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More on the Class Actions Re Foreclosures - Banks are screwed.

Excerpt from OP: the entire intent of these loans was not to be a mortgage at all. It was, I allege, more akin to an asset-stripping scheme where the borrower would be effectively forced to come back to the lender after a couple of years when the teaser expired or the inevitable reset or recast occurred and effectively hand over his accumulated "appreciation" in price through yet more fees to be paid to the "lender."I believe that for all intents and purposes, from the lender's point of view, this was nothing more than renting the house, as passing of a clear title to the buyer was never part of what was contemplated by the lender - but of course the borrower wasn't told this in advance - or at all. View the suit at hotlink. View the live thread at GLP here

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