Heres the reason banks wont carry you .they CANT!!its not LEGAL!!! And they have to face a bank examination every thirty days regular as clockwork.Heres the deal, lets say you and i have our life savings in the same bank as he got his home loan at. When he signs the papers on that home ,the bank simply takes yours and my money and pays off the builder/developer. The bank didnt give him its money it gave him yours and my money! They did this so that they can make money for them,you, and i, if he pays his mortgage. Trouble is if he doesnt pay,who loses? Bank loses the money that they would have made on intrest on that note,but you and i lose our life savings!If we have it there in cds at a fixed rate they have to make money on it or they go broke. They simply cant let him float or relieve him of dept because they have given away our money,and that would be just like me taking your billfold and going down and buying a new car with your money.Its simply stealing.So they take a risk,but they also MUST mitigate those risks.They do this by either reselling that house,or selling the note at a loss.and making up the difference to you and I on other loans. Its not the banks fault in any way.Heres the deal ,its setup this way for a reason. suppose i were a good freind with the banker,and he didnt care for you,if they didnt have to do this the banker could simply when you were one day late on a payment foreclose and resell that house to me.I may not ever make a payment and he simply overlooks it because hes my fishing buddy.Who winds up owning everything?I do ,i look like im worth a jillion bucks on paper and guess what,ive done it all on your money!sounds crazy doesnt it ? but it was common not too long ago,thats why your insured through fdic!before that you could simply walk up to the bank,ask for your money and have them simply say "sorry charlie ,we spent it"!
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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