While I attend to a personal matter today I thought I would schedule this for your convenience.
BOA Loses Case (It’s Not the Only One). People need to realize the cases are being won around the country. what is happening is that we keep hearing about the horror stories. There are tens of thousands of cases that have been settled to the satisfaction of the homeowner — but nearly all of them have been settled under confidentiality. So the success stories are buried and the horror stories are the ones that get talked about.
BOA deliberately pushing people into foreclosure. Everybody seems to stop right there. My question is why would a bank be pushing for the remedy that is least likely to give them a satisfactory result and most likely to maximize the loss? The answer is that they are not playing with their own money. The higher the loss that they can report, the less they have to give to the investor whose money was used to originate or acquire loans.
So far there are over 187,000 complaints filed with the Consumer Financial Protection Board. And that is about one tenth of the eventual number when people get wind of the fact that this agency has teeth. Everyone knows they have been screwed but practically nobody knows how they were screwed. Even with reading this blog it is hard to follow for people without a finance and legal background. One agency actually does have a grasp and is getting better at it every day. And Cordray from Ohio is ideal to run it because he was in on the criminal investigations from the beginning.
Why didn’t the Federal Reserve do Anything Against the Banks Who Committed Criminal Fraud? Well, because the Federal Reserve IS the banks. I recognize that there is a conflict in grammar. But there is no better way to say it that I know of. It’s true that since the start of the Federal Reserve system a number of reforms have been put in place. But on balance it is still an uncontrollable agency whose only interest is the welfare of the major banks that own it.
High Frequency Trading as a Laundering Technique. This is like the fox guarding the hen-house. The very same people who stole all that money from investors and who are stealing millions of homes from their owners are the same people we rely upon to tell us in “reliable” reports about “trades” they did as a “broker” when in fact they are laundering money from the mortgage meltdown and trading ahead of big orders that will effect market prices.
Matt Weidner blogs loud and clear. Good lawyer too. He is asking the same questions I am. Where is the outrage? Why are you walking away from your home? Why not defend your rights and beat the banks into submission. Think it can’t be done? Read some history. When inequality and unfairness reaches a threshold, things change and it isn’t pleasant for the rich people who deal in money and who contribute to the misery of others. Ask the Aristocrats who thought that in the end, the outcome was up to them right up to about a minute before the French revolutionaries let the blade come down.
Filed under: foreclosure