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IPFS News Link • Housing

How Banks Handle Foreclosures Is A Homeowner's Worst Nightmare

Basically, that mortgage servicers "promised" (whatever that means, we don't find out. Obviously, it wasn't in writing.) to modify mortgages, but instead, they foreclosed on most properties and modified just 1%. The second is that when explaining the rush-to-foreclosure process she says, “I think some of it was that they didn’t think borrowers were worth helping. There was some disdain for borrowers.” Honest! And totally unproven because she doesn't go into detail. But it reminds us of the opposite of when Jamie Dimon said, "Giving debt relief to people who really need it. That's what foreclosure is." It's a homeowner's worst nightmare: That banks rush to foreclose 99% of the time because (Bair suspects) bankers have a disdain for borrowers.

1 Comments in Response to

Comment by Joe Tittiger
Entered on:
Why does everyone avoid the reality that bankers are criminals that counterfeit money? 

Every time you borrow from these criminals you create inflation and cause your neighbors to be robbed. Not something that a Christian should be participating in.

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