Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Jim Hightower: Bankers keep running with illegal foreclosures

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-11-11 02:43 PM
Original message
Jim Hightower: Bankers keep running with illegal foreclosures
http://www.jimhightower.com/node/7519

>>>snip
That's the virtue of the "ouchie" that Bank of America, Goldman Sachs, JPMorgan Chase, Wells Fargo, and other big financiers got last year when they ran into the law after racing wildly through home foreclosure paperwork. They were caught falsifying thousands of documents and taking illegal shortcuts that were causing innocent families to lose their homes. They had to pay fines, make restitution, suspend foreclosures, and pledge to clean up their act. But, at least, they learned their lesson.

Oh, wait – these aren't two-year-olds. They are wiley bankers, and the only lesson they ever seem to learn is that shortcuts can be profitable – as long as you don't get caught. But, once again, they've been caught rushing through foreclosures, using the same old scam called "robo-signing."

To foreclose on someone's home, an authorized bank employee must sign the foreclosure document, swearing that the facts in it are true. But that requires hiring people to review each case. To avoid that cost, they take an illegal shortcut by signing the name of someone who has not read the document and might not even exist. In one Massachusetts county, for example, "Linda Green's" signature has recently appeared on some 1,300 foreclosures. Curiously, her signature was written in many different styles, and she had many different titles. Also, there's no Linda Green presently working in the mortgage banking company involved. Meanwhile, state officials say that robo-signing is, once again, "an epidemic," all across the country.

It's a federal crime to do this, yet no bank or banker has even been charged. Until we put a CEO in jail, the banking barons will never learn their lesson.
Printer Friendly | Permalink |  | Top
Vincardog Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-11-11 02:47 PM
Response to Original message
1. Until we put a CEO in jail, the banking barons will never learn their lesson.
Printer Friendly | Permalink |  | Top
 
Bill USA Donating Member (628 posts) Send PM | Profile | Ignore Thu Aug-11-11 02:59 PM
Response to Original message
2. great post. recommended!
Printer Friendly | Permalink |  | Top
 
gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-11-11 03:02 PM
Response to Original message
3. Unprosecuted federal crimes
Maybe someone should notify the Department of Justice and Attorney General Eric Holder?
Printer Friendly | Permalink |  | Top
 
qb Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-11-11 03:15 PM
Response to Original message
4. Business as usual in the USA: Do whatever you can get away with to turn a profit.
:banghead:
Printer Friendly | Permalink |  | Top
 
drm604 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-11-11 04:29 PM
Response to Original message
5. K&R
:kick:
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Oct 31st 2024, 06:24 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC