OUt of the millions of "wronged" and illegal foreclosurs has any one come forward and said: I was making my monthly payments on time and the lender foreclosed on me anyway!!! As far as I know, not ONE person has so testified......the banks didn't say "may I?" before proceeding... The banks HAD to be bailed out.....they have repaid ALL of the money plus interest.....the FED make a profit...... If not, where would one trade....do you realize without the financial system we would not have a NYSE, CME or Nasdaq... You guys are really not ready for the adult world yet...... SteveD
A common lie the TBTF Banks try to pass off is that the Banks ARE the Banking System. They are not. The Banking SYSTEM needs to be saved, screw the Banks. TBTF is Socialist - government back-stop. It is funny listening to the banking lobby argue to be Socialist while pretending they are the Captains of Capitalism. Robo-signing is court perjury. But, of course they must be allowed to perjure the Justice System too or....or....the economy will suffer!!!
Bank of America Paid Bonuses to Foreclose: Lawsuit http://www.cnbc.com/id/100818866 The scum of the earth. Why anyone continues to do business with banks like this is beyond me. PNC is a bank that has an amazing heart and does right by people. I don't know why...
---------------------------------------------------------------------------------- Really this is very good example of corruption of capitalism. This is from nitro link. You can see Bank of America do not care about "investors" or do not care about homeowners in the USA. They care about only the profit. They scam. From the link nitro post. "When the tens of millions of loans written during the housing boom of the mid-2000s were sold off to investors, lenders like Bank of America took over the job of collecting checks, making property tax and insurance payments, assessing late fees and other clerical work. When a borrower defaults on a loan and the bank forecloses, investors who own the loan typically bear the loss on the unpaid principal balance. But the foreclosure process generates a lucrative stream of fees for mortgage servicersâfor everything from property inspections to legal work required to seize a home. Those added fees provide mortgage servicers like Bank of America with a financial incentive to forecloseâand a disincentive to provide a more affordable loan, according to consumer advocates. The company shared those incentivesâand disincentivesâwith its workers, based on foreclosure quotas spelled out in monthly meetings with managers, according to Gordon."
what is funny is that if you consistently presented good package to bofa they became my favorite short sale lender to work with it. They must have approved 40 short sales for me in 2012. Basically you had to know what you were doing... show them respect on the phone and tell them that you cant accept a no answer and you will do whatever they need to get your file approved. After that they were you best friends. I thought they were great and they did improve their processes the last few years. It seemed to me if they foreclosed on you, you were too lazy to check on your file on a routine basis. by the way, i do not hand out compliments to big companies or govt very frequently.
"The U.S. government on Tuesday filed two civil lawsuits against Bank of America for what the Justice Department and securities regulators said was a fraud on investors involving $850 million of residential mortgage-backed securities...." http://www.cnbc.com/id/100943593
first key....do not get into debt that cannot be discharged, like student loans. so you can take risks, and if they don't work, well no worries. ok, so finish high school. if not, no worries. work wherever until 2004ish....then buy 10 homes, no-doc loans then rent them all out for 2k a month, so you make 20k a month. make zero payments for years on mortgage while the lawyers stall foreclosure. keep the 700K cash you made....and consider retiring abroad. easy.... super easy..... oh, and then sue BAC for this....
"As the housing market nationwide recovers, this is a dark corner from which banks, stung by hefty penalties for bungling mortgage modifications and foreclosures, have retreated. Federal housing officials, for the most part, have welcomed the new financial players as being more nimble and creative than banks with terms for delinquent borrowers. But the firms are now drawing fire. Housing advocates and lawyers for borrowers contend that the private equity firms and hedge funds are too quick to push homes into foreclosure and are even less helpful than the banks had been in negotiating loan modifications with borrowers. Federal and state lawmakers are taking up the issue, questioning why federal agencies are selling loans at a discount of as much as 30 percent to such firms. One company has emerged as a lightning rod, criticized by housing advocates and lawyers for borrowers, but admired by investors: Lone Star Funds, a $60 billion private equity firm founded in 1995 by John Grayken. In just a few years, Lone Star's mortgage servicing firm, Caliber Home Loans, has grown from a bit player to a major force in the market for distressed mortgages..." http://www.cnbc.com/2015/09/29/as-b...ty-rushes-to-buy-troubled-home-mortgages.html
"In the first half of 2015, Fitch Ratings said of the loans it had reviewed, Caliber had not completed any modifications that included permanent principal reductions. Instead, Caliber generally offers to modify loans for five years, during which a borrower makes either reduced monthly payments or simply pays interest on the loan. But those modifications revert to their original payment terms in the sixth year, sometimes with any deferred unpaid principal or unpaid interest added to the back end of the loan." ----------------------------------------------------------------------------------------------------------- "sometimes with any deferred unpaid principal or unpaid interest added to the back end of the loan." ---------------------------------------------------------------------------------------------------------- This is so much greed and really sad.