Wake up, little lambs, the laws do not protect you. One of the bigger picture things I’m going to be focusing on here over the next several months is how the “wins” for consumers are really just accidents. That’s right. While we want to think that our legal system is fair and equitable and that there are real protections for every person, (you know the whole Equal Protection Under The Law and Due Process?), the fact of the matter is that the banks and larger corporations have written our laws and they have gutted nearly every provision and letter that might possibly benefit consumers, instead, (guess what) wait for it, wait for it….that’s right, the lobbyists and corporations, with the assistance of our elected leaders have drafted the laws so that the corporations are protected against any of their wrongdoing.
But good lawyering, divine intervention and a little kharmic justice has allowed consumer lawyers to turn the laws the corporations drafted for themselves against the banks and corporations. It’s a startling thing that I only recently started focusing on and it really is quite disturbing. We’re not really winning these cases or getting some taste of justice because there are laws that exist to protect consumers, no the fact of the matter is we are simply stumbling upon and benefiting from the laws the corporations bought to protect themselves from one another…..it’s sort of a legal version of the law of unintended consequences…now see how this comes into play in a the real world….
A U.S. Bancorp unit asked a New York court to force Bank of America Corp. (BAC)‘s Countrywide Financial unit to repurchase more than 4,000 loans in a mortgage pool to repair breaches of contract related to improper underwriting.
The unit, U.S. Bank National Association, sued Countrywide yesterday in state court in New York, saying the lender agreed when it sold the pool in 2005 that it would repurchase all the loans within 90 days of receiving notice of a material breach. U.S. Bank is trustee for HarborView Mortgage Loan Trust 2005-10, which held the pool. The pool’s original value was $1.75 billion, the bank said in court papers.
