F&M Bank CEO Walker Opposes "Homeowne...
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Susan Rothman

Los Alamitos, CA

#21 May 17, 2012
SP Landlord wrote:
Another FACT, is that pensions and health care benefits for civil servants are here to stay.
FYI, public employees fund a significant percentage of these benefits through mandatory montly deductions.
These benefits in a sense are prepaid in part by the employee.
Funds will be found, otherwise city services will be close to non existent. Big Capitalism will not allow it, bad for their billion dollar quarterly reports.
You are 100% correct that the deals in place are "here to stay". Earlier this year the unions demanded that their bought and paid for dems in Sac pass a law preventing the State from any salvation through Bankruptcy. We no longer have the protections in place which serve most Americans who suffer the same unsustainable fiscal imbalance.
Very sad times ahead. We are so screwed.
SP Landlord

Los Angeles, CA

#22 May 17, 2012
Since this topix is in part about our local Bank Tycon LB Family (F&M, Walkers), who tried to bully the City Council, it would only be appropriate to make note that they will see to it that cops and street sweepers are available to keep everything tiddy in and about thier businesses. Also they profit from commerce, which needs to flow within the City.

These City employees will not work without health and pension benefits.

This is the Walker family, owners of the iconic F&M Bank headquartered in Long Beach. The Walker clan who opposes the "Homeowners Bill of Rights" and bullied the council on it.
SP Landlord

Los Angeles, CA

#23 May 17, 2012
Susan Rothman wrote:
<quoted text>
You are 100% correct that the deals in place are "here to stay". Earlier this year the unions demanded that their bought and paid for dems in Sac pass a law preventing the State from any salvation through Bankruptcy. We no longer have the protections in place which serve most Americans who suffer the same unsustainable fiscal imbalance.
Very sad times ahead. We are so screwed.
You response is factual .. Public Employee Unions sought remedies in Sac in order to keep food on the worker's table, after Wall Street's grand scheme to divert public pensions funds into their bunco driviatives and other shady investments .. Newtons 2nd loaw of gravity always comes into play .. the Serfs are smarter now and will no longer be relegated to alms houses
Peter

Los Angeles, CA

#24 May 17, 2012
SP Landlord wrote:
Ronald

Well, I'm not sure how conservative they were in the ten years before the RE bust in '06. They had been churning RE loans big time. Since many of their custoimers were loyal seniors, they heavily marketed reverse mortgage loans. The bank hyped these loans and appraisals came in which were real high, reflecting the Casino market.
I'd sure like to see the citations you have regarding your claim that F and M bank was "churning" reverse mortgages. I'm waiting...
Ronald

Long Beach, CA

#25 May 17, 2012
SP Landlord wrote:
Since this topix is in part about our local Bank Tycon LB Family (F&M, Walkers), who tried to bully the City Council, it would only be appropriate to make note that they will see to it that cops and street sweepers are available to keep everything tiddy in and about thier businesses. Also they profit from commerce, which needs to flow within the City.
These City employees will not work without health and pension benefits.
This is the Walker family, owners of the iconic F&M Bank headquartered in Long Beach. The Walker clan who opposes the "Homeowners Bill of Rights" and bullied the council on it.
SP Landlord.

I wonder if it is quite fair for us to characterize CEO Walker's appearance before revolutionary Council as "bullying" them? Perhaps we should note all the strong-arm tactics revolutionary Council continually uses against local banks which requires them to fund politically correct social projects. This is money that would otherwise be used to augment meager earnings paid to ordinary worker *("middle")* class long beachers on their meager savings deposits.

Denying Government controlled banks the right to state their position regarding matters affecting them reminds me of revolutionary Government inciting the voting majority of dangerous tax eaters and taxpayer supported Thug people to vote against even greater tobacco taxes that are designed to be imposed on "the little folks" by claiming all expressed opposition comes from Government's now nationalized Big Tobacco industry and "the children".

Ronald
Peter

Los Angeles, CA

#26 May 18, 2012
Peter wrote:
<quoted text>
I'd sure like to see the citations you have regarding your claim that F and M bank was "churning" reverse mortgages. I'm waiting...
<crickets>

Yeah, I thought so.
SP Landlord

Los Angeles, CA

#27 May 19, 2012
F&M made a huge blunder in hustling reverse mortgages to their loyal seniors right up to the RE bust in 07. Appraisals purposedly came in over market, since they were eager to burden the property with the highest decrease in equity to the poor saps who signed up for them. Nothing even left for the heirs, after ten years. The womrm tunred on F&M, when values plumetted almost 50%.. F&M was under water on these loans, not the homeowner. F&M must have felt emboldened in this low risk venture high profit venture, particulalry due to their hypnotic lock on legions of loyal senior, who went locked step into with F&M's sales pitch. Some reverse mortages, say paying out $1,000 monthly to the senior, would deduct about $2,000 from the seniors equity in the home.

F&M, like most institutions lacked vision and played the Grand Casino game, failing to forecast the RE bust. Most of the greedy banks, felt that it would be a soft landing, with home values at the worst case scenario flatlining for a few years, meanwhile they suck the equity out of these seniors home values. They became defacto owners of these properties, as long as the little widow was still alive.

Now the exalted Walker clan, bullying the LB City council on a state initiative (Homeowners Bill of Rights). All that the City Council attempted to do, was to pass a resultion giving moral support to the initiative. They made their multi hundreds of millions in profits going back to the early 20th Century .. what Hutzpa and lack of class, particulalry to the current CEO who was born with a platinum spoon in his mouth.
Peter

Los Angeles, CA

#28 May 19, 2012
SP Landlord wrote:
F&M made a huge blunder in hustling reverse mortgages to their loyal seniors right up to the RE bust in 07. Appraisals purposedly came in over market, since they were eager to burden the property with the highest decrease in equity to the poor saps who signed up for them. Nothing even left for the heirs, after ten years. The womrm tunred on F&M, when values plumetted almost 50%.. F&M was under water on these loans, not the homeowner. F&M must have felt emboldened in this low risk venture high profit venture, particulalry due to their hypnotic lock on legions of loyal senior, who went locked step into with F&M's sales pitch. Some reverse mortages, say paying out $1,000 monthly to the senior, would deduct about $2,000 from the seniors equity in the home.
F&M, like most institutions lacked vision and played the Grand Casino game, failing to forecast the RE bust. Most of the greedy banks, felt that it would be a soft landing, with home values at the worst case scenario flatlining for a few years, meanwhile they suck the equity out of these seniors home values. They became defacto owners of these properties, as long as the little widow was still alive.
Now the exalted Walker clan, bullying the LB City council on a state initiative (Homeowners Bill of Rights). All that the City Council attempted to do, was to pass a resultion giving moral support to the initiative. They made their multi hundreds of millions in profits going back to the early 20th Century .. what Hutzpa and lack of class, particulalry to the current CEO who was born with a platinum spoon in his mouth.
You provided a lot of subjective opinions, and NO citations, as was expected. Hell, you don't even have an unqualified anecdote.

FAILED!

Now go to your room. No milk and cookies for you, skippy.
SP Landlord

Los Angeles, CA

#29 May 19, 2012
Peter wrote:
<quoted text>
You provided a lot of subjective opinions, and NO citations, as was expected. Hell, you don't even have an unqualified anecdote.
FAILED!
Now go to your room. No milk and cookies for you, skippy.
Do you doubt that F&M marketed reverse mortgage loans to seniors?

Let's start with your response, then I will further educate you.
Peter

Los Angeles, CA

#30 May 19, 2012
SP Landlord wrote:
<quoted text>
Do you doubt that F&M marketed reverse mortgage loans to seniors?
Let's start with your response, then I will further educate you.
I'm not saying they never sold reverse mortgages.
I'm saying I doubt they, as you implied, set up an in-house machine of fuckery to bilk seniors out of their last remaining assets via predatory reverse mortgages. I'll also posit the idea that reverse mortgages are not automatically predatory for some seniors. In fact, sometimes it's a good move to make, depending on the circumstances.
Peter

Los Angeles, CA

#31 May 19, 2012
Now lets have some "education," teacher.
Peter

United States

#32 May 21, 2012
SP Landlord wrote:
<quoted text>
Do you doubt that F&M marketed reverse mortgage loans to seniors?
Let's start with your response, then I will further educate you.
<crickets>

Again, as expected. You're talking out of your ass. Say you're sorry. There's a good boy.
Bob Lewis

AOL

#33 May 21, 2012
Peter wrote:
<quoted text>
<crickets>
Again, as expected. You're talking out of your ass. Say you're sorry. There's a good boy.
Everyone laughs at any comment that avoids the "elephant in the room". Irresponsible gangster politicians in SAC overpromised unsustainable, unfunded benefits and pensions to bloated numbers of public employees in the Good Times. Now those times are gone forever and short of Fed Rico Statute intervention and protection the State cannot remain solvent no matter who much they extort from the highest earnering employers in the private sector.
Calif is broken. It is shattered beyond repair. We are leaving our kids less than nothing....quite a legacy.
SP Landlord

Los Angeles, CA

#34 May 21, 2012
Peter wrote:
<quoted text>
<crickets>
Again, as expected. You're talking out of your ass. Say you're sorry. There's a good boy.
in a recent post, you all but admitted that F&M made these loans and the predatory nature of them, so don't try to quibble about what you meant

do you doubt that F&M, has (had) a large customer base of Seniors in Long Beach, who they eagerly marketed these loans to

FYI - reverse mortgage loans, are very complicated instruments, full of pitfalls for the unsuspecting seniors and designed to deplete equity in a short period of time..in many cases, when one of the spouses dies, the surviving elderly spouse is out on the street in short order

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