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Banks ignored federal laws protecting the homes of active military from foreclosure

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posted on May, 7 2011 @ 09:08 PM
Now maybe the government will do something about those freaking SOBs banks? No? What a surprise.

GAO finds dozens of illegal home foreclosures

The Government Accountability Office (GAO) has identified dozens of cases where mortgage companies appear to have illegally foreclosed on the homes of active duty military service members.

The finding was among many problems revealed in a new study of illegal, unethical or inept foreclosure practices by financial companies that were working with home mortgages of borrowers who were behind on their payments.

The study, released Thursday by several congressmen including Sen. Al Franken, D-Minn., led to calls for national standards for foreclosure processes and better government oversight.

Freaking scummy banks. Not to mention most of the foreclosure they do are fraud since they don't own the paper proving their own the mortgage.
edit on 7-5-2011 by Vitchilo because: (no reason given)

posted on May, 7 2011 @ 09:10 PM
Uh Oh! That's gonna stir up quite a stink.

We'll see how that turns out. Should be pretty interesting.

posted on May, 7 2011 @ 09:11 PM
Don't tell me they are doing it again, they pulled that buss not too long ago if I recall correctly.

posted on May, 7 2011 @ 09:13 PM
dont bet on it

oh so al franken
wants to become the next frank and dodd.

correct me if i am wrong here but those banks get their cash from the federal reserve and those so called bank mortages are bought by fanny and freddy and mers.

yeah no arguement is messed up but its the governments fault because they set up the entire mess gotta have federal approval before anyone can do anything.

the government writes the financial laws in this country.

posted on May, 7 2011 @ 10:54 PM
These vultures see no end in sight...
Why are they allowed to get away with it. In the last few days news reported on New FL homes being sold for a dollar down for brand-new $150,000 homes.

Isn’t this partially what contributed to the burst of the housing bubble in 2007? The latest Florida mortgage deal carries a potential taxpayer burden that could leave you wondering what happened to the last four years.

Money Watch

posted on May, 8 2011 @ 12:11 AM
Banks follow laws.. Lmao surely you jest.. Banks only follow profit they view themselves as being above the law.. Nothing but legalised thugs and loansharks who produce nothing only profit from everyone elses hard work - much like politicians and lawyers..

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