Just watched this dvd. It's a documentary on the deceitful lending practices of banks, how they have avoided getting in trouble with the Federal government and why it is profitable for them to lend money to people they know cannot pay.

I knew about the real estate fraud from working with local detectives giving presentations on how to watch out for the scams. But, this is far worse than I realized. Very disturbing. I recommend it.

commissions drive that business...

apparently MBNA was the largest campaign contributor to George W. Bush. They also wrote the bankruptcy legislation that Bush signed making it harder for middle class Americans to declare bankruptcy. Banks that seem so "trustworthy" like Wells Fargo are in on the whole thing.

I'm beginning to think you can trust no one.

Well, I was in banking for 22 years, lending and credit and loan review/risk management, and although there were times where loans were less than desirable, with all those audits by the state and the fed, I must say, for the most part they were all above reproach. Don't know what those others do that is smarmy, but it sure makes a bad name for banks who use sound lending practices.

My credit card payment was due on the 2nd. I made the electronic transaction on the 28th of the previous month. It was debited out of my checking account on the 2nd. The credit card company said they didn't receive it until the 3rd. They charged me $39 one month and the next month upped my interest rate from 8.99% to 21.99%. The action lowered my credit score about 40 points with one of the credit bureaus. Luckily, I had the money to pay it off before I had to pay that ridiculous rate. I've never been late or missed a payment before or since. Is that smarmy enough for you?

That is standard operating procedure for most credit card companies now. Providian employess who were interviewed stated they held checks and sometimes even shredded them so that penalties would be assessed.

I think it was Providian that lost a lawsuit and had to pay out $400 million in damages to its customers. They got caught, but similar practices still go on.

There is not enough money in circulation today to pay off the debt of this country. So, it's not even possible. If the national debt was broken down, each family owes $90,000.

I think it was particularly disturbing to see how many people will resort to suicide because of financial problems. It quickly becomes a hopeless situation to be in.