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Friday, February 12, 2010

Why Banks Are Not Modifying Loans

 This is a good explanation as to why banks are not modifying loans.  The basic reason, as I have pointed out many times in the past is that it is more profitable to foreclose and/or Short Sale then it is to modify.  In other words, displace millions of American homeowners for personal gain and profit by banksters with the help and encouragement of our Federal Government.

"What a country"!!!

Watch the short video and you will actually see the math.

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  1. "Mistaken" Foreclosure Or Felony Criminal Conduct?

    Let me be clear: To foreclose on something you must first be holding a mortgage on that thing.

    Bank of America did not “foreclose” on anything as the home in question was purchased for cash and thus owned free and clear.

    Bank of America had no more right to be present upon that property for any purpose whatsoever than a crack dealer, gangster or other street thug.

  2. Thank you for your comment of the BofA foreclosure in the Tampa Bay area.

    One of our problems and one that caused the creation of this site is the lack of accountablilty enjoyed by our TBTF banks. From the very beginning of this economic crisis - then called "the mortgage meltdown" - banks have been lying, cheating and stealing with no consequence whatsoever.

    In the beginning I thought this was a banking industry issue and surely the reports of the various federal agencies like the FBI investigating these banks would have led to a road of justice.

    Well, that did NOT happen and we bave all been led down the road to injustice. There is a two tier legal system at work here. One fo the banks who can do anything they want and one for the rest of us who would go to jail for performing some of the same illegal practices.

    So where is the bigger probelem? Our Federal Government, Our Judicial system and the crooks that all work there.

    We are no longer a Democracy. We are not FREE. We are no longer a government "of the people, by the people, for the people.

    There is a civil suit pending on the foreclosure case but there does need to be a criminal investigation and arrests. Let's see how this plays out. It angers me and you. Ihope it angers all Americans and we all begin to take action. I hope this blog helps do that.