By Barry, owner of Law Office of Barry W. Rorex
…There are no exceptions to this rule.
Although banks have never been truly popular, for most of our history they have been respected and trusted. That has changed completely in the last five years.
For at least the last thirty years or so, there has been tremendous consolidation within the banking industry. During that time, the concept of the local bank and the local banker has pretty much been replaced by the large bank that has no local authority to make any decisions that help people. Any time anything has to be done, approval must be sought from some other state. This has really caused people to think that banks are unresponsive.
In 2007, this whole process was exacerbated by the real estate crisis that proved that not only that the banks were unresponsive but they also weren’t truthful in their banking processes. As we have been slogging through the loan modification fiasco, we have seen that the banks not only lie to their shareholders and customers, they will also lie to Congress, to examiners and to anyone else that will listen to them.
The lesson to consumers then is that banks have now joined the ranks of used car salesmen and cable television purveyors in the “Don’t believe anything that’s not in writing” ranks. Worse, though, it’s often not wise to trust what is in writing either.
This week our staff will be writing about lessons learned and banking misdeeds.
As a consumer, it’s important for you to know not only what’s going on with the banking industry, but what you can do if you find yourself up against the banks.
The banks have a team of lawyers on their side, so should you.