foreclosing on troops

[DiveCon]

and no one in congress has submitted a bill to regulate to prevent the mess from happening again.

Yep obama sucks, he is a 3rd Bush term. But that still has nothing to do with the OP.
I figure most of those mortgages were let before Obama too office?


But to some it is all Owebama's fault.
congress gets a pass.

And it just can't be the banks fault to the corporate pawns.
just like Obama btw

who said congress gets a pass?
sure as hell not me
but Obama was a member of that congress

Yepper 1% of the senate.
So was McConnel and McCain and others.

you are barking up the wrong tree if you think I am an Obama supporter/apologist. However I try and be a non partisan realist.

the OP is though

 

[hjmick]

How many other Americans were cheated

All of them.

 

[ABikerSailor]

You know..........my fondest hope is that this takes Chase down the tubes and their business ends up going away.

 

[Mad Scientist]

So what if Obama voted for the bank bailout? What has that to do with the OP?
McCain voted for it as well and so did McConnel, but that has nothing to do with this.

But only Obama reappointed Bernancke and Geithner in order to get a repeat performance of 2008.

and no one in congress has submitted a bill to regulate to prevent the mess from happening again.

Not exactly true... yet.:
Ron Paul has introduced legislation to abolish the Federal Reserve before and now that the Republicans are in charge of the House, he'll introduce a bill to Audit the Federal Reserve.

 

[Cuyo]

So what if Obama voted for the bank bailout? What has that to do with the OP?
McCain voted for it as well and so did McConnel, but that has nothing to do with this.

sure it does
the MAJORITY of Americans were opposed to this from the get go

Like raising the debt ceiling. The majority of Americans don't get it.

 

[uscitizen]

But only Obama reappointed Bernancke and Geithner in order to get a repeat performance of 2008.

and no one in congress has submitted a bill to regulate to prevent the mess from happening again.

Not exactly true... yet.:
Ron Paul has introduced legislation to abolish the Federal Reserve before and now that the Republicans are in charge of the House, he'll introduce a bill to Audit the Federal Reserve.

Umm a seperate issue, but I agree with auditing the federal reserve.

 

[editec]

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.

Right wing bankster apologists Myth # 1

The community investment act of 1977 was over three decades old when the meltdown happened

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.

Right wing bankster apologists Myth # 2 -

It demanded was that banks reinvest in the NEIGHBOHOODS where they did business.
It made NO provision about INCOME of borrowers

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.

It was NOT artifical, it was a very REAL secondary market.

But the complaint (that it decoupled RISK of bad loans from the lenders) certainly has great merit

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

TRUE --what's more they lied to their clients about the risk involved.

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

I don't know if he was warned, but I agree that he did nothing.

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

Sure they did. The use of the term" pushed" is a bit much, though.

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!

Yes. But then what do you expect? They played by WHATEVER rules the LENDERS told them to play by.

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

Sure looks that way to me, too

There were many culprits, but the lenders first and foremost wrote the loans!

YES!

AND, contrary to BANKSTERS' myths 1 and 2, NOBODY made them do it, either.

They did it because they KNEW they would not be on the hook when the shit hit the fan

 

[Mad Scientist]

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.

One thing is being missed here. The reserve component. Many troops get sent overseas and make less, sometimes FAR less than they made when they were stateside being "weekend warriors". I'm not putting them down, just saying that they should have thought about that when they purchased a home so why should a bank fall on the sword for a service member living beyond their means?

I'm a vet and when I looked at refinancing my house I called the VA and compared rates. VA rate was 6.5% but a civilian bank offered 4.5%. Why can't military members shop around for the best rate? They do it for car insurance I'll bet.

Sidebar: WTF is a "Delta fighter jet"? I know what a F-18 Hornet fighter/attack jet is but it's not a delta. An A-4 is a delta (triangle shaped wing). I got the feeling that the Capt. is a Reserve guy who flies for "Delta Airlines" full time but that was left out of the story.

 

[Truthmatters]

The country would have been in the depths of a great depression if the banks had not been bailed out.

It could have been done in such a way that the country made enough money to fix many of the problems it created for our country.

Bush and Paulson did not want to design it that way because it would have put the burden back on the banks for this mess.

They sold the American people out to help te banks make money.

 

[editec]

What I find interesting about this thread is when the left complains about the banks doing this to civilians, they're all commies.

But if a couple military people have it done to them, well then it matters?!

 

[Truthmatters]

There are many examples of the banks harming non military families through fraud.

The very people we bailed out without strings are profiting yet again off the misery of the American people.

It pains me no one seems to care about anyone anymore.

 

[boedicca]

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.

You are one of the stupidest people of the internets.

We have the rule of law. If the banks broke the law, there is a legal remedy. Your expectation and desire that the government provide complete security against anything bad ever happening is of far more danger to our society than a few bad actors being caught and held accountable.

I cannot help but wonder, however, how many of the affected military personnel were victims of the government sponsored Housing Bubble.

 

[Truthmatters]

Yes the government sponsered housing bubble harmed all Americans.

That is what happens to our economy when the markets are not properly policed

 

[ABikerSailor]

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.

One thing is being missed here. The reserve component. Many troops get sent overseas and make less, sometimes FAR less than they made when they were stateside being "weekend warriors". I'm not putting them down, just saying that they should have thought about that when they purchased a home so why should a bank fall on the sword for a service member living beyond their means?

I'm a vet and when I looked at refinancing my house I called the VA and compared rates. VA rate was 6.5% but a civilian bank offered 4.5%. Why can't military members shop around for the best rate? They do it for car insurance I'll bet.

Sidebar: WTF is a "Delta fighter jet"? I know what a F-18 Hornet fighter/attack jet is but it's not a delta. An A-4 is a delta (triangle shaped wing). I got the feeling that the Capt. is a Reserve guy who flies for "Delta Airlines" full time but that was left out of the story.

Why should the banks fall on their sword? Simple......the reservists have no recourse other than to go active duty and deploy when their units' number comes up.

And.....if I recall correctly........whenever a reservist is recalled to active duty, they are allowed to get the lower 6 percent rates for the time they are active.

You on the other hand are a total 'tard.

 

[High_Gravity]

The banks could give a fuck less about any family, military or not.

 

[Truthmatters]

These banks tried to pull a fast one on deployed troops.

They thought these families would be too uninformed and that they could steal from them at will.

This is who the people on the right defend with their cavailing about tax breaks for the wealthy and corprations.

Just like anywhere in the world laws need to be in place to protect people from those who would seek to gain off of the misery of their fellow man.

Just because someone is wealthy and or running a business does not give them better morals.

Some people are honest and decent , some people are not honest and decent.

How much they make or how much power they weild does not make them more trustworthy.

Its their actions that show their souls.

How many times do we have to be stolen from by these people to realize giving them no rules means they will do anything.

 

[ABikerSailor]

You know.......this is one place where the JAG Corps can really earn their spurs.

I remember them going after slum lords and ripoff rental joints in Norfolk VA during the 80's.

I'd REALLY like to see them take these fuckers at Chase down several notches. Like I said, I hope their company tanks and goes bankrupt.

 

[Truthmatters]

It just amazes me that the right seems unconcerned about this evil prepitrated on our deployed troops.