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IPFS News Link • Corruption

Extend & Pretend: Its Either RICO Act Or Control Fraud

The Age of Rage during the French revolution cost people their heads when the guillotine administered public justice daily for the angry masses. Political and bureaucratic heads will also roll in the future if justice is not soon administered. As Marie Antoinette learned too late, it may be much worse than merely the loss of an elected position with all its trappings.

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Comment by Ross Wolf
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Millions of Americans now face the prospect of their own economic collapse. Countless Americans lost their homes or home equity, in part because their own lender continued making mortgage and equity loans to “unqualified borrowers” near their home, despite having (reason to know) that high numbers of existing and projected foreclosures would drive down the value of the home the lender solicited making a loan.

Many foreclosed American homeowners don’t know that they have “recourse mortgages” and “recourse equity credit lines” that allow “their lenders” to attach their subsequent income and assets to recover “lender losses if the lender sells their foreclosed home for less than is owed.

Mortgage lenders alleged they did not breach fiduciary relationships with their borrowers when they did not disclose in advance high numbers of foreclosures in the neighborhood that they solicited borrowers to borrow on property. Lenders state U.S. Law made them make loans to unqualified home buyers. While it may be true government forced lenders to make loans to unqualified borrowers, why should that stop home borrowers suing lenders that never disclosed high numbers of foreclosures near the property the lender solicited making a loan(s), especially where the borrower was required to personally guarantee the loan solicited? At the least, lenders should be prohibited from suing foreclosed home owners for amounts not satisfied by sale of their foreclosed property.