'Easy Money' available at Chevy Chase Bank in Silver Spring, MD
In those nifty blue 'Smart Home Loans. Smart Home' brochures there is one line:
"Your're in Contol. Pay interest only on the amount borrowed*."
* Payment of interest only will result in a balloon payment at maturity. [this was written on the back side of the brochure in small print]
Are there any banks out there that are more responsible? Banks that don't promote all this 'easy money' and 'debt is freedom' mentality?
To bad I have some of my money at Chevy Chase Bank.
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I've heard it phrased as "debt is wealth". Very reminiscent of Orwell's 1984.
ReplyDeletethats another one too.
ReplyDeleteOutrageous sales tactics.
ReplyDeleteA Redskins fan
"Oh come on. Banks are in business to make loans. If some dope overextends, it is his own fault. Nobody is holding a gun to anyone's head. Stupid is as stupid does."
ReplyDeleteA bank should NOT hand out loans to people which are likely to result in a foreclosure. Banks have a certain societal responsibility including to make loans that are reasonable. Just because people are uninformed or stupid does not give the right to banks to lend out loans that have a significant risk of destorying people financially.
Sounds like the "twinky" defense. Where does personal responsibilty come into play?... Chevy Chase is very conservative. If someone qualifies they will be approved. If they have lied to qualify or, spending their equity is not prudent, whose fault is that?
ReplyDelete