PNC Buys National City and Hits the TARP

Held Hostage

I guess I just don't understand all this tarp money. I thought it was to save the banks so that they could help get the economy going. With.. guess what, money! such as business loans, mortgage loans, and and other types of loans. This is the major business of banks.

Why, with perfect credit, income, etc. would National City refuse to subordinate what was already a 2nd lien. This stopped us from rewriting our first mortgage for a much lower rate and saving thousands of dollars which would have gone back in the economy. This wasn't a troubled mortgage, and we were not going to get any cash out. All that had to transpire was for National City to remain as 2nd lien holder.

I guess what I am getting at is, they used our money as taxpayers, collected and are continuing to collect interest on our loan, but are unwilling to allow us to save some money by lowering our interest rate. By the way, the first lien holder had already approved the loan, only if they would remain as first lien holder. I have no doubt NC would have no problem doing the first mortgage. We would absolutely refuse to do this.

Bailout, Tarp, government stimulus, or whatever you wish to call it is a well intentioned program being misused by some of the very same financial institutions that it is saving.

Be it PNC or National City, this and some of their other practices should be illegal.

Ron of FL @ Sep 23, 2009 18:01:13 PM

What The

I am sure that since PNC picked up all those mortgages for 10 cents on the dollar they will kindly go back to troubled homeowners who got beat up by National City and the economy, modify their loans so that both PNC and the homeowners can share in the bailout...... I am waiting for their call

brian of CA @ Jul 07, 2009 03:03:27 AM

the heck

with you National city employees. I am glad u are all gone. You are crooks and deceived the sharehlders. Good riddens!

shareholder of PA @ Jan 28, 2009 01:56:40 AM

pnc

pnc was doing well before that and should have got dime from the government. perhpas national city should have been saved. those people at pnc are very deceitful.

md of @ Nov 12, 2008 12:18:03 PM

TARP FUNDS MISUSE

This use of funds was never in tended when TARP was passed by Congress. This was to buy trouble mortages not by troubled banks! Why does the treasury dept get to say which banks are to succeed and which are to fail? Our taxes should not be used to grow banks, pay dividends or phave lavish parties. Ohio citizens have been harmed by the federal taxes collected from them being mis-used. What bank is next? Maybe after the banks the government will decide which car dealerships get to stay in business and then then what grocery stores. What use to be a consumer's choice is now that of "big brother' government. A slippery slope towards socislism. This has gone far beyond government assistance.

miquel of OH @ Oct 26, 2008 17:07:24 PM

let's just hope the 'good' trickles

down to us National City employees.....

Ann of OH @ Oct 25, 2008 21:05:05 PM

schnitzled

Right it does not work that way. The individual taxpayer like you and I will never get the profit even if it is realized - it will go to the general fund purportedly to pay down debt but more likely to be spent on some other government program... which will in turn require more from us later to support the increased govt growth.

of @ Oct 25, 2008 14:52:20 PM