Support your community banks
A portion of SB 1271 Arizona’s change to the anti-deficiency statute was an intent to try and help local community banks ease the burden of money lost on defaulted mortgages.
As anyone reading this blog surely knows, I have been a huge opponent of SB 1271 from the start and am the first one to jump up and celebrate it’s repeal! That being said, I can also sympathize a little (tiny, minute, just a lil’ bit) from a banking standpoint although I limit that sympathy to the local Arizona banks and not the large conglomerates — and we all know which ones they are!
If you don’t then you are also unaware that local community banks were not eligible to receive TARP funds which furthers the difficulty they are having to stay afloat in todays turbulent real estate marketplace.
The sad thing is that local community banking which thrives as a local business and from local business was denied TARP fund money and instead this money was allocated to the larger banking institutions who did what with it?? Instead of helping homeowners they used it to purchase more banks!!!!!
Wait a minute — so I’m saying that instead of our tax money going to actually HELP homeowners this government bailout went to help the large banking industry instead and left our local community banks hung out to dry???
Basically, Yes.
This is government spending at it’s worse and to further explain, here’s an example everyone can understand.
It’s like taking your tax money and giving it to Wal-Mart to build more large shopping centers in small towns, thereby wiping out smaller local businesses and mom & pop shops.
Sure, most of us like the convenience and low pricing Wal-Mart brings but wasn’t this country founded on supporting thy neighbor? If we support the large companies coming in and taking over then we aren’t really supporting our neighbors’ friendly businesses and forget about personal service!
This is about the best example I can think of — instead of using our money to help out the local bank on the corner the money instead went to larger banking institutions for them to further their take over of America.
Some “bailout”!
My point is this – stop by your local community bank and open up an account. Chances are you’ll find the bank President there every day, accessible and happy to see you come in. He/She may even come out to greet you, may remember your name, and will probably ask you about your family.
These are the kind of banks we all should be using moving forward. These banks want your business and will still go the extra mile to earn it. Support them and their endeavors by opening accounts and obtaining loans from them. You’ll get better service, great rates, and you’ll be supporting your community.
Let’s bring America bank to it’s grassroots and remember what it was like before corporations took over everything. Maybe the goverment will take notice and start pumping our tax dollars back into our neighborhoods and local businesses where we are greeted with a smile and everyone knows our names.
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2 comments
thanks for all the updates on sb 1271 sean. i t has been nice to hear about its repeal. i am so fed up with bank of america and other large banks and i really like the idea of putting everything back into a local small bank. especially after all of this mess it just makes sense!
bank of america needs to be punished. its time to take this country and put it back in the hands of the people instead of large banking institutions.
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