Posts by Timothy Kim9

If the court isn't happy with the math, they can
hire their own expert to run the numbers.

Loan conversions in Mexico:

(The gist: they're writing off 38% of the principal, capping interest at 3.4% EUR)

My old contact over at Hypo refused to hand over my paperwork, claiming
it’s all tied up in a closed loan.
Anyway, I’ve handed the whole thing over to my lawyer—because let's face it,
those banksters aren't going to budge unless the Court orders them to turn over the files.

Back to the dark ages—anyone remember the Rohatinski mess? (It’s old news,
but definitely not forgotten)

Anyway, here’s what’s going down over in Mexico

http://www.seebiz.eu/sud-banke-da-do...avi/ar-192027/

Interest rates have nothing to do with the currency—at least in my book.
(Look, I’m no lawyer, so don't take my legal expertise as gospel
it's just pocket change), but this applies to EVERY currency out there.

By the way, American laws don't really recognize the concept of "fixing
a bad contract." If you follow the letter of the law, it should look like this:
-they give me what I gave them, and I give them what they gave me.

(Not that it'll actually work that way)

We need to figure out if the interest rate actually went up from the original starting point.
And if it did—what was the benchmark used?
-Standard stuff like LIBOR, EURIBOR, or Treasury bills are legally defined, whereas any changes made just by a bank's internal decision
aren't legally binding—not since they had to align everything with EU regulations.
-If the rate was lowered compared to the start, or if it stayed exactly the same, I don't see much ground
for a lawsuit, since a fixed interest rate is perfectly legal.

The statute of limitations on the Currency clause starts running in 2021, if I recall correctly.

P.S. One of the major banks here in the US has already started setting aside reserves
to cover the losses from all those lost lawsuits.

Keep fighting, folks. 😁

You should probably bring that up over at PDF Alternatives.

I already know all that, thanks.
But you know what they say—death has been grinning at us
from day one, right from birth.

Thanks anyway.

The checkups are pretty intense—every three months.
My guess? It’s every five years at first, then it probably settles into every six months.
(Budget for the whole morning once a quarter, though
if I remember correctly, the results come back almost immediately)

Fingers crossed.

For years, my mom had this dark spot on her leg.
They kept telling her it was just a mole. Give me a break—a mole isn't 2 cm wide.

The doctors finally stepped in and diagnosed it as melanoma. It hadn't gone deep yet,
just spreading across the surface of the skin. They did surgery and removed the lymph nodes.
Her biggest issue ended up being lymphedema. She didn't need chemo.

It’s been years now, and there hasn't been a trace of the disease.

Everything should turn out fine. Fingers crossed.

And I'm telling you, you can actually handle some of this yourself
In my case—and honestly, this goes for Wells Fargo and Bank of America too—they handed me 10 $0.00
right then and there. You just have to ask 🙂

Money will show up eventually—enough for a decent burger, at least. I’m telling you...

http://www.seebiz.eu/presuda-splitsk...ate/ar-183260/

Looks like the Supreme Court is leaning slightly toward
revising those contracts:

Some things rejected in a Swiss Franc loan
http://www.seebiz.eu/preokret-u-sluc...nke/ar-181720/

while others in USD actually go through
http://www.seebiz.eu/potvrdena-prva-...ima/ar-181604/

@Maverick

Yeah, that clause allowing banks to hike interest rates "at their own discretion" isn't necessarily void.
Most banks—for reasons everyone already knows—saw much steeper climbs
on those Swiss Franc loans compared to
the ones pegged to the dollar.
Loans tied directly to EURIBOR or LIBOR, where the rate shifts were actually following the index,
are probably perfectly legal.

I don't think the conversion error was the main issue—that’s a stretch...

The real problem is that people need to have realistic expectations when it comes to court rulings.
In my opinion, there might be some outcome, sure—but that "outcome" will likely just be a fancy dinner at a top-tier
restaurant (instead of losing a hundred thousand dollars)

My take? They’ll probably try to "fix" those worthless contracts by
making them legally binding again.

For the converted loans, the currency issue is already handled—it's just the interest left to deal with. If I recall correctly
based on some figures out of Mexico, the compensation amount was roughly 5% of the mortgage value.

Look, I’m no expert—but from what I’ve gathered,
your Excel sheet might actually be a decent starting point.
The court's job is just going to be appointing someone to handle the
official math for the proceedings, and once that's done, the big banks won't have anything left to argue about.

Here’s the breakdown of the ruling: