my new hero!

[kitefish]

Michael Carnacchi vs US Bank.

Seriously,google this,he's using RICO,constitutional Law, and the Credit card company offered a mutual walk away,restore his credit rating....

And he refused!

He made it personal,challenges the bailouts of all of the major banks.

I'll be watching this one!

[WhoCares1000]

I would have taken the offer. The problem with trying to make common law is that there is the possibility that you could lose.

[admin]

I'm with WhoCares

[BV80]

Here's a link to the story:

http://www.creditslips.org/creditslips/2010/06/is-us-bank-collecting-illegal-interest-rates.html

Very interesting.

[WhoCares1000]

Maybe so but if I read the bottom of the article correctly, there is still the issue of getting a judge to go along with it. This would establish new case law and gut the First Mutual Bank of Omaha rulings.

I still would have went with the deal rather than tried that but each to their own. I wish this person good luck as it would rein in some of the interest rates being charged.

[kitefish]

He now has the assistance of a lawyer willing to litigate and that it has been moved to Federal.

They are structuring the attack as a a possible conversion to a class action lawsuit.If they prevail, the ramifications are enormous.

It may mean that usury rather than it's tamer cousin unjust enrichment can be used in affirmative defenses.

That's just one of the prongs of his case.

And...oh man,RICO?

The fact that the bank($) were willing to forgive the debt and essentially restore his credit means that they realized that this pro se defendant had the passion and enough knowledge to fight them to a standstill.

I find it inspiring.I hope he succeeds.

....and finally,we(as taxpayers) bailed these banks out to the tune of billions

of dollars,it seems they used a lot of that money to hire litigation spe******ts,law firms et al to come after us.

I for one was unable to refinance with" Citigrope" after 10 years of flawless payment history. I was lucky enough to find a local bank to do the deal...just before the bubble burst. I was lucky.

Too big to fail? No:

Too big to do human scaled business with people in communities,too big to give a **** about people attempting to work with them as they ratejack and ruin peoples financial futures.

argh.

end of rant

[LostMind]

Can we contact our creditors and tell them we are going to actively seek participation in this class action if they don't settle our accounts ASAP?

[kitefish]

He has to win first.

If you contact your creditors citing a case that is "in" the system as a threat,

they'll laugh,point fingers ,and then sue.