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In the discussion thread: yes, 99% spring is a fraud [View all]

Response to Mc Mike (Reply #31)

Sat Apr 21, 2012, 12:02 PM

32. What are Dems doing to stop the continuing illegal foreclosure machine?

 

Wells Fargo and Bank of American are STILL robo-signing years after being caught and after taking taxpayer bail-out monies. Millions are losing their homes and millions more will. Banks and Wall Street are buying foreclosed homes cheap in order to rent them out, turning us into a nation of renters, not owners. And themselves into kings and queens.

What are Dems doing to stop this, and punish this? NOTHING.

Any Dem-focused group is adding to the problem, not solving it. You cannot fix the corrupt system by voting for it! "Our" representatives are not doing their job, not one whit.

Any group stealing Occupy's terminology and selling themselves as similar, while fully supporting the system previously and currently destroying the country is NOT Occupy, and is not welcome at all. They -are- the problem, not the solution (which is to create new systems obsoleting the old, new systems serving the people and not the rich). One cannot simultaneously be the problem and solve the problem.


Wells Fargo Insiders Detail Foreclosure Fraud Practices: ‘It’s Exactly Like An Assembly Line’

http://www.alternet.org/newsandviews/article/907008/wells_fargo_insiders_detail_foreclosure_fraud_practices:_%E2%80%98it%E2%80%99s_exactly_like_an_assembly_line%E2%80%99/

"That Wells Fargo has fraudulently processed mortgage documents using a process called robo-signing has been evident for nearly two years, since scandal enveloped the mortgage industry in 2010. That it kept doing it even after the scandal broke has been known for months. The practice, at Wells Fargo and other Wall Street banks, has led to waves of improperforeclosures and a $25 billion settlement with the federal government and state attorneys general.

A new report from MSNBC, however, provided an inside account of how Wells Fargo’s robo-signing department works. Unqualified employees with salaries ranging from $30,000 to $50,000 are given titles like “vice president of loan documentation” so they can sign foreclosure documents. Actual supervisors institute quotas on employees, forcing them to sign a certain number of foreclosure files each day — sometimes telling them they can’t eat breakfast or take lunch until they’re done. Documents required for homeowners to avoid foreclosure were ignored, left sitting on an unattended fax machine."

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