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atlrvr

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5 hours ago, urbanlover568 said:

May as well pay the payment then. Who gains from this "companionate" decision? The bank.

Should they stop paying you interest on your deposits as well?  Maybe instead of blasting banks, if you want to stick it to them, go refi with your current lender.  Depends on if the dealer subsized your rate or not, but you should be able to get a new loans 0.75% to 1.25% lower than loans made last year.

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3 minutes ago, atlrvr said:

Should they stop paying you interest on your deposits as well?  Maybe instead of blasting banks, if you want to stick it to them, go refi with your current lender.  Depends on if the dealer subsized your rate or not, but you should be able to get a new loans 0.75% to 1.25% lower than loans made last year.

They made it seem like they were doing the consumer a favor when in the end they get more money from the consumer. This is about the type of loans mentioned in the article. Hate it when companies take advantage in times like these.

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I disagree with the characterization that they are making more money, since no one is forced to skip a payment/pay more interest, but rather than arguing about that, I'll just say that stock investors don't think this is good for banks 

The bank stock sector is down 37.5% while the market as a whole is down 30.9%, which roughly means bank profits are expected to take a bigger hit than companies on average.

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13 minutes ago, atlrvr said:

I disagree with the characterization that they are making more money, since no one is forced to skip a payment/pay more interest, but rather than arguing about that, I'll just say that stock investors don't think this is good for banks 

The bank stock sector is down 37.5% while the market as a whole is down 30.9%, which roughly means bank profits are expected to take a bigger hit than companies on average.

If you miss 4 months, that's 4 months of added interest and you still need to pay back the loan. Yes it's great you can forgo the payments, but in the end you will pay more. Banks should have prepared for this especially after 2008. Stock buybacks are also haunting the banking sector now. But yea, sad situation all around :tw_confused:

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Nope, I agree with you. But, given the leadership I cannot see that happening. Additionally, now is not the time of course. Perhaps if Congress actually served us this could be a tax that helps repay all the stimulus needed right now. Given that didn't happen after the mortgage debacle though I think it's got 0 chance.

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13 minutes ago, KJHburg said:

Parkdale Mills of Gaston County will make up to 10 Million medical masks a week starting now.

https://www.charlotteobserver.com/news/coronavirus/article241413386.html

Great News!  but people need to be reminded that these are for medical professionals...normal people, unless sick do not need masks!!!  As much anxiety as this event has caused me, I get the desire to want to buy masks and other items that may seem to 'keep you healthy', but please use your common sense.  

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2 hours ago, KJHburg said:

Parkdale Mills of Gaston County will make up to 10 Million medical masks a week starting now.

https://www.charlotteobserver.com/news/coronavirus/article241413386.html

These are the conventional masks anyone may wear. What is needed is the N95 mask used mostly by medical professionals and in care facilities. A cloth or paper mask costs nearly nothing to make once scaled, the N95 is more complex and what we need. Thankful for something, though.

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6 minutes ago, tarhoosier said:

These are the conventional masks anyone may wear. What is needed is the N95 mask used mostly by medical professionals and in care facilities. A cloth or paper mask costs nearly nothing to make once scaled, the N95 is more complex and what we need. Thankful for something, though.

Honeywell is ramping up a former plant in Rhode Island to make the N95 masks  and 3M the other major manufacturer is doing the same.  

https://www.foxbusiness.com/markets/honeywell-to-ramp-up-mask-production-creating-at-least-500-jobs

 

Edited by KJHburg
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