Friday, September 9, 2011

The demise of Douche (Deutsche) Bank

Note: Some annotations on the above chart may have been removed/added to protect privileged information
Deutsche Bank or "douche bank"
as I like to call it, is trading like it's bankrupt. This dog happens to be the Elliott Wave Hound's mortgage holder.

Not only did they refuse to work with us on refinancing our 40 year fixed - to Libor -, but they filed a court case claiming that we were several months behind in our payments, and threatened us with foreclosure. Of course this was easily disproved before it even went before a judge, but had we not responded to the court, I'm confident they would have moved ahead with their foreclosure plans.

They could have just called our mortgage servicer - Select Portfolio Services
- to find out if we were delinquent... but this company also seems to have it's head up it's ass. I can't count the number of times I have answered the door, only to be served with some threatening notice... when we are in fact up to date in our payments! Perhaps these companies are overwhelmed, think they are above the law, or just don't like the fact that we took advantage of a government program which locked our payment for 5 years; I don't know what their problem is, but their actions are not conducive to us wanting to fulfill our end of the agreement, and we won't feel the least bit guilty when we walk away.

Our loan was not offered in good faith, and the lawyer who we hired to close the deal, won't answer his phone. Lesson - never trust a banker or a lawyer.

I'm actually considering an alternative housing solution in the form of a luxury motor-home.
Just think of it; If you don't like the neighborhood, lose your utilities in California (for instance), or you find yourself in the path of a natural disaster, you can just fill up your tank and move on down the road. I'm lucky enough that I can do my job from anywhere in the world.

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