The 8 CEO Surprise!
Posted on | February 11, 2009 | No Comments
Well, I had the banks eight CEO’s going all day on the TV in my office so I could hear what they had to say for myself and not through the talking heads on the daily news. (Maybe it’s just me but I don’t think I ever get the real deal on the news anymore.) If you don’t know what went on today, 8 of the top banks that took the TARP funds testified before the House Banking Committee today. Though they were not under oath, there were several surprising things that came up.
The first surprise is you don’t have to be behind on your mortgage for the banks to talk to you about negotiating your current mortgage! That’s was huge sine I personally know 3 families that stopped paying their mortgage to their lenders because they were told they had to in order for the bank to be able to discuss or negotiate the loan. All three families eventually lost their homes to foreclosure because the process drug on for months; 18 months for one family.
The second surprise was only a surprise because I thought after the Big 3 Auto Makers from Detroit CEO’s would be very prepared to answer the questions from the little guys on the street. Why they don’t get the anger about raised credit card interest rates; lack of funding for mortgages and car loans; as well as small business loans is beyond me. There were a couple of deer in the headlights looks that were baffling. I wonder if we have created a culture of total disconnect between those in high places and the rest of us?
If nothing else, I highly recommend you taking the time to watch some of these things without the noise of the talking heads on 24 hour TV or radio news. It brings a great perspective to the mix. I only wish these guys had a little perspective before they got to Washington this morning!
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