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Major US banks see writing on the regulatory wall

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Added by apesphere on 18 Jan 2009
From: www.guardian.co.uk

Image courtesy massimiliano via Flickr
The mood in Wall St is one of resignation to a tougher regulatory climate under the new President.

"Usually strident in defending their wealth creation, leading investment banks have been deafeningly silent over Obama's policies. It isn't hard to work out the reason: as they are, in effect, wards of the state, swallowing rescue funds from the taxpayer, the likes of Citigroup and Bank of America are not well placed to bargain. According to an update from the treasury last week, 257 banks have so far accepted $192bn of public money out of the government's $700bn bail-out fund."

About time too.
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Etherealxx0
on 03 Sep 2009
I am one of, "I believe, many at this point of hard working AMERICAN'S who are being failed by the Banks" duped in fact, One Bank in particular stands out J.P.Morgan Chase, N.A. It seems for myself and many others as I have started to research on different websites, Consumer affairs.com and read many such cases as my own, Chase has made false  promises and mislead me about being approved for a Refinance, taken fees and then disappeared from site with minimal contact all the while being told just waiting for a closing date. How are they allowed to just ball face lie to the consumer? I was being t at first the bank is closing's on new mortgages first, they are swamped and then months later tell the people, Myself imparticular since at this moment I need to focus on how "I" will  proceed. Just flat out,  oops sorry your loan was declined the Underwriter won't sign off all the while the Loan officer singing another tune, "Don't worry everything looks great your good" and then be told I have no idea why the underwriter  won't sign?" all the numbers are good, this is a Solid Loan ......?? are you kidding ? I am out about $2,000 which I cannot afford to be out and this is all you can say to me??? Will someone up there in the world of power DO SOMETHING ABOUT HELPING THE HARDWORKING STRUGGLING AMERICANS ??? Where are the people in power who can take a stand for us??  5 months later and I am still waiting for a resolution .....are these loan officers trained to take the fees and intentionally stall and mislead ??? Help ! my name is Debra Wegenaar, S.I.,NY and the bank is J.P.Morgan Chase, Amboy and Clarke ave S.I. NY 10306 Please if anyone can help.......