business

TCF, a major bank, is suffering a loss in profits? Oh, the poor little things...

TCF sold their mortgage business years ago, but somehow they are compared to one of the largest mortgage lenders. The write-offs for Wells as a percentage applied to TCF would result in a comparable charge-off of $7 million. Given they are not in the mortgage business, and their insistence on only having high quality loans in their portfolio the charge-off would not be material or worth mentioning. How many rebuilding years can you have?

They only have themselves to blame. Many of us that had problems when the job market crashed and were honest with TCF and tried to work with them to save our homes, had our homes STOLEN by TCF without even considering working with us! They would not have to do all these right offs if they would have lowered interest rates for troubled borrowers and worked with them. By lowering interest rates from 8% down to 5% it would have cut the payments way down and many of us could have saved our homes and they would not have had to foreclose and take write off at all!

Just wait over the next few years to a decade, as people try to sell their investments that are dependent in one way or another on all the derivatives based on all these worthless mortgages. That's why we're printing $45 billion a month into existence out of thin air; to put all the worthless fraudulent bonds onto the government balance sheet before all the pensions have to tell their pensioners, "Oops, you don't really have any retirement money," and the local units of government, "Oops, you don't really have any highway or school money."

I bought my house 3 years ago from a flipper. The guy who had lived there before just walked away, but the house somehow was never officially foreclosed-on. Don't ask me how that worked. Then a year after the guy left, he was murdered. A year after that, I bought it and spent extra to get full title insurance and documentation and records search information. I still get late notices from the companies that hold the dead guy's first and second mortgages. Those forfeited loans to a dead guy are still counted as "money good," assets at 100% face value, on the books of GMAC Residential Mortgage and Bank of America Countrywide. That's about $250,000 worth of absolutely worthless paper, which has no doubt been sliced and diced and leveraged into at least a million dollars worth of "assets" in people's retirement accounts and corporate and government long-term capital accounts.

Since we're obviously not going to confront the massive fraud in the bond markets, we're going to discover by dribs and drabs; probably when we most need the money we thought we had.

TCF's writedowns aren't even a drop in the bucket.

U have 7% mortgage and loose job. Bank hopes u pay mortgage. But they will not let u refi to lower interest rate cuz u don't qualify? Add 3-4k to mortgage balance and drop interest rate by 3 points and ur new payment will be 40% less and u will probably be better able to pay it.

TCF is the worst bank in the metro! As a previous poster said, unfortunately they owned my mortgage as well and wouldn't work with me to lower an 8% rate and ended up with the house back and getting nothing. They are so awful to work with. I closed every TCF account I've owned, and due to my problems with them, have gotten many friends and family to also stop banking with them and switch to a credit union. They don't care that the horrible way they deal with people is causing much more loss of business than just the one customer. Never get a mortgage with them, ever! Any other bank would be better.

TCF was never a good bank. Thankfully, I stayed away from. One of their account holders wrote me a check and asked me to hold it for a TV he purchased from me. One branch said, after several weeks holding the check, they wouldn't allow me, a non TCF account holder, to cash it at the bank to protect their client. I went to the main branch downtown and the teller said, "that's crap." He wrote you the check, you have a right to your money. I cashed the check leaving their customer with $8 in the bank. I figured he could sell the TV he had from me if he needed more money.

"Guidance from regulators..."? Anyone else here see the irony in that? So the BIG banks get the bailouts (that they shouldn't have) to stay afloat. They are competition for TCF and they get taxpayer money to stay in business. Who says the gov't doesn't screw things up?

In any other business---whether manufacturing, retail, medical services, insurance, etc---Bill Cooper would have been terminated at least three years ago. TCF shareholders deserve better. In the sports business, the coach of a team that has had a multi-year losing record usually has the decency to quit. Not Bill. He'll hold on until some nitwit bank offers him a 2 cent premium on his stock, and then he'll unload.