Customers Close Accounts To Protest Wall Street, Abusive Lending Practices

Interesting story found at the Huffington Post.

It is a small number to the big name banks but at least some people are letting them know how unhappy they are about the irresponsible banking behavior.  It looks as though the push back against the banks is being squashed by Washington and the bank lobby.  It is an all out push to speed up the process of foreclosure, illegal or legal, which is exactly the wrong thing to do for the economy.  We are not at a bottom if the banks continue to put a million empty and/or abandoned homes on the market. 
The Stock Market has little to do with the housing market.  The past year of stock market gains had an equal amount or worse wealth evaporation in real estate.
The bank strategy has been to hold on and wait because they knew their position was getting stronger the longer they sat tight.  They squeezed the citizens and the economy as Washington stood back and watched.  The troubling thing now is that if we see any sign of a recovery there will be absolutely no chance at reform or a push to slow down the number of foreclosures.  Mark Zandy this week called a bottom in the housing market.  I don't know where he is calling the bottom but some states have a long way to go as foreclosures continue to hit the market at record levels.  It is to the point that banks are even turning down some of the houses rather then take them back even after the borrower has been pushed out.  The house that could have served someone well becomes abandoned and left for the local municipalities to manage.  It is a another way for banks to get over on the local governments after getting bailed out by the tax payer.  The banks are not going to add to their costs in anyway if they can get around it.  It is the reason they created MERS. Banks did not want to pay the local registration and deed taxes that are required to transfer ownership.  MERS was their way around paying to transfer and register real estate. 
 Customers Close Accounts To Protest Wall Street, Abusive Lending Practices

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