Tester, Nelson(Neb), Landrieu, we know what they are, the question is how much?

[OregonBlue]

Jon Tester has expressed his opposition to mortgage write-down in bankruptcy (cramdown). "I just think a deal's a deal. I have a lot of empathy for folks who tend to get led astray, but I just think it's going to create some problems," he says.

I have NEVER been late with my credit card orloan payments but 3 months ago, Chase decided to double my monthly payments forcing me to cancel my health insurance. I had a rate that was "guaranteed" for the life of the loan. When I protested, I was told that I needed to read the fine print which allows them to increase my rates or payments at any time they choose. I could avoid the doubled payment by accepting a new interest rate from Chase that was more than double than what I had originally agreed to.

Is a deal a deal when it's a liar loan?

So my question is, why is it okay for the banks to change an agreement at any time but not okay for a judge to change an agreement in order to keep people in their homes.

I'd say the lobbyists have gotten to these guys, the only thing we don't know is how much? Tester claims to be a man of the people but I guess he's more worried about getting re-elected than in doing the right thing.

[DebbieCDC]

1. I am really upset to hear Tester say that

Montana is loaded with properties that people can't afford to live in or sell for a reasonable amount -- and I know from personal experience. I'm losing $30K in equity in a property I own there because I'm having to settle for a short sale, but at least I'm better off than some. He should be thinking about trying to help his constituents instead of just having "empathy for folks". Empathy don't pay the bills bubba.

[OregonBlue]

4. Yeah, I'm from Montana and have lots of friends there. I hear that there are a lot of people

having problems because real estate just soared there in the last several years. How can Tester feel that people have to pay off these loans at the original rates even when they did not know what they were getting into. How can he not realize that the banks (James Dimon from Chase is the one who's been out there whining about how bad bankers are being perceived) are screwing people right and left because they need money to recoup their losses. It's okay for the banks but not for the little guy. How did he get to be so far isolated from the problems of real people in so short a time. I had such high hopes for him.

[sandnsea]

2. Tester is listening to ignorant constituents

I know, because they're all around me too - from both parties and right here at DU. They absolutely refuse to believe what you're telling them about these loans. They are silenced into shame in places like Montana, where self-reliance is treasured above everything else. If you make a mistake, it's your mistake to deal with, not anybody else's. We've got to do a better job in these rural red states.

[OregonBlue]

5. Agreed. I did not make a mistake. I paid my bills, every one of them on time year after year.

Now Chase needs money and they think they can just change the terms no matter what it does to their customers. But god forbid that a judge could change the terms to help people keep their homes. Tester is wrong, wrong,wrong on this one!!!

[boomerbust]

3. Chase did the same thing to me

Doubled interest rate. Now they get NOTHING!!!

[OregonBlue]

6. When we called to complain the Chase representative told us they were "targeting"

her words not mine, 460,000 of their U.S. customers for these rate increases. We refused to accept their new interest rate because they can change that one at any time too. We are making the double payments, of course we no longer have health care, and we will pay them off and never do business with these crooks again!!! James Dimon is a crook in my book. All these bankers keep talking like it's the banks. It's not the banks, it's the bankers. They made the rules, they made the bad business decisions, they were greedy, greedy, greedy. Tester is so wrong.