Big banks abusing their deal

Mar 2012
56,188
37,764
New Hampshire
#1
Here we go again..Remind me why we bailed them out?

"The nation's largest mortgage lenders are violating the terms of a punitive 2012 settlement that was meant to prevent unfair and unnecessary foreclosures that destroyed communities and pushed working families from their homes."

"Interviews by POLITICO with more than 20 housing counselors, Legal Aid lawyers and government prosecutors in states hard hit by the real estate crisis that followed the 2007 financial meltdown reveal that the nation's top lenders are violating the settlement and rules put in place last year by the Consumer Financial Protection Bureau. In some cases, the problems — repeated requests for the same documents, for example — stem from ongoing disorganization deep inside the loan servicing departments of the banks, but some homeowners and their representatives claim the issues are a deliberate attempt to use foreclosure to resolve cases that have lingered for years. "

"But the abuses haven't stopped. Since the beginning of 2014, more than 60,000 complaints have been filed nationwide by borrowers about servicers rushing the foreclosure process or mishandling a modification request. But the complaints likely underestimate the problem because most homeowners have no idea the database exists, according to counselors and attorneys."

"The abuses by lenders continue, POLITICO has found, because the settlement deal was crafted in a way that limited oversight and gave banks a wide enough margin of error that they wouldn't be held accountable if they continued their bad practices. Lawmakers are waking up to the consequences of the cushy deal, as are current and former state prosecutors who say that civil investigations are underway."

Big banks abusing 2012 settlement deal - POLITICO
 
Likes: 5 people
Mar 2012
56,188
37,764
New Hampshire
#3
Good luck generating interest on this. Seems no one on either side of the aisle really cares about the banks. Which is odd considering how much control they have.

There's evidence the regulators are essentially prevented from doing their jobs. http://politicalhotwire.com/political-discussion/112381-financial-regulators-only-pretend-do-so.html. This thread basically got no responses.
Quite true. We seem to erase the whole banking crisis from memory. I guess they were too big to fail..
 
Likes: 1 person

Babba

Former Staff
Jul 2007
75,300
65,598
So. Md.
#4
Until the government gets serious and puts some prominent bankers in jail, this will continue. And the government won't do anything about it because our government is owned by big money.
 
Likes: 5 people
Oct 2013
14,015
12,604
Sweden
#5
Until the government gets serious and puts some prominent bankers in jail, this will continue. And the government won't do anything about it because our government is owned by big money.
I agree with your post 100% BUT since the banks own the govt, we shouldnt be surprised, govt is no longer an adminstrative arm of the populace, its the puppet of banks and other big industries or interests....

Its really time we start taking our responsibility and see our own fault in all this for allowing the govt to be taken over as it has and to remain under the control of entities other than the populace...maybe if we did that we would realize that we have the power to change it (not easily to be sure, but we do have the power to do it)
 
Likes: 2 people
Mar 2012
56,188
37,764
New Hampshire
#6
I agree with your post 100% BUT since the banks own the govt, we shouldnt be surprised, govt is no longer an adminstrative arm of the populace, its the puppet of banks and other big industries or interests....

Its really time we start taking our responsibility and see our own fault in all this for allowing the govt to be taken over as it has and to remain under the control of entities other than the populace...maybe if we did that we would realize that we have the power to change it (not easily to be sure, but we do have the power to do it)
I think we are halfway there when we see candidates like Bernie Sanders, Elizabeth Warren and even Trump to an extent doing so well. But we wont accomplish anything if people go to the polls and vote for someone else. What we say and what we do, there is still a huge disconnect.
 
Oct 2013
14,015
12,604
Sweden
#7
I think we are halfway there when we see candidates like Bernie Sanders, Elizabeth Warren and even Trump to an extent doing so well. But we wont accomplish anything if people go to the polls and vote for someone else. What we say and what we do, there is still a huge disconnect.
But we have to go further...this idea of just voting for reps and hope they will actually represent is a problem....I think people need to be more active and demand more of reps on specific issues. They dont seem to react much to pressure from the people so there is no competition with the puppetmasters, no way to wrestle control back....we vote them in and the puppet masters take over and if they dont do as they are told, they are crucified by the corp owned media and we, the public, dont do a thing about it.

We need a more participatory democracy, this representative thing is not working.
 

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