No one cared when the foreclosure mills engaged in gross and systemic abuse of consumers because after all they did not pay their mortgage.
No one cared when the foreclosure mills filed fraudulent, forged and illegal documents in courtrooms because, after all, it’s okay to abuse the legal process when you’re using courts to abuse consumers that did not pay their mortgage.
No one cares much that banks continue to lie to their own investors, telling them assets exist that are in fact non-existent. PONZI schemes take a while to be revealed.
But I wonder if stealing from the federal government might get people to wake up?
Most people involved in foreclosure have no real understanding of the reality that foreclosure mills are hired and paid for by the taxpayers of the United States of America.
Foreclosure Mills Are Hired And Paid For By The American Taxpayer!
Just wrap your heads around that for a moment….Americans are being foreclosed on by foreclosure mills that are paid with their own tax dollars. Now it’s not exactly a direct, straight line, the money passes through intermediaries Fannie/Freddie….but we’re paying the inflated, padded and fradulent bills nonetheless…..
Read more from David Dayen:
Foreclosure mills are hired by mortgage servicers, companies that handle the day-to-day operations on mortgages but do not own the underlying loans. This is a major problem because mortgage servicers (frequently arms of big banks like Bank of America and JPMorgan Chase) want different things out of a foreclosure than the loan owners (who could be any investor, from a public pension fund to mortgage giants Fannie Mae and Freddie Mac) do. Investors in the loans frequently benefit from modifying a loan instead of foreclosing. But the mortgage servicer financially benefits from foreclosure because their compensation is structured in such a way that a modification hurts their bottom line.
The extent to which this has been occurring for decades….and continues to occ
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