Thursday, February 9, 2012
Dirty rotten lying greedy bastards
Banks got 7.7 Trillion dollars for the mess that they created and what did the homeowners who lost their homes get? Settlement is for $25 billion but for those who actually got kicked out of their homes a paltry $2000. And nothing said about one of these crooks going to jail for the scam mortgages or robo signing documents. Last time I checked forgery on that scale was still a felony.
You've heard of a bank robbery? Well now we have:
Twenty five million homes have been foreclosed on from 2007 to 2011 and I'd bet more are to follow yet little was done to stop or even slow the process. So we were robbed twice. The banks got a bail out and nothing more than a slap on the wrist. The justice department sat on their hands and watched this happen and not until last month did our government even begin to address the problem. It was a multiple win for the banks as I see it. They got the fees for closing the bad loans in the first place. They got the initial mortgage payments that went mostly to interest. Then when the homeowner couldn't pay they slapped on late fees. Unless the homeowner files bankruptcy he gets hit with the foreclosure costs. The bank gets to keep the property. And to add insult to injury the bank can go after the homeowner for the difference between the mortgage balance and what they can sell it for which is called deficiency of lien. And what did banks do when poop met fan? They raised the fees on regular customers checking savings debit and credit accounts many whom probably don't even have a mortgage.
Here's a bit of info that nobody is considering in all this. For all his blather, and you know that's all it is, Newt Gingrich rants about going after Fanny and Freddy (you'd think they were Bonnie and Clyde the way he talks). Well if they did that the big boys Chase, Wells Fargo and all would take a beating for you see they hold secondary mortgages on all or most of these loans. Keep peeling back all the layers of rating fraud, scam mortgages, liar loans and all and you have an onion with nothing in the middle. And Newt for all the BS that he's feeding you was promoting the very thing he's now saying he's against. Historian my butt!
And good luck trying to get a mortgage these days. Be prepared to provide proof of every financial transaction of the last twenty years. It wouldn't surprise me if they didn't ask for a cavity search. Late on a car payment back in 1975 could disqualify you. Credit score better be in the high 700s or higher to pass their approval. One error and they'll show you the door but you think any of them will see the inside of a prison for what they've done?