The Nevada Supreme Court forced the US Bank CEO, Richard K. Davis, to grab his ankles and take it in the shorts in a ruling made recently in the case of SFR Investments, an investment group.

SFR had said that Nevada law allowed it to foreclose on a property by purchasing the HOA lien after 9 months of non payment of HOA dues. The example case was where SFR bought a property in posh Southern Highlands for $6,000 at an HOA auction, plus back taxes, etc. According to Nevada law, this voided US Bank's 885 THOUSAND  DOLLAR first mortgage.

The bank argued that this decision would force the bankers to quit lending in Nevada. Lol. Well, obviously that wasn't the case, because you can't qualify anywhere, in any state! And besides, banks still lend here to well healed borrowers.

And as to the fairness of the decision, well, the Nevada Supreme Court said that it didn't feel sorry for US Bank, as

the inequity US Bank Decries is thus of its own making....

After I got up from rolling on the ground in laughter, I realized that getting properties back into circulation is protective of the values and is fair to the other HOA members, who would possibly have to pay the difference because US Bank was either too greedy or too lazy or too stupid to pay the HOA fees on a monthly basis.

US Bank has a code of ethics, and certainly they say they abide by them and are an ethical bank. But bully banks who don't pay their HOA's in the great state of Nevada can reap the consequences.

Interesting that the code of ethics means doing the right thing by the communities US Bank is located in, as well as doing the right thing by customers, etc. Tell us oh wise bank how it is that screwing an HOA is good community ethics?

You pitiful bank. No one feels sorry for you. Mr Davis, you should bite the big one and step down. Davis said:

We can screw HOA's in other states, and we thought we could get away with it in Nevada as well. These country bumpkins are smarter than we thought. This episode has become our story, and we wish it would be forgotten quickly. We have bigger fish to fry.

While we appreciate the fact that US Bank is not as arrogant as the Too Big to Fail Banks, this court case exposes arrogance. We aim to fight the arrogance because it isn't proper in a caring society. And that is what we should, at least, strive for.

And we also like credit unions any day, over a bank in this economic environment but I endorse no banks or credit unions because they all could hurt you financially if they get desperate enough. 

Disclaimer: This article contains satire and humor, and while loaded with truth in my opinion, it is up to the reader to verify the claims of the article, which are made in jest and are not necessarily proven fact. Some claims are fiction.