Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Can you BELIEVE the FDI...they have lost their minds!!

the FDIC slapped East Bridgewater Savings with a rare “needs to improve” rating after evaluating the bank under the Community Reinvestment Act.

But Petrucelli and his bank occupy the other end of the spectrum in an industry that lost $26.2 billion in the fourth quarter. Even the FDIC’s own deposit insurance fund is in bad need of a boost after paying for an upswing in bank failures.

And then there’s East Bridgewater Savings.

Bad or delinquent loans?

Zero.

Foreclosures?

None.


They are doing well in this financial "crisis" because they refused to give risky loans and they are being penalized by the FDIC! This is crazy! Anyone think this is ok?

 
momof030404

Asked by momof030404 at 11:14 PM on Mar. 17, 2009 in Politics & Current Events

Level 23 (16,925 Credits)
This question is closed.
Answers (9)
  • This doesn't surprise me, I recall Wells Fargo being forced to take bail out money they didn't really need because they too had more stict lending laws.

    Even when I interviewed with them six years ago I remember in their hiring process the emphasis on responsible sales, not just making a sale for the sake of making a sale.

    The government FORCED irresponsible lending under the veil of equality / requirements, and are now blaming the banking industry for deregulation and the conservatives for allowing it when it was Clinton and libearlas who pushed the bad loan agenda (really meant to give more loans to minorities regardless of credit worthiness) - now a bank who was responsible is being penalized as well. What popy cock.
    Praying

    Answer by Praying at 2:02 AM on Mar. 18, 2009

  • momof030404

    Answer by momof030404 at 11:14 PM on Mar. 17, 2009

  • I just read about this on Fox News. What a load of crap!!! The idiots really are in charge!
    yourspecialkid

    Answer by yourspecialkid at 11:20 PM on Mar. 17, 2009

  • laughingThat's what we really need... the Government telling banks that they don't give out loan enough money. Our Government would know... wouldn't they?

    Anonymous

    Answer by Anonymous at 11:33 PM on Mar. 17, 2009

  • Instead of Obama's stumping theme of

    "Yes, we can!"

    It SHOULD be:

    "Damned if you do, damned if you don't."
    Anonymous

    Answer by Anonymous at 6:44 AM on Mar. 18, 2009

  • The FDIC did SUCH a good job overseeing the other banks, they never bothered to notice they had faulty lending practices. *sigh*
    mancosmomma

    Answer by mancosmomma at 10:09 AM on Mar. 18, 2009

  • praying I totally agree with you.
    xxhazeldovexx

    Answer by xxhazeldovexx at 10:18 AM on Mar. 18, 2009

  • That is messed up wow
    tnmomofive

    Answer by tnmomofive at 11:00 AM on Mar. 18, 2009

  • The large banks should be allowed to just go under and fail. The small community banks, most anyway, are doing very well because they still believe in the knowing the customer and practice good lending practices. Shame on the big ones and the government.
    foreverb3

    Answer by foreverb3 at 11:14 AM on Mar. 18, 2009

close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN