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Banks Complain About 5% Interest Rate April 17, 2009

Posted by Judy in BankNotes, Economy, Emergency Economic Stabilization Act, FinancialStability.gov.
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According to Scrath Pad bank CEO’s are protesting the requirement that they pay a 5 percent interest rate on their TARP funds.  They must have though they could borrow th emoney for free becasue it was lent through the Treasury. The Bankers Association should know better. If they want banks to have zero percent loan maybe they should also advocate for students who currently pay 6 percent or 8.5 percent on a PLUS loan on their debt for the current academic year to also pay zero percent on their academic loans. They are claiming that the 5 percent amounts to an exit fee because it was predicated on the thought that banks would need money for years.

They suddenly want to get out of a legal binding contract, and none of us could get out of our loan contracts just because we did nto like it. They are complaining about changes in the rules being retroactive. Well, so how it feels when something changes retroactively and applies to everything.

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