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Loan Modification
: Mortgage Lender Implode-o-MeterCredit Union Pays Savers to Close Their Accounts; Deposit Insurance Makes Saving Accounts a Losing Proposition for Banks
By Implode-Explode Heavy Industries
The National Credit Union Administration (NCUA) and FDIC parasites siphon off deposit insurance money from good institutions not willing to take risks, to support institutions taking excessive risks.
In turn, banks and credit unions sitting with high levels of cash lose money on deposits and the customers make zero percent interest, thanks to the Bernanke Fed holding interest rates at zero.
Nevada Federal Credit Union is fed up with paying money to the National Credit Union Share Insurance Fund (NCUSIF) for sitting in cash, so it is paying depositors to withdraw that cash.
Full post as published by Mortgage Lender Implode-o-Meter on March 06, 2010 (boomark / email).
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