Banks Continue to Hoodwink Homeowners
The Gantt Report
The settlement made a year ago with many of America’s biggest banks was supposed to address claims of foreclosure abuses. Citizens were bamboozled into thinking the settlement deal would allow millions of borrowers to escape the treat of foreclosure.
Today, don’t worry about ripped off bank customers, Harry Houdini and Chris Angel couldn’t escape the foreclosure traps seemingly set by beast bankers.
This is the trick. In the fake deal, banks were to grant $25 billion worth of mortgage relief by reducing the principal balances on troubled loans but in many cases banks are not helping with troubled PRIMARY mortgages. The beast bankers instead forgave only second mortgages and perhaps home equity loans which suggested to government regulators that the banks had met their obligations under what seems to me to be a phony settlement.
Beast bankers appear to be only tidying up their balance sheets. They are doing little or nothing to keep people from losing their homes.
Many African Americans are running away from beast bankers and running to title loan companies and payday lenders.
Many states banned many title and payday loan companies from operating in their geographical confines so the sometimes financial crooks set up online operations in more hospitable states and in foreign countries like Belize and Malta and in the West Indies.
So, what does this have to do with beast bankers? Well, JP Morgan Chase, Bank of America and Wells Fargo get paid by payday and title loan folks to allow them to deduct and withdraw loan payments directly from borrower’s bank accounts even in states where the loans are banned entirely by state governments.
If the beast bankers didn’t help financial thieves in processing and sending electronic funds, the payday and title lenders couldn’t operate.
You tell me, if the states cap interest rates on payday loans at 25%, how can the banks skirt state laws and allow online lenders to charge customers much higher interest rates?
Lenders should be required to honor lending laws in the state where each borrower resides and be prohibited from charging any amount of interest the beast bankers want to charge.
Even though Federal Law allows customers to stop authorized withdrawals from their accounts, many customers say beast bankers do not heed requests to stop the online loan processes.
One more way beast bankers are robbing customers, I think, is the banks arbitrary and malicious implementation of “fees”. If you agree in refinancing to pay a specific amount, beast bankers will charge you more and say the increased charges are “fees” that you didn’t agree to. When you don’t pay the arbitrary inflicted fees, the beast bankers will start charging you interest on the mysterious fees that you never agreed to pay and add those increased costs to your mortgage balances.
Finally, how can beast bankers do all of these things if they don’t even hold the original mortgage notes and other transaction documents?
They can do it because they are allowed to do it by state and federal banking regulators.
Yes, one year after government and bankers announced a foreclosure settlement, bankers found way to circumvent the settlement and America’s beast bankers are still stealing!