AARP (and related discussions on Swiss Franc loans) (II)

Karen Doyle72 said:Oh, they'll be back. Mark my words. Once big banks start pulling their money out of the US because of all these court rulings, they’ll crawl right back here with some sob story about how *we* are the ones who broke the entire American banking system.🤣

About damn time, too... honestly, it was long overdue!
I’m looking at this whole mess regarding those Swiss Franc loans—honestly, it’s enough to make my blood boil! People are out here losing their minds because they thought they were getting a "deal," only to get absolutely hammered by exchange rates that moved like a roller coaster gone off the tracks. It’s absolute madness. And now? We’ve got the Supreme Court stepping in with this ruling, and honestly, I don't know if it's a win or just more chaos in the making. You see these big players like Wells Fargo and JPMorgan Chase playing games with people's lives, treating mortgage holders like they're just numbers on a spreadsheet, and then everyone acts shocked when things blow up! It’s the same old story: the big banks line their pockets while regular folks are left holding the bag. I was reading what some of the folks were saying about it—you know, like how Karen Doyle72 was rambling on earlier—and it really hits the nail on the head. This isn't just about math; it's about whether the system is rigged. And let's be real, it feels pretty rigged from where I'm sitting. Between the shifting regulations and the way the US federal courts have been handling these cases, it’s like trying to hit a moving target in a dark room. It makes me wonder... if the Supreme Court finally puts its foot down, does that actually fix anything? Or does it just open a massive can of worms that Wall Street will find a way to exploit anyway? I've got a bad feeling about this one. It's just another day in the beautiful, chaotic disaster that is our financial system. Total insanity!

Two massive banks just lost their CEOs at once—seriously, can you believe that? It feels like the calm before the storm, honestly. I’m sitting here wondering if this is just some weird coincidence or if it’s actually the opening act for a total meltdown triggered by a Supreme Court ruling on those damn Swiss Franc loans. If the highest court in the land decides to drop the hammer on those predatory loans, the whole banking sector is going to be in absolute chaos. Just wait and see!

Those consumer advocacy groups—you know the ones, like AARP—they totally played the Wells Fargo situation to their advantage. Now they’re all sitting back, acting all smug, thinking the Supreme Court is just going to hand them a victory on a silver platter. They're basically banking on the Supreme Court ruling in favor of the consumers, like it's some kind of guaranteed win! And what exactly would happen then? They’d be trying to squeeze like $4 billion out of the banks through lawsuits—which, let's be real, would absolutely wreck the entire financial system! It’s a total domino effect. You end up destabilizing everything, and who gets hit in the end? Everyone. Every single client. We're talking about regular folks who never even touched a Swiss Franc loan in their lives getting caught in the crossfire of this mess. Total chaos.

Brenda Ramirez2 said:Well, if you want to talk about putting pressure on the American judiciary—since they clearly view us as second-class citizens anyway—you could probably just list "pressuring the courts" as a job requirement and nobody would blink an eye.

About 18 years ago, while working as an analyst in London, I accompanied MDem to the Raiffeisenbank headquarters for a deal. They took us to lunch at their own restaurant, only to find linoleum on the floor. That was when I realized they were even more provincial than we are. They truly are.

It always breaks my heart to see us constantly bashing our own country. When you actually crunch the numbers, we’re easily in the top ten percent, maybe even higher.
Talking about putting pressure on US federal courts is like showing a picture of a naked lady to a teenager with a spray bottle and telling him you've got more. That pressure is absolutely zero compared to what actually happens in those "elite" capitals we worship so submissively.
US banks stealing? Oh, please! First off, which banks are even local? Most of them are just greedy corporations with no real ties to America. They just used small-time local puppets who knew exactly which politician or judge needed a bribe to look the other way. In exchange, they got some dirty little secrets.
What we're seeing here is nothing compared to the theft, embezzlement, and corruption happening in those mythical, "honest" Western nations—nations that were built, and still function, on foundations of enslavement, robbery, murder, and rape...

http://hr.n1info.com/Video/Info/a485...kreditima.html

Honestly, calling this Aleksic guy a populist feels like such an understatement, doesn't it? 🙏

So now he’s suddenly some kind of “populist,” but what does that make the guy talking nonsense?
I mean, honestly, for someone who claims to be so “principled and moral,” he sure isn't about to sue to grab whatever cash is lying around,
even when it's pretty much a closed case...
But hey, I guess that makes sense, since he probably doesn't have much left to do in those shady circles anyway.

So, after three whole months of waiting, the Supreme Court finally dropped the hammer—deciding that those conversion agreements between banks and customers are perfectly valid, even if the actual terms in the original contracts were totally void. Absolute madness.

And honestly? Big surprise there—not like we didn't see this coming.
I guess we just have to hold onto the hope that the pandemic resets this entire broken world. 🍿

Looks like we’re finally seeing those Swiss Franc loans go down the drain, haha...
Who would've thought...

The first final ruling just dropped, declaring the entire Swiss Franc loan contract void

🎉 Finally, a definitive Supreme Court ruling has been handed down 🎉

Jerry Wood11 said:🎉 Finally, a definitive Supreme Court ruling has been handed down 🎉

Just gotta point out, they actually voided the entire contract here.
I'm personally hoping for a ruling just on interest rates soon, since that's what we sued for.
But if the courts start tossing out whole contracts... for those of us who already paid off our Swiss Franc loans early, including all those penalty fees... there’s gonna be some serious cash coming back...

Jerry Williams53 said:Just gotta point out, they actually voided the entire contract here.
I'm personally hoping for a ruling just on interest rates soon, since that's what we sued for.
But if the courts start tossing out whole contracts... for those of us who already paid off our Swiss Franc loans early, including all those penalty fees... there’s gonna be some serious cash coming back...

I spoke with my attorney, and it looks like we’re facing another bottleneck in the legal system because of questions the Supreme Court sent over to the European Union.
I'm worried; the interest is piling up. 👍

Finally moving in the right direction—banks are actually backing off from suing the government:

Posted just a day before the Supreme Court dropped its ruling....
Hmmmmm

So here’s the ruling. Honestly, I have no idea how they’re going to try and wiggle out of this one now.

So, if I'm actually getting this right, does that mean they’re basically forced to cough up the difference between what was originally signed for in USD versus the actual Swiss Franc amount at the time the loan was pulled? Like, assuming someone actually follows through with legal action and all that, and I guess you have to wonder about the loans that are already totally paid off... say, like for a truck or something that was settled maybe ten years ago?

crimsonbadger24 said:So, if I'm actually getting this right, does that mean they’re basically forced to cough up the difference between what was originally signed for in USD versus the actual Swiss Franc amount at the time the loan was pulled? Like, assuming someone actually follows through with legal action and all that, and I guess you have to wonder about the loans that are already totally paid off... say, like for a truck or something that was settled maybe ten years ago?

Exactly. It doesn't matter if it's already paid off. During the legal process, an expert assessment is conducted to calculate exactly how much the bank owes you. They basically determine the gap between what you actually paid under those void contract terms and what you would have paid if the exchange rate used at the start of the loan had remained constant alongside the initial interest rate.

Feel free to ask if anything else comes up.

Rachel Long said:Exactly. It doesn't matter if it's already paid off. During the legal process, an expert assessment is conducted to calculate exactly how much the bank owes you. They basically determine the gap between what you actually paid under those void contract terms and what you would have paid if the exchange rate used at the start of the loan had remained constant alongside the initial interest rate.

Feel free to ask if anything else comes up.

Thanks. I mean, that’s basically what I gathered from the news too, but man, it just sounded way too wild to be true... I guess after living in America for this long, you kind of start to think you've seen it all, right? :-)

Just one more thing, does anyone actually know when the deadline is to get these applications in? I’ve been scouring the web like a madman and honestly, I can't find a single thing about it anywhere online... it's like they just don't want us to know, I guess.
I think I saw somewhere that you probably shouldn't be going over, like, maybe a certain amount when it comes to costs, but honestly, I don't know, my memory is kind of shot today... $3333 So, wait, if they actually win their day in court, does that mean everything just gets handed back to them, or what? Is that how it works? I guess I'm just trying to wrap my head around the whole thing, maybe I'm overthinking it, but it feels like if the Supreme Court finally rules in their favor, they should be getting those funds back, right? Or am I totally off base here?
Look, I know this whole thing is probably going to drag on for years, but honestly, who cares? I’m totally down to kick off the legal process anyway. Even if it takes forever, maybe it’ll finally settle for my kids or even my grandkids down the line—not that I have much faith in our American justice system, knowing how things usually go around here! :-)

crimsonbadger24 said:Thanks. I mean, that’s basically what I gathered from the news too, but man, it just sounded way too wild to be true... I guess after living in America for this long, you kind of start to think you've seen it all, right? :-)

Just one more thing, does anyone actually know when the deadline is to get these applications in? I’ve been scouring the web like a madman and honestly, I can't find a single thing about it anywhere online... it's like they just don't want us to know, I guess.
I think I saw somewhere that you probably shouldn't be going over, like, maybe a certain amount when it comes to costs, but honestly, I don't know, my memory is kind of shot today... $3333 So, wait, if they actually win their day in court, does that mean everything just gets handed back to them, or what? Is that how it works? I guess I'm just trying to wrap my head around the whole thing, maybe I'm overthinking it, but it feels like if the Supreme Court finally rules in their favor, they should be getting those funds back, right? Or am I totally off base here?
Look, I know this whole thing is probably going to drag on for years, but honestly, who cares? I’m totally down to kick off the legal process anyway. Even if it takes forever, maybe it’ll finally settle for my kids or even my grandkids down the line—not that I have much faith in our American justice system, knowing how things usually go around here! :-)

When the situation is this straightforward, I'd say there's really no reason for it to take forever.

Paying off a Swiss Franc loan is basically a guaranteed win.
As for those of us stuck with the converted rates—well, we just have to wait a little longer, I guess. 🙂

Casey Cook10 said:When the situation is this straightforward, I'd say there's really no reason for it to take forever.

Does anyone know if there are any lawyers out there who actually work on contingency—you know, they only get paid after the verdict hits? And more importantly, how the hell do I even find one?

I find myself struggling to process the sheer weight of what Aleksic suggested... the notion that every single individual holding a Swiss Franc loan might be entitled to a reduction of anywhere from 50% to 80%.
Does it not strike you as an incredibly, almost impossibly large amount?

So if I'm reading this right, since I took out a Swiss Franc loan back in 2006 and managed to pay it all off early by 2011, there might actually be a way for me to get the ball rolling on a lawsuit...

Just wanted to clear up that once that loan was closed, I didn't really do anything about it, like joining the Anti-Swiss Franc movement or filing any kind of formal claim or whatever...