2010-06-08 — bnet.com
"Bank of America’s (BAC) move to settle federal charges that its Countrywide unit gouged homeowners facing foreclosure should mark the beginning, not the end, of a full-blown government crackdown on mortgage lenders. That’s because the practices Countrywide is accused of — which range from raising the cost of property inspections, to lying to borrowers about how much they owed, to charging $300 to mow the lawn — are endemic among loan servicers."
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Anonymous at 09:33 2010-06-09 said:
The Bank advertises it loans money. The Bank says, "sign here". However the Bank never signs because they know their not going to lend you their money, or other depositors money. Under the law of bankruptcy of a nation, the mortgage note acts like money. The Bank makes it appear to be a loan in reality its an exchange. The Bankster receives the equity in the home you are buying, for free, in exchange for an unpaid Bank liability the Bank cannot pay, without returning the mortgage note. If the Bank had fulfilled its end of the contract, the Bankster couldnot have received the equity in your home for free. THE BANK RECEIVES YOUR MORTGAGE NOTE WITHOUT INVESTING OR RISKING ONE CENT. The Bankster sells the mortgage note, receives cash or an asset that can then be converted to cash and still refuses to loan you their or other depositors money or pay the liability it owes you. The loan agreement the Bankster told you to sign said LOAN. The Bankster broke that agreement. The Bankster now owns the mortgage note without loaning anything. Permalinkadd a comment | go to forum thread
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