Here’s A Cheerful View On The Latest Mortgage Mess
As ably researched by the ever able Dan Collins, here is a lot of good and very frightening information on just why all these big honking banks who took billions of our dollars have stopped processing foreclosures and the gaping abyss they’re facing…of their own fraudulent creation.
Oh, and which in all likelihood the politicians will find a way to stiff us with the bill for.
Read it all, follow the links, and for God’s sake remember it when you step into that voting booth in a few short weeks.
Biz, Morality, Nanny State, Politics | Mr. Bingley | 
October 15, 2010 7:21 am
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Make sure to read ALL the comments in the first link from Dan’s post.
I read most of them. I need a drink. A large one.
well i feel better now….
This is just unbelievable. I also read the DC Caller’s op-ed article which is really first class reporting; they ought to get recognized for this. How mortgage fraud could be perpetrated on this gigantic scale is just beyond me.
The fatcats didn’t learn their lesson with the Savings and Loan scandal, nor with the .com bubble, or with the Enron debacle so it doesn’t surprise me.
I’ve had a Bank of America checking account for years; to be honest, I have a bad habit of keeping too much money in it. (In case you weren’t aware, B of A took over from Countrywide when it went bust.)
Here is what I did today:
– wrote a check for the first installment of my property taxes a month early
– signed a contract with Sears for a new roof. The contract includes the first 12 months interest free, and you’d better believe I’m gonna pay that sucker off within the 12 months.
– sent a deposit to an online savings account.
Why do I tell you all this? I don’t know how much longer B of A is going to last, is why. And I don’t know what’s going to happen to any money I have in that account. And I don’t know that moving my money to a different bank would protect it any better. At this point I’d rather have a roof over my head(literally!) than money in the bank.
Dr. Alice, I just committed to updating my air conditioning system. I have the funds, and (like you) I’d rather have something tangible in hand than keep it in a bank, where it might go away “mysteriously”.
B of A, frankly, deserves to fail. Those nickel-n-dimers fool around with the fees and interest in so many not-quite-illegal ways… My savings account started getting maintenance fees for the lack of a minimum balance – one that did not exist when I opened the account. Then, whenever my checking went low, they’d dump $100 in from the overdraft – even though I was not overdrawn. They then helped themselves to the 16% interest on the overdraft balance “outstanding.” Finally I got fed up and stopped making my automatic deposits, sparking another monthly fee, this time on my allegedly-free checking accoung – $8.95 a pop. That caused me to close my account, and caused THEM to reply by reporting my remaining overdraft balance as a defaulted loan. Bastards.
In the end I paid their sorry asses and I’m finally free of them. That account was opened 12 years and three banks ago.
* I should clarify – the automatic deposits were to the checking account, not the overdraft, which I was paying off according to agreement. Should have realized the agreement would change. I swear it was like banking with a three-card monte dealer in Times Square.