foreclosing on troops

Discussion in 'Economy' started by Truthmatters, Jan 17, 2011.

  1. Truthmatters
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    No. 2 bank overcharged troops on mortgages - Business - Real estate - Mortgage Mess - msnbc.com


    One of the nation's biggest banks — JP Morgan Chase — admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families.

    The admissions are an outgrowth of a lawsuit filed by Marine Capt. Jonathan Rowles. Rowles is the backseat pilot of an F/A 18 Delta fighter jet and has served the nation as a Marine for five years. He and his wife, Julia, say they’ve been battling Chase almost that long.
     
  2. Truthmatters
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    How many other Americans were cheated
     
  3. uscitizen
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    uscitizen Senior Member

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    A right wing quandry. Support the troops or Corporate America?
     
  4. GHook93
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    GHook93 Aristotle

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    I think it is safe to say that there were more culprits in the mortgage meltdown than any side wants to admit.

    First, Da Banks. Yes they were in essense forced to provide loans to lower income borrowers because Clinton pushed the ill-advised Carter Era Community Reinvestment Act on them, however, that didn't mean they needed to toss out their risk matrix. Verify income! 80% or 90% LTV at the least. Etc. They knew they were bad loans and they wrote them anyways. Many were sold on the seconardy market to Fannie Mae and Freddie Mac. Many were package in CDOs and sold as A+++. The lenders first and foremost are to blame.

    Second, Clinton and Carter. Carter developed the Community Reinvestment Act and Clinton pushed in on the people. It forced banks to lend a certain amount of their portfolio to lower income people in order to get tax benefits and many other perks that would have kept them competitve.

    Third, Fannie Mae and Freddie Mac. They created an artifical secondary market where lenders could write risky loans and sell them off instantly. It created the ability for lenders to write blow up loans and sell them instantly without having to deal directly with the blow up.

    Fourth, the Wall Street Bankers and packaged toxic loans in CDOs and sold them as A+++ paper.

    Fifth, Bush Administration. Who did nothing in the face of such craziness, even though he was warned years back of a bubble growing.

    Sixth, Real Estate Brokers. They pushed property onto to people who couldn't pay for them.

    Seventh mortgage brokers. Although they followed the lender guidelines, they stated income for people who didn't make that much more and got people in loans that made no sense to them!

    Eight, Dodds, Frank and the other people who protected Fannie Mae and Freddie Mac.

    There were many culprits, but the lenders first and foremost wrote the loans!
     
  5. Trajan
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    Trajan conscientia mille testes

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    come on dude....
     
  6. California Girl
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    California Girl BANNED

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    What? You expect more from usc? Why? He's an idiot. Nothing new here.
     
  7. Truthmatters
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    If you think USC is a fool Cali then you really are not paying real attention to the things he says.

    He has predicted nearly everything that has happened in our economy for the near decade I have known him on the internets.
     
  8. william the wie
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    william the wie Gold Member

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    I thought US law prevented lawsuits for debt against those in uniformed service? When did that change?
     
  9. Truthmatters
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    They cheated and lied to these people reguardless of the laws.

    They did the same to many Americans.

    They created this mess and then were bailed out by Bush with no strings attached.

    Then they cheated Americans out of their homes , including these deployed soldiers.

    This was the plan of the corporate banks all along.
     
    Last edited: Jan 17, 2011
  10. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Obama voted for the Bank Bailout.

    Now as President he has a former JPMorgan Chase guy as his Chief of Staff. He's a Harvard and Yale grad just like "Dubya". That's a good illustration of "hopey and changey" aint it? :lol:

    I know you Liberals are all pissed of about that right? Or are you still being cowed and silenced by all that "lets be civil" bullshit?
     

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