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Thread: Bank Branches Abandon Poor Communities

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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by chevydriver1123 View Post
    Learn how to ****ing read! If you read the ****ing article you would see the part the reason why they are leaving is because of all the new cluster**** regulations that make it next to impossible to compete.
    Proving once again that speed reading doesn't always work. Easy, Chevy, my bad.
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by apdst View Post
    So, instead of the banks screwing over people, poor people are left to deal with the even more carniverous-like payday loan companies with their 300% interest rates?

    Wanna take a stab at explaining to us how that's better?
    Not much a difference these days if you ask me. And "poor" people have been dealing with those thieves for centuries and lived without banking as well. The idea was not long ago, to force banks to open up business in said areas by giving them pretty much free reign and we all know how that went ... Now regulations are coming back because the bankers could not keep it in their pants and now the bankers are whining that they cant exploit the poor any more as they did... and you want us to feel sorry for them? If anything more regulation should be thrown on banks making their banking license dependent on them opening banks in these areas. Hard to run a bank if you are not allowed too eh?
    PeteEU

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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by PeteEU View Post
    Not much a difference these days if you ask me. And "poor" people have been dealing with those thieves for centuries and lived without banking as well. The idea was not long ago, to force banks to open up business in said areas by giving them pretty much free reign and we all know how that went ... Now regulations are coming back because the bankers could not keep it in their pants and now the bankers are whining that they cant exploit the poor any more as they did... and you want us to feel sorry for them? If anything more regulation should be thrown on banks making their banking license dependent on them opening banks in these areas. Hard to run a bank if you are not allowed too eh?
    The folks I feel sorry for, are the folks in these areas that are now in worse shape, because the government came in to, "fix", everything.

    I don't expect you to get it, Pete.
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by MaggieD View Post
    What's the problem? Are you honestly suggesting that banks should be forced to serve communities where they're losing money? That's EGZAKLY what caused our housing debacle.
    This is not true, Wall Street and the large banks would like you to think this, but that's because it was caused by them. There have been literally millions of foreclosures, show me where these are in poor communities?
    Last edited by pbrauer; 02-28-11 at 12:36 PM.


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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by pbrauer View Post
    This is not true, Wall Street and the large banks would like you to think this, but that's because it was caused by them. There have been literally millions of foreclosures, show me where these are in poor communities?
    How about you prove your point and show us that the foreclosures are not in poor communities.

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    Re: Bank Branches Abandon Poor Communities

    "Seek first to understand, then be understood." - Stephen R. Covey

    Banks in poor communities are closing. Why? Because they can't make a profit using the same unscruppolous tactics they were once able to use before new regulations came into affect that essentially outlawed such underhanded practises, ie., excessive ATM fees, overdraft fees, credit card fees, early withdrawal fees, etc., etc., the list goes on and on.

    Notice the article says nothing about not having enough customers at these banks. Of course, some would say that's a given considering the banks are in "poor neighborhoods", but clearly there IS money in these neighborhoods. Otherwise, why would payday loan type businesses suddenly be cropping up in these areas becoming the primiary "financiers" within these neighborhoods? Think about it...

    IMO, it's NOT a matter of banks not being able to make a profit; it's a matter of them not being able to make the BIG profits in these neighborhoods they once were able to make by charging excessive fees. So, they pull out only to be suplanted by the unregulated preditors.

    It's sad really, but this is what happens when community develop takes a back seat to profiteers.

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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by washunut View Post
    How about you prove your point and show us that the foreclosures are not in poor communities.
    Define Poor.....
    Drive thru the really poor communities and you will see houses for sale. Drive thru middle income communities, and upper income communities, and you will see the same thing, houses for sale.
    Buying more house than you can afford is the issue, the banks are part of the blame, but only part.

    I still haven't seen a link posted that PROVES banks are closing in poor areas....just the OP link where a writer claims it is happening.
    Oracle of Utah
    Truth rings hollow in empty heads.

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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by washunut View Post
    How about you prove your point and show us that the foreclosures are not in poor communities.
    I don't need to prove it, it just doesn't make sense. Millions of poor people bought homes, you can't be serious. Next you're going to tell me that the meltdown was caused by the CRA, it's hogwash. The CRA never forced banks to loan to people they felt were a risk, only lower interest rates.


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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by pbrauer View Post
    I don't need to prove it, it just doesn't make sense. Millions of poor people bought homes, you can't be serious. Next you're going to tell me that the meltdown was caused by the CRA, it's hogwash. The CRA never forced banks to loan to people they felt were a risk, only lower interest rates.
    Very good point, but lets carry it a bit further, I have never seen a bank force anyone to buy a home, or take out a mortgage either.

    If I tickle you with a mortgage that has you paying nothing but interest in the first 5 years of your loan, and you buy into that you can afford it without looking forward after 5 years … then you are just as much as fault as the bank …

    It goes right back to personal responsibility, while I don't give any sympathy to banks losing on those loans, I don't give any sympathy to the people that were dumb enough to make them either.

    As to the the CRA, not sure about what you are saying, as it takes very little research to find that banks were being pressured to make even more questionable loans.

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