Thank god they're getting screwed for this.

Yeah, I'm sure it's going to affect a lot of CEOs x-mas bonuses.

reap the whirlwing mo-fo's. it's having an knock on effect with banks in europe who lent money to american institutions with sub-prime lending. a few banks here have had share prices drop due to the this and the weakened dollar too.

"Hooray! I'm fucked, but now you're fucked, too! We're all fucked together!"

normally schadenfruede tickles me in a special way, but when it really means we're all fucked equally, it just isn't working for me.

Well when you're a predatory lender bordering on loan shark interest rates what would you expect.

The irritating thing is that the less money you have, the higher your interest rate is on your mortgage and your credit cards. So they're taking more money out of the people that can less afford it, and then playing victim when it blows up in their faces. Bite me. I don't feel sorry for you, assholes.

Clidna is a little bitter because she has a subprime mortgage at 8 fucking percent.

Just another reason to be glad that I don't work collections at a mortgage company anymore.

Does anyone force you to enter a credit agreement? I don't think so. Read the paperwork, you agree to X,Y,Z. Its all in there up front. Don't bitch and moan because the lenders want their due. The mortgage companies have homes to sell now, just as was agrreed upon by them when they loaned out the money. They don't like that either but they are bound as is the lendee.

It's not too late to buy gold, my friends.

No doubt people should understand that they need to honor their debts and it is clear people need to pay their mortgage, but the bill does not balance responsibility between individuals or families in debt trouble and creditors whose usurious practices have led to the rise in bankruptcy. As the article mentions, we've all seen the reports and investigations of the deceptive trade practices employed by the credit companies...the delays in procesing payments causing late fees and triggering even higher interest rates, etc. So far nothing substantive has been done to curtail these practices. Sure, there are bad apples out there....but there are a sizable percentage of good people who are caught up in the endless credit trap eventhough they try hard to pay off their debts. Obviously it creates a cycle we will all end up having to pay for when we do another bail out like the 80's S&L bail out. What a fiasco.

I agree with FearThereaper, they are a bunch of motherfuckers!

This is why I am plotting and saving to get myself out of all debt in the next few months. I shall then introduce my credit cards to my new friend, Mr. Shredder.

Then I will go on the All Ramen diet. I hear they have new flavors.

Not necessarily true. Many of the least sympathetic people are those who have been there.

It just doesn't make them any less inhumane.

Yes, circumstances CAN force people to borrow money, even if they know full well they're fucked. Just because no one's literally holding a gun to your head doesn't make the practice ethical or acceptable.

The financial institutions mentioned in the article may have taken a financial hit, but they're still making a profit.

On one hand, I'd really love to see some credit and loan companies really take a hit up the ass.

On the other hand, how many more consumers would be screwed if this happened?

Maybe the most satisfying solution would be to lock up some CEO's in a cage with a bunch of horny gorillas.