;

Author Topic: Banks, insurance companies and others who need the rope.  (Read 1127 times)

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Banks, insurance companies and others who need the rope.
« on: February 05, 2018, 09:55:30 AM »
+9
Exclusive: U.S. consumer protection official puts Equifax probe on ice - sources

https://www.reuters.com/article/us-usa-equifax-cfpb/exclusive-u-s-consumer-protection-official-puts-equifax-probe-on-ice-sources-idUSKBN1FP0IZ

This is not good. "Mulvaney put a hold on much agency work when he took over in November, and said it would last at least 30 days to give him a chance to understand the job." Excellent job in putting competent people in important positions. Here's to experience!

Also, fuck banks and insurance companies. End communication.
Yes, that is me in court with my enormous penis.


Got Milk?

  • Cishet White Male
  • ******
  • Posts: 1010
  • Awards Canuck Wounded in the line of posting. Goon or Ex-Goon 420 Anglican Boy Scout
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #1 on: February 06, 2018, 09:22:05 AM »
+8
This is all just armchair shit form a guy who barely has any debt and virtually no investments, but it really does sound like the economy is fucked. American wages may have grown recently but that followed years and years of stagnation. Economic growth has been based on credit card debt and consumption in the meantime. Interest rates are going to continue to rise. Hang onto your butts, we're in for either inflation if the the market keeps tanking and the fed opts not to raise interest rates or a severe correction. Despite what many experts say the current economy is not built on sound fundamentals. It is built on debt. They tell you it's based on sound fundamentals because it's in their best interest for you to keep taking on debt and consuming as normal.

The average credit card debt in America is $5,700, the average for households carrying a balance is $16,408. This is not sustainable unless interest rates stay low which will lead to high inflation. The average household is paying nearly a thousand fucking dollars in interest a year, before interest rates go up.

Now look at the top five most valuable companies in the world:

Apple    
Alphabet
Microsoft    
Amazon.com    
Berkshire Hathaway

Apple, Microsoft and Amazon are in the business of selling things that people tend to put on credit cards. If it was Wal-Mart instead of Amazon, you could say, well maybe a lot of people are using cash, but you cannot use cash on Amazon. It is built on credit card debt. Google sells advertising to companies who want to convince people to put shit on their credit cards. These companies need people to keep taking on credit card debt to grow.

Now look at this shit.

Quote
They now collectively have the most outstanding revolving debt — often summarized as credit card debt — in U.S. history, according to a report Monday released by the Federal Reserve. Americans had $1.021 trillion in outstanding revolving credit in June 2017. This beats the previous record in April 2008, when consumers had a collective $1.02 trillion in outstanding credit revolving credit.

Credit card debt has passed pre-recession levels.

Now look at this:



The US government staring taking on massive debt in the late 2000s and it continues to this day.

So the GDP in the US is around 20 trillion, I think? However the government has over twenty trillion in debt, there is a trillion dollars worth of credit card debt, 1.5 trillion in student loan debt, and nearly 15 trillion in mortgage debt. The entire recovery is built on debt created when interest rates were low. So the economy is either going to get fucked by inflation or interest rates tanking consumer spending and dragging down America's most valuable companies with it. Take your pick. My guess is the market goes through a severe correction, the fed opts to only raise interest rates by 0.5% as opposed to the 0.75% predicted and as a result everyone keeps taking on more debt and we kick the can down the road for another few years.
« Last Edit: February 06, 2018, 09:45:08 AM by Got Milk? »

Virtue Signalman First Class

  • Cishet White Male
  • ******
  • Posts: 3535
  • Awards  Lahinguväljal näeme, raisk! old Drinkin' and Postin' Fuck you, dad! Classicist Better dead than red
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #2 on: February 06, 2018, 10:05:56 AM »
+5
<a href="http://www.youtube.com/watch?v=9z70BKwfSUA" target="_blank">http://www.youtube.com/watch?v=9z70BKwfSUA</a>

Kill all bankers.
But I do often point out that I write both science fiction and fantasy. It’s just that the science fiction is usually titled ‘technical proposal’ and the fantasy is titled ‘budget proposal.’

- Jordin Kare

Aran

  • 5000 Posters Club
  • *
  • Posts: 5171
  • Awards stormfront Took down a Moderator Boy Scout You can't know! cold, dead hands The Gentry Motorcyclist Goon or Ex-Goon
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #3 on: February 06, 2018, 03:24:23 PM »
+8
If it was Wal-Mart instead of Amazon, you could say, well maybe a lot of people are using cash, but you cannot use cash on Amazon


I don't want to argue too hard about this but you absolutely can use cash on Amazon. https://www.amazon.com/b?node=14583169011

As well as debit cards (which is using cash from your bank) and checking accounts (which is using cash from your bank)

Got Milk?

  • Cishet White Male
  • ******
  • Posts: 1010
  • Awards Canuck Wounded in the line of posting. Goon or Ex-Goon 420 Anglican Boy Scout
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #4 on: February 06, 2018, 08:58:56 PM »
+2
If it was Wal-Mart instead of Amazon, you could say, well maybe a lot of people are using cash, but you cannot use cash on Amazon


I don't want to argue too hard about this but you absolutely can use cash on Amazon. https://www.amazon.com/b?node=14583169011

As well as debit cards (which is using cash from your bank) and checking accounts (which is using cash from your bank)

Fair enough, I was not aware this service existed. Now that I think of it my corner store sells Amazon gift cards which you can pay cash for as well.  I'm still going to go out on a limb and say substantially more people use cash at a brick and mortar store than online.
« Last Edit: February 06, 2018, 09:02:42 PM by Got Milk? »

Re: Banks, insurance companies and others who need the rope.
« Reply #5 on: February 06, 2018, 09:16:23 PM »
+4
hmm the people inside mulvaneys bureau

the same ones who called themselves 'dumbledores army' in resistance to him because the cfpb was created under dodd-frank as a shakedown racket meant to be staffed and run 100% by democrats is now no longer in their hands

are floating anonymously sourced stories that mulvaney is going soft on equifax

yes agreed i believe every word of it

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #6 on: February 07, 2018, 12:21:04 AM »
0
hmm the people inside mulvaneys bureau

the same ones who called themselves 'dumbledores army' in resistance to him because the cfpb was created under dodd-frank as a shakedown racket meant to be staffed and run 100% by democrats is now no longer in their hands

are floating anonymously sourced stories that mulvaney is going soft on equifax

yes agreed i believe every word of it
Read your post out loud. Slowly.
Yes, that is me in court with my enormous penis.


InsideOutside

  • Cishet White Male
  • ******
  • Posts: 1686
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #7 on: February 07, 2018, 12:31:11 AM »
+10
A nigger who is not a lawyer trying to convince goys that lawyers shouldn't be the first ones up against the wall.

:wrong:

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #8 on: February 07, 2018, 12:34:35 AM »
+3
Poor IO. He wants so bad to say I'm not a lawyer. But he can't. What kind of training must one recieve to put a person in such a mental twist?

 :adam:
Yes, that is me in court with my enormous penis.


As a white male I

  • Cishet White Male
  • ******
  • Posts: 3743
  • Wouldn't you agree?
  • Awards Deplorables Wounded in the line of posting. Fascist Classicist On Pohjolan hangissa meill' isänmaa Better dead than red Goon or Ex-Goon
    • Awards

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Yes, that is me in court with my enormous penis.


Re: Banks, insurance companies and others who need the rope.
« Reply #11 on: February 08, 2018, 08:33:16 PM »
+14
The CFPB: absolutely NOT a sham bureau created to enrich itself while portraying itself as a champion of the little guy

http://dailycaller.com/2018/02/07/cfpb-headquarters-tour/

Quote
Mick Mulvaney, the CFPB’s acting director, graciously allowed The Daily Caller News Foundation to take an exclusive tour on Feb. 1 of the federal office — founded by Democratic Sen. Elizabeth Warren of Massachusetts — that has been widely criticized for cost overruns and extravagance.

A June 2014 Inspector General report concluded there was “no sound basis” for the agency’s renovation cost estimates. Shortly thereafter, the contracting for the building was transferred from the bureau to the General Services Administration, that oversaw the current renovation...

The first thing that stands out is that the office space does not feel like a government building at all. It could be an upscale hotel, a college campus or a corporate headquarters.

“There was interest to move this above a Class C Building,” said a CFPB source familiar with the renovation and the operation of the building. “Now it’s a Class A building,” he told TheDCNF.

The Building Owners and Managers Association International, which represents owners and managers of all commercial office buildings, describe Class A buildings as “the most coveted buildings in the marketplace.”

The $124 million spent to date for the 303,000 square foot office building is $409 per square foot, more than Trump World Tower, which cost $334 per square foot or Las Vegas’ Bellagio Hotel and Casino, priced at $330 per square foot.

It’s also double the $227.64 per square foot construction costs for “Class 1 – Best Quality” of masonry or concrete government buildings as reported in the 2018 National Building Cost Manual
, the Bible for construction cost projections...

CFPB currently has under construction a 2,660 square foot athletic facility for all of its employees free of charge. The staff also will enjoy 1,300 square foot gender specific locker rooms equipped with showers. Employees must bring their own towels.

“There is no fee to employees,” the CFPB source explained to TheDCNF, quickly adding, “It’s open to CFPB employees only.” The athletic center “will have a combination of tread mills, bicycles, free weights, something similar to a Nautilus and other typical equipment.”

The free gym offering stands in contrast to the White House Athletic Center, which during many administrations has charged employees $18.50 per pay period. Contractors, workers on government detail and General Services Administration employees can access the gym for $40.25 month, and guests can use it for $6 per day. Even interns have to pay $20.86 per month...

The bureau’s rooftop seating offers the agency’s employees beautiful vistas of Washington’s skyline including the White House Eisenhower Executive Building and the Washington Monument.

As employees sit in the upscale outdoor rooftop furniture, those who are concerned about skin cancer also can take advantage of using premium, adjustable motorized cantilever umbrellas that can provide shade for up to eight people.

Want to stand in your workspace? You’re in luck! Each CFPB office table is electrically motorized with height adjustments.

So how much more do motorized height adjusted tables cost? The answer: a lot. Mark Fuqua, a principal at Maryland Commercial, that sells the height adjustable tables to commercial offices, broke down the costs of a motorized desk to TheDCNF.

“A non-powered desk is about $150 to $200 range,” he told TheDCNF in an interview. “So it adds about $350 if it didn’t move, costing about $550 per table.”

What’s the difference for taxpayers? The new CFPB headquarters is supposed to house 1,300 employees. A conventional table for all of its employees cost taxpayers between $195,000 to $260,000.

A height adjustable table costs taxpayers $715,000...

A potentially controversial aspect of the CFPB renovation is the bureau’s plans for overhauling a public area next door, called “Liberty Plaza.”

Liberty Plaza previously had an ice skating rink that was a popular winter spot for Washingtonians.

The agency budgeted $329,000 to overhaul the plaza, excluding the ice skating rink. Instead, CFPB planners included two “water features,” and a shallow pool.

Wisconsin Rep. Sean Duffy, a Republican and chairman of the House financial subcommittee on housing and insurance, is a frequent critic of the agency. “The ridiculous office amenities offer further proof that the agency under Richard Cordray’s leadership showed no regard for fiscal restraint,” Duffy told TheDCNF after learning of the CFPB’s tour said. “This is exactly why the CFPB needs oversight, and why I personally request a tour of the agency.”













What else has the CFPB been using its budget to do? How about $43.7 million in funding to a Democrat-run ad agency that ran Obama's election ad campaigns http://dailycaller.com/2017/09/13/exclusive-obamas-top-campaign-ad-firm-got-nearly-60m-in-federal-contracts/

or salaries that due to Dodd-Frank cannot be controlled by Congress and are on average not only higher in most cases than every Governor and most everyone in the legislature and executive branch, but more than the average salary at 99.9% of the banks they oversee http://dailycaller.com/2017/02/07/exclusive-gravy-train-flows-wide-and-deep-at-elizabeth-warrens-consumer-agency/

and that most of the nearly $5 billion in penalties the bureau has collected have gone to 'community organizer' groups that are effectively Democrat slush funds https://www.zerohedge.com/news/2017-12-06/cfpb-reportedly-funneled-billions-secret-democrat-slush-fund-consultant-claims

Gosh I wonder why the bureau was originally created to be completely immune to Congressional and Executive oversight and would be allowed to choose its own directors
« Last Edit: February 08, 2018, 08:38:11 PM by Americas Most Trusted News Source »

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #12 on: February 08, 2018, 10:08:10 PM »
+1
Congratulations. You got hung up on window dressing. I don't give a shit what they do with the penalty money. I only care about the laws they promote.
Yes, that is me in court with my enormous penis.


Nig Disliker

  • Cishet White Male
  • ******
  • Posts: 4694
  • Awards Rethuglikkkan Autistic Faggot Futurist You can't know! United Statesian Goon or Ex-Goon
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #13 on: February 08, 2018, 10:16:25 PM »
+14
I only care about the laws they promote.

That’s not true, you also care about sucking dicks.

Fag

Re: Banks, insurance companies and others who need the rope.
« Reply #14 on: February 08, 2018, 10:43:04 PM »
+17
Congratulations. You got hung up on window dressing. I don't give a shit what they do with the penalty money. I only care about the laws they promote.

You realize that the CFPB, as created, gets to make up the law (via regulations) as they see fit? Like in 2013, when Operation Choke Point was created to try and force banks and payment processors to no longer service perfectly legal businesses such as:

- Ammo salesmen
- Gun salesmen
- Coin dealers
- Tobacco sellers
- Sellers of 'racist materials'
- Porn vendors
- Telemarketers

and that no actual violation of the law had to be proven for the CFPB to tell the banks to stop working with them?

That they attacked car dealers they claimed were being racist in how they set interest rates on car loans - and that they didn't do it by using any actual evidence, but by instead getting a list of names of customers and literally guessing based on the names and addresses of their customer base?

Or when they fined Ally $80 million in order to give restitution to those Ally wronged - and then turned around and gave $0 of it to the 230,000 customers Ally apparently did wrong by, but instead gave all of it to those same 'community organizing' groups that just so happen to work to get more Democrats elected?

The entire bureau was built from the ground up to operate in secret and until Mulvaney was put in they were actively stonewalling subpoenas and declaring their own discriminatory hiring practices and unethical investigation and shakedown tactics as beyond both judicial and congressional review. Remember that despite the DC Court of Appeals directly ordering them to either answer to the President or be disbanded, they still tried to have Cordray appoint his own successor in blatant violation of the court order.

The few nuggets of good they've done do not justify the rotten core.

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #15 on: February 09, 2018, 03:43:32 AM »
0
I think they've done more that'll a few nuggets of good.
Yes, that is me in court with my enormous penis.


Dr. Hatchet-Wound

  • Cishet White Male
  • Alconauts
  • *
  • Posts: 1805
  • Head, Dangerous & Elective surgery Mazzoni Center
  • Awards Drinkin' and Postin' United Statesian Libertarian 420 Better dead than red Scrooge The Gentry cold, dead hands Goon or Ex-Goon old
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #16 on: February 09, 2018, 09:53:02 AM »
+3

Quote
gender specific locker rooms


REEEEEEEEEEEEEEEE IT'S 2018!!! 2018!

Dem Wypipo

  • Cishet White Male
  • ******
  • Posts: 3101
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #17 on: February 10, 2018, 01:51:21 PM »
+12
In the industry that I work in, any Obama-era regulation pertaining to my line of work was intentionally designed to be nearly impossible to comply with just so they can start nailing you with fines and bad PR in hopes of shutting down wide swaths of industry.  Any initiative that comes from the Obama White House is always suspect.  Even if there is a kernel of good, there's probably a lot of bad that goes along with it.

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #18 on: February 16, 2018, 12:19:55 PM »
+6
http://www.accountsrecovery.net/2018/02/15/house-passes-bill-aimed-undoing-madden-ruling/

A bill yesterday aimed at allowing debt buyers to bypass state interest rate caps passed the House of Representatives and moved to the Senate for review. H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017, passed 245-171. The bill would ensure that an interest rate, if lawful when a loan is made, would remain valid if the loan is subsequently sold, assigned, or transferred to a non-bank third party.

Now let me explain what this means.

So you are stupid enough to get a loan that originates in South Dakota and it has a 79.9% interest rate. You default because you're poor or you were in the hospital for 3 months or your wifu sued for alimony while your internet website was crashing around your ears. Now, having made its money back several times over, the bank sells your debt to a bottom feeder debt buyer. You "owed" $5,000 and the debt was bought for $200. So they start calling you and saying you still owe $5k and it is accruing interest at $79.9%. And they call your parents and tell them you're way behind and "how does it feel to raise a deadbeat?" and they call your work and tell your boss "this is child protective services calling about an abused child" and they sue on the debt after it is past the statute of limitations.

Well, a court of appeals said in Madden v. Midland Funding, LLC, 786 F. 3d 246 (2nd Cir., 2015) that the National Bank Act controls and even if that usurious rate was legal at the time, the laws of the new state in which the bottom feeder is trying to collect will control because the bottom feeder bought a bad debt and that state's cap will be the cap on the interest.

Now you're thinking YAY! State's rights win again! Except you're not thinking that because you're an edgy shithead on SS. But you should be thinking that. Anyway, some shithead from a shitty place has proposed a law (like this is what's important right now) that would specifically sidestep the Madden decision and be all "fuck you state's rights!"

Just letting you know that Republicans subsist on sucking bank cock and they are all hypocrites and liars.
Yes, that is me in court with my enormous penis.


Handyman

  • Cishet White Male
  • ******
  • Posts: 1630
  • Awards Deplorables Wounded in the line of posting. United Statesian old The Gentry Goon or Ex-Goon Better dead than red
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #19 on: February 16, 2018, 01:32:22 PM »
+1
http://www.accountsrecovery.net/2018/02/15/house-passes-bill-aimed-undoing-madden-ruling/

A bill yesterday aimed at allowing debt buyers to bypass state interest rate caps passed the House of Representatives and moved to the Senate for review. H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017, passed 245-171. The bill would ensure that an interest rate, if lawful when a loan is made, would remain valid if the loan is subsequently sold, assigned, or transferred to a non-bank third party.

Now let me explain what this means.

So you are stupid enough to get a loan that originates in South Dakota and it has a 79.9% interest rate. You default because you're poor or you were in the hospital for 3 months or your wifu sued for alimony while your internet website was crashing around your ears. Now, having made its money back several times over, the bank sells your debt to a bottom feeder debt buyer. You "owed" $5,000 and the debt was bought for $200. So they start calling you and saying you still owe $5k and it is accruing interest at $79.9%. And they call your parents and tell them you're way behind and "how does it feel to raise a deadbeat?" and they call your work and tell your boss "this is child protective services calling about an abused child" and they sue on the debt after it is past the statute of limitations.

Well, a court of appeals said in Madden v. Midland Funding, LLC, 786 F. 3d 246 (2nd Cir., 2015) that the National Bank Act controls and even if that usurious rate was legal at the time, the laws of the new state in which the bottom feeder is trying to collect will control because the bottom feeder bought a bad debt and that state's cap will be the cap on the interest.

Now you're thinking YAY! State's rights win again! Except you're not thinking that because you're an edgy shithead on SS. But you should be thinking that. Anyway, some shithead from a shitty place has proposed a law (like this is what's important right now) that would specifically sidestep the Madden decision and be all "fuck you state's rights!"

Just letting you know that Republicans subsist on sucking bank cock and they are all hypocrites and liars.

Greedy big banks vs. low IQ borrowers who, more than likely, are living on the dole.  Who's worse?  That's a tough one.

Rocket

  • 5000 Posters Club
  • Cosmonauts
  • *
  • Posts: 12039
  • Don't call me a lawyer; I'll call my own!
  • Awards Fucked a lesbian You're Great...No, YOU'RE Great! cold, dead hands old Something Wonderful The Gentry Prepper Motorcyclist Wounded in the line of posting. Sasstronaut Goon or Ex-Goon TNE Veteran Libertarian For Dixie's land we'll take our stand!
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #20 on: February 16, 2018, 01:56:50 PM »
+3
http://www.accountsrecovery.net/2018/02/15/house-passes-bill-aimed-undoing-madden-ruling/

A bill yesterday aimed at allowing debt buyers to bypass state interest rate caps passed the House of Representatives and moved to the Senate for review. H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017, passed 245-171. The bill would ensure that an interest rate, if lawful when a loan is made, would remain valid if the loan is subsequently sold, assigned, or transferred to a non-bank third party.

Now let me explain what this means.

So you are stupid enough to get a loan that originates in South Dakota and it has a 79.9% interest rate. You default because you're poor or you were in the hospital for 3 months or your wifu sued for alimony while your internet website was crashing around your ears. Now, having made its money back several times over, the bank sells your debt to a bottom feeder debt buyer. You "owed" $5,000 and the debt was bought for $200. So they start calling you and saying you still owe $5k and it is accruing interest at $79.9%. And they call your parents and tell them you're way behind and "how does it feel to raise a deadbeat?" and they call your work and tell your boss "this is child protective services calling about an abused child" and they sue on the debt after it is past the statute of limitations.

Well, a court of appeals said in Madden v. Midland Funding, LLC, 786 F. 3d 246 (2nd Cir., 2015) that the National Bank Act controls and even if that usurious rate was legal at the time, the laws of the new state in which the bottom feeder is trying to collect will control because the bottom feeder bought a bad debt and that state's cap will be the cap on the interest.

Now you're thinking YAY! State's rights win again! Except you're not thinking that because you're an edgy shithead on SS. But you should be thinking that. Anyway, some shithead from a shitty place has proposed a law (like this is what's important right now) that would specifically sidestep the Madden decision and be all "fuck you state's rights!"

Just letting you know that Republicans subsist on sucking bank cock and they are all hypocrites and liars.

Greedy big banks vs. low IQ borrowers who, more than likely, are living on the dole.  Who's worse?  That's a tough one.
If you live in SD good luck on your CC rate if you're a normal Joe. And this is hardly the point.
Yes, that is me in court with my enormous penis.


Dem Wypipo

  • Cishet White Male
  • ******
  • Posts: 3101
    • Awards

InsideOutside

  • Cishet White Male
  • ******
  • Posts: 1686
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #22 on: February 16, 2018, 07:01:46 PM »
+8
http://www.accountsrecovery.net/2018/02/15/house-passes-bill-aimed-undoing-madden-ruling/

A bill yesterday aimed at allowing debt buyers to bypass state interest rate caps passed the House of Representatives and moved to the Senate for review. H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017, passed 245-171. The bill would ensure that an interest rate, if lawful when a loan is made, would remain valid if the loan is subsequently sold, assigned, or transferred to a non-bank third party.

Now let me explain what this means.

So you are stupid enough to get a loan that originates in South Dakota and it has a 79.9% interest rate. You default because you're poor or you were in the hospital for 3 months or your wifu sued for alimony while your internet website was crashing around your ears. Now, having made its money back several times over, the bank sells your debt to a bottom feeder debt buyer. You "owed" $5,000 and the debt was bought for $200. So they start calling you and saying you still owe $5k and it is accruing interest at $79.9%. And they call your parents and tell them you're way behind and "how does it feel to raise a deadbeat?" and they call your work and tell your boss "this is child protective services calling about an abused child" and they sue on the debt after it is past the statute of limitations.

Well, a court of appeals said in Madden v. Midland Funding, LLC, 786 F. 3d 246 (2nd Cir., 2015) that the National Bank Act controls and even if that usurious rate was legal at the time, the laws of the new state in which the bottom feeder is trying to collect will control because the bottom feeder bought a bad debt and that state's cap will be the cap on the interest.

Now you're thinking YAY! State's rights win again! Except you're not thinking that because you're an edgy shithead on SS. But you should be thinking that. Anyway, some shithead from a shitty place has proposed a law (like this is what's important right now) that would specifically sidestep the Madden decision and be all "fuck you state's rights!"

Just letting you know that Republicans subsist on sucking bank cock and they are all hypocrites and liars.

Not-a-lawyer Rocket, defending the rights of niggers, illegals, and thrice divorced trash who got their PT Cruiser repod to own a home in this great country.

 :facepalm:


Shakebox

  • Cishet White Male
  • ******
  • Posts: 1646
  • Awards United Statesian Better dead than red cold, dead hands Sasstronaut Italian Goon or Ex-Goon
    • Awards
Re: Banks, insurance companies and others who need the rope.
« Reply #23 on: February 16, 2018, 07:43:45 PM »
+19
Upvote this post if rocket nigger