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Jim Amundson: Put an end to big banks' win-win scenario

The American public has paid again and again for Wall Street bank scandals, deceits, manipulations and poor decisions. Recent examples — like Wells Fargo’s account opening, auto insurance and mortgage lending abuses — abound. Congress has passed laws designed to prevent and punish banks for these kinds of misdeeds. So why does Wall Street continue to take advantage of the American people?

The answer is simple: Right now, they win either way.

If you look at it from the Wall Street banks’ point of view, there’s really no reason to stop. If they take advantage and don’t get caught, they make a lot of money. If they do get caught, they can afford new regulations. Their competition — small community banks — cannot. Whatever the big banks lose in compliance cost, they gain in reduced competition.

Consider recent history. When the mortgage meltdown came in 2008, we realized too late that certain mortgage lenders — chiefly Wall Street banks — had gambled with our economy and caused the financial crisis. Since the Dodd-Frank Act was signed into law by President Obama, regulators have created hundreds of new rules and regulations with the goal of reining in Wall Street.

Mortgage rates in Minneapolis, Minnesota

No clear direction for other Minneapolis mortgage types

Breaking ranks with the 30-year conventional mortgage the average rate for 30-year jumbo mortgages fell this week, down 13 basis points to 4.25 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Minneapolis area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages slipped 7 basis points as well, dropping to 3.56 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates down, slipping $5.68 to $1,184.42.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more tempting to some homeowners.

The popular 5/1 adjustable-rate mortgage rate climbed 6 basis points this week, climbing to 4.25 percent. The most common type of variable-rate mortgage , 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

Real Estate - Short Sale Letter of Intent SCAM?

Okay.... So I have owned my home since July 2008. I know I owe more than what it is worth, but who doesn't these days? I am not more than 50K under water & am only 25 and have faith the market will come back in my lifetime.

Sounds like a scam to me. It's a good thing you took time to post this information and in a away, shared a warning.

What you can do is seek the help of a lawyer.

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