is just to print money and accept high inflation)It's called" We're all in this together so lets all chip in and do our bit, do what we can." We don't need anymore Pusateris.
During the great real estate meltdown of the early 1990's, the story is that Donald Trump walked into Citibank and gave them the keys. Citibank forced him to sell his yacht and Trump Shuttle and live on an allowance.
Olympia & York, on the other hand, played hardball and the banks forced them into bankruptcy.
You really have no clue do you?
The lesson is work with your banker and don't play hardball with them. Trump smart, O&Y dumb. Do you get it now? Or, do you need more explanation?
There is absolutely no equivalency to trump or O&Y dealing with banks to the average Joe homeowner with a mortgage. Please tell us what leverage a guy making $100k with a family and $500K mortgage has when the bank increases the rate? How does he play hardball? He is at their mercy. He either meets their demands or he loses the house. He has no keys to any yacht.
And back to my original point, the title of this thread, regardless of the merits of its' premise, is about a call for government to limit banks from profiteering. Your Aesop's Fables reply about trump and O&Y is completely off topic. Nothing to do with government and nothing to do with how they deal with banks' profits during Covid. It even had nothing to do with Covid either.
Please explain how this post:addresses OP's topic. Nothing to do with Covid. Nothing to do with Government. Nothing to do with profiteering.During the great real estate meltdown of the early 1990's, the story is that Donald Trump walked into Citibank and gave them the keys. Citibank forced him to sell his yacht and Trump Shuttle and live on an allowance.
Olympia & York, on the other hand, played hardball and the banks forced them into bankruptcy.
But, you really have no clue. Do you?
p.s. I am not necessarily disputing your advice, but it is totally irrelevant to this thread.
Hey Darts, you think you're pretty smart, but despite sparring with me the last couple of days in other threads, you conveniently duck answering my question.Hey Shack, you think you're pretty smart.
p.s. If you can link this to Danny Grant and Steve Shutt, I might accept your answer, because it demonstrates how history repeats itself when it comes to your incoherent posting.
My answer to you, which you would accept if you are smart, is to be nice (like Trump) to your banker when you ask them for a mortgage payment deferral. Don't play hardball with them like O&Y did.Hey Darts, you think you're pretty smart, but despite sparring with me the last couple of days in other threads, you conveniently duck answering my question.
Caveat: You take my answer/advice/suggestion at your own risk. Don't cry and whine like you keep doing with the MIA thread if it doesn't work in your case.
Wow. The point was not about your advice. I already admitted it. Why do you avoid responding to this?:My answer to you, which you would accept if you are smart, is to be nice (like Trump) to your banker when you ask them for a mortgage payment deferral. Don't play hardball with them like O&Y did.
Caveat: You take my answer/advice/suggestion at your own risk. Don't cry and whine like you keep doing with the MIA thread if it doesn't work in your case.
(shack)Please explain how this post:
Originally Posted by Darts
During the great real estate meltdown of the early 1990's, the story is that Donald Trump walked into Citibank and gave them the keys. Citibank forced him to sell his yacht and Trump Shuttle and live on an allowance.
Olympia & York, on the other hand, played hardball and the banks forced them into bankruptcy.
(shack)addresses OP's topic. Nothing to do with Covid. Nothing to do with Government. Nothing to do with profiteering.
Please stop dodging the question. How was your post relevant?
Of course, my post is relevant. We are talking about mortgage payment deferrals, banks and how to deal with them.Wow. The point was not about your advice. I already admitted it. Why do you avoid responding to this?:
(shack)Please explain how this post:
Originally Posted by Darts
During the great real estate meltdown of the early 1990's, the story is that Donald Trump walked into Citibank and gave them the keys. Citibank forced him to sell his yacht and Trump Shuttle and live on an allowance.
Olympia & York, on the other hand, played hardball and the banks forced them into bankruptcy.
(shack)addresses OP's topic. Nothing to do with Covid. Nothing to do with Government. Nothing to do with profiteering.
Please stop dodging the question. How was your post relevant?
So, be nice to banks (like Trump did with Citibank) and they will be nice to you (actually, maybe not you you). Don't place hardball with them like O&Y did, or they're put you into bankruptcy.
Your little tales said nothing about government intervention. It said nothing about Covid. It said nothing about banks profiting from Covid. That is what the thread was about.Of course, my post is relevant. We are talking about mortgage payment deferrals, banks and how to deal with them. So, be nice to banks (like Trump did with Citibank) and they will be nice to you (actually, maybe not you you). Don't place hardball with them like O&Y did, or they're put you into bankruptcy.
Did your story talk about Government intervening to protect the public? No. Did it even mention government at all? No again. Was your post relevant to the title of this thread? NO. It is actually incomprehensible how you could think that your post is in any way related to whether governments should intervene on banks profiting from the crisis.
Unless you have an answer that can be taken seriously, I will follow my own advice. You have more experience than I debating from down there.
As per the CBA, Canada’s six major banks have received approx 213,000 requests for mortgage and loan payment deferrals as of March 27/2020. And combined with workplaces (including banks) wanting to keep employees out of the workplace, it is no wonder that response time has been slower lately.
