US Bank exposed - auto loans - Part 5 of 5

A former employee of US Bank, Jason Werner, exposes the fraud at US Bank.

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People & Blogs

Tags:

• US
• Bank
• exposed
• fraud
• Jason
• Werner

[largekid04]

funny, if someone misses a payment on a loan then there are consequences. thanks for the deep and thoughtful insight. you are type of guy who blames the police officer for pulling you over for speeding. enjoy being insignificant.

[jwerner79]

@largekid04 There are multiple parties legally bound to a contract of any kind of loan, in which payments are made. Banks themselves admit they constantly default on contracts - usually on purpose - so much that they use fake witnesses in court. If they did not need fake witnesses in court, then why do they use fake witnesses and create fake documents to commit fraud on the courts if they are the victim and they did nothing wrong??? The system they create is screwed up.

[dmpatton1]

Could it be with all the different type of products bankers have they can't do all the underwriting and regulations for each type of product so they create areas that concentrate on one certain product to avoid a banker making a mistake and writing a credit line for someone that doesn't qualify? I mean for example, bankers in branches wrote all the Home Mortgages and Equity Lines? Do we want those same people responsible for every financial product?

[jwerner79]

@dmpatton1 I agree with you that the specialists should be dealing with their areas of expertise, where they were trained. I may not have explained it thoroughly enough in my video, but my problem with their system is that they want the bankers to originate, but they get no future credit for it. Plus, there is a reason for it.

The Reason: many banks do this to win a battle over the car note in their ponzi scheme of defrauding their investors. They don't hold the notes. They just want to steal.

[jwerner79]

@dmpatton1 Most credit unions own and hold their own paper, which is why you will rarely see them file lawsuits against their customers: They simply do not want the collateral while the FDIC-member banks do.

Two of the cleaner FDIC-member banks though include Hudson City Bancorp and Third Federal Savings & Loan; they actually own and hold most of their own paper, with the lowest default rates in the industry. I've personally reviewed many of TFSL's customer's financials: Never saw fraud.

[jessejmorris2nd]

It sounds like its all the banks fault. Sounds like I should start puting my money in the coffe can and start paying every thing in cash.

[jwerner79]

@jessejmorris2nd That's a good idea. Also, credit unions are usually good options or even doing business with people rather than crook banks.

[idman83]

This looser must have been fired All the banks do it the same

[Ebenoozen]

@largekid04 Nooooo... To truly make your comparison accurate, the police officer would have had to "monkey" with the speeder's accelerator, to make it stick, so that he WOULD speed...

[KaiserVadin]

Companys focus on customer service seems to be confusing to companys like at checkouts if thats the most important thing in the store for the customer WHY in heck do you have one bagger and 8 checkouts open it does not make any sense !

[inspirediam]

What is lacking is when we do not individually take responsibility for how our individual participation manifests the reality we experience as a whole. Do not give your business to the big banks, keep your business local. Move your money to your local community banks. You do have the power to make the change. Do not look to government to do this job for you.  Educate yourselves, share ideas, and be the change.

[dmpatton1]

@jwerner79 Name a financial institution that actually holds really any financial loan product. They are all bundled and sold as securities. Currently the government is buying a majority of those securities and re-selling them at a later date with a guarantee as to avoid more of the mortgage financial product. What your describing is only a small part of how the whole financial world works and calling it fraud where as its more complicated then that and cannot be described in one word.