After interviewing several hundred homeowners, it became apparent that if you had $15k in the bank – your downpayment or payoffs were no less than $14,500. The banks knew how much you had and they stripped the borrowers of all of their cash and equity. As long as your accounts are not private and the banks have no regulations, morals or scruples – they will be in your back door wanting everything you have. The safe in the mattress is safer than in a banking institution.
If the senators are going to persuade Congress to bring back Glass-Steagall, they should show examples of real, sympathetic people. This brings me to the story of Philip L. Ramatlhware, an immigrant from Botswana who went to a Citigroup Inc. (C) branch in downtown Philadelphia one day five years ago to open a regular bank account.
He was 48 years old at the time and disabled, after being hurt in an accident as a passenger on a Greyhound bus. His English wasn’t good, he had no college education and his last job had been at a fast-food kiosk at the Philadelphia airport. In April 2008, he received $225,000 in a settlement for his injuries, part of which went to pay legal fees. He was holding the settlement check when he walked into the branch.
Immediately he was referred to a…
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