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IPFS News Link • Housing

Foreclosure-Gate: Open Season For Banks To Prey On The Public

You think I'm kidding, right? The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. Oh, so 150,000+ bogus affidavits - each an alleged count of perjury (and perhaps forgery) will lead to a felony criminal charge, right? The group isn’t pursuing a criminal investigation, Miller said. “Our focus is to reform the servicing process and that’s inherently civil, not criminal,” he said. I see. So the standard is that if you're a bank, you can break the law. Any law - and it's not criminal. At worst it's a civil matter. Maybe. It's not criminal to break into someone's home when you have no right to be there (as has been documented in multiple cases) - if you're a bank, or employed by one. And it's not criminal to falsely swear before a court - if you're a bank, or employed by one. This is sorta like how it wasn't criminal to launder drug money - if you're a bank, or wire money to a prohibited nation (for alleged terrorist uses) - if you're a bank, or to be involved in a massive bribery and other associated events...

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