I just read an article that Stephen Gandel wrote about bank earnings! Wow can you believe that banks say they are losing money. It doesn’t take a college grad to figure out why. Big companies are so inefficient.  My cousin bought a house that was in pre-foreclosure stage and the bank held up the closing over $200.00 on a hundred sixty thousand dollar home that they were receiving no payment on. I have done three loan modifications with the same bank; two of them have been completed over 2 months. The third is still in process with the file switching hands four times. All the hard work and time on the first two, If the third is not completed the first two won’t matter. I think about how they handle $750,000.00 loans, I wonder how they handle all the other loans in pre-foreclosure stages. The first two loans are getting paid on time, and the properties now cash flow.

They say Forbearance and loan modifications are helping, when I talk to a lot of home owners and investors they say they would rather walk across the desert. The phone calls of repeating yourself over and over, asking your name, account number and last four of your social number after multiple transfer s of a single phone call.  This will drive anybody insane! Every executive and Politian should have to spend two hours a day for seven days straight calling their own company to see if they can get help. I bet things would change. Until the share holders stand up and stop investing in these types of companies. The greed will continue because these companies are using other people’s money.  Most people but not all spent other people’s money much easier than their own. Employee’s letting files set with thousands of dollars, with the note holder not paying a dime. I would think time would be a factor to get the money flowing again.

Now the credit card companies are wondering why they are seeing the earnings drop. One lady told me today that the bank was so rude to her she was putting them on the bottom of the list. They haven’t been paid for over the past couple months.  Customers are feed up; I believe we will see a big default in credit cards.  More and more people are coming forward to tell their side of the story.

The big banks better start looking at how to become more efficient, cutting cost internally instead of passing it on to the customer. I believe the banks will have to come around sooner or later, there are a lot of home owners that owe more than there house is worth they might just end up with all of them.