Legislators stop rip-off by banks

Hooray for the vote by state lawmakers when they voted recently to not allow the banking industry to rip off the people of Arizona by pursuing them financially after foreclosures.

Tanya Wheeless, president of the Arizona Bankers Association, was upset that if a bank in Arizona used bad banking practices and loaned money to someone with no "skin" in the project - who then defaulted on the loan and the bank repossessed a property that was worth less than they loaned - then the bank was stuck with making a bad loan. Duh!

We just bailed out a bunch of banks for doing just that and so far I have found no one that agreed with that either.

Thank you Arizona lawmakers (at least 20 out of 24 of you).

MIKE GORMAN
Wellton