reply to post by pyrodude
I see your point of view but as the contract is executed, the bank or lending institution also enters into a contract that has all the details within
for any cause of action for breach or whatever else may be included/excluded as written.
So not only is forclosure or other action on bad debt a right, it is legal and the resulting arbitration typically binding, but the lender/creditor
AND the debtor face contractual obligations for their decisions whether a loaning institution sold to collectors at discount or reaped the benefits of
a loan paid in full, or a debtor pays timely or forfeits.
So to expedite a mass of documents with invalid info/signatures/complaint filings or other is not only bad policy, it is the definition of RECO.
As people are hounded by collection agencies or living in a tent because their interest rate made the mortgage payment unaffordable or whatever
reasons, we the peopleshould not have to bail out either party.
In fact, as these banks pay fines for their crimes so as to be free from investigation or any other action, the cost is still a fraction of the profit
and will never deter further abuse of the system.
I would like to see what major bank has ever been held accountable for crime beyond a large fine paid to the government.
Not that complicent parties are running rampant all over the place, but knowing the tials and tribulations of wistleblowers who have been ruined
without the support as provided by law, it is not a mattter of who did what they were told, but that the management on up to the board knew what was
going on and not only allowed these practises but demanded they be proccessed.
In closing, the criminals are still on the loose spending taxpayer money as if they are the poor single parent with no education collecting a
government check and in many ways, they are worse.
In the end, the lender walks with all the loot and if applicable the real property and the debtor gets nothing but squeezed for every loose penny.
I bet you would never involve yourself with such goings on even though you were there first hand. No need to answer, we know you are honest....or
edit on 15-3-2012 by imd12c4funn because: typo