Shame On Mortgage Lenders For Shameful Foreclosures

Wednesday, April 20, 2011, AM | Leave Comment

Last week on Wednesday, three of the Federal Government agencies – the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency – ordered 16 of the nation’s largest mortgage lenders to reimburse homeowners who were improperly foreclosed upon. Media report that the government has also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010.

You know the sad part? We, the first generation immigrants, came to the United States because most of us got sick and tired of the way the system treated the POD Group in the old country. Mark my word for it. The way some of the things work here, America is slowly becoming a third world country. We came to the New World but little did we know it is becoming the same OLD World. Nothing new here.

We came to America because in the Old World the POD group was being treated badly by private and public entities, both financial and non-financial.

Before I lighten up to my heart content and take the load off my chest, here is a list of the banks that were warned by the three government agencies. The list is in alphabetical order. Of the 16 banks on the list, Citibank, Bank of America, JPMorgan Chase and Wells Fargo are four of the biggest. A thousand times more shame on them. Greed knows no limits.

  1. Ally Financial Inc.
  2. Aurora Bank
  3. Bank of America
  4. Citibank
  5. EverBank
  6. HSBC
  7. JPMorgan Chase
  8. Lender Processing Services
  9. MERSCORP
  10. MetLife Bank
  11. OneWest Bank
  12. PNC
  13. Sovereign Bank
  14. SunTrust Banks
  15. U.S. Bank
  16. Wells Fargo

Media report…

The Fed said it believed financial penalties were appropriate and that it planned to levy fines in the future. All three regulators said they would review the foreclosure audits.

In the four years since the housing bust, about 5 million homes have been foreclosed upon. About 2.4 million primary mortgages were in foreclosure at the end of last year. Another 2 million were 90 days or more past due, putting them at serious risk of foreclosure.

I don’t understand when the Fed says it planned to levy fines in the future. What about now? Why doesn’t the government fine them now, send the responsible parties to jail. Put them in dark corners of their cells just like they put millions of people in their financial dark corners. Even if it’s a sunny day, the POD Group sees nothing but darkness in their lives.

What can the government do?

The government can do nothing much. The various government agencies, some are so-called watchdogs, are as powerless as the folks whose homes were foreclosed on. They could do nothing. Madoff was convicted because he had done something what a schmuck would do. But it seems that he became a scapegoat. He did nasty things to finances of the rich few and you could count the number of the victims on your 10 fingers or maybe 20 fingers including the ones that have stuck with toes since humans came into being.

Here we are talking about millions that were evicted from their homes because some schmucks in the banks did not thoroughly check homeowners’ financial background. What if the situation was reversed, the victims being the banks and the American public the aggressors. I strongly believe army would have been called to punish those who had done wrong to the banks. As Zsa Zsa Gabor would say: “Banks are the dahlings of the government.” No banks, no special interest groups, no lobbyists, no money for election. Congress would cease to exist without the lobbyists representing special interest groups.

In a Nutshell
What happens to the millions who were put in dark corners of their financial life? How come their punishment was so swift they were not given any kind of benefit of the doubt? Why were they put to financial death with the banks’ summary execution?

The admin of this blog recommends swift and harsh treatment of the responsible parties, the harshest possible probably short of physical hanging, and NOW, not in the future. Millions were financially hanged. Instead of hanging banks financially, the government gave them more money.

Did anybody bail out the Poor, the financially Orphans and the Destitute – the POD Group? English not being my first language, I would call the findings of the government as being atrocities committed openly by these lending institutions against the American people.

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