[edcoil]

So the banks did nothing illegal or wrong? How come they keep being sued by AG’s and losing to homeowners suing them?

http://www.hofj.org/

[lacrew]

It takes two to tango. Refusing to identify the borrower as victim doesn’t absolve the bank. They can both be in on the fraud....i.e. doctoring up an income statement, together.

I think most of these mortgage ‘victims’ are really victims of their own naivety. Of all the things are schools teach, the basic principles of borrowing don’t seem to be one of them (our politicians could take a few lessons on this too). Most borrowers just went in blind, and ‘saw what the bank can get them’....without any other diligence.

I can see how they might feel ‘cheated’, when an adjustable rate mortgage started to climb...but how often did the bank not disclose that on the front end?

I think most of these lawsuits take advantage of the fact that the willy nilly trading of mortgage backed securities left a very sketchy paper-trail, and banks have a hard time producing documentation when they are required to. So they have screwed up for sure...but not because they victimized the borrower, just because they were sloppy.

[GOPJ]

I live in Florida - the scams were done by the usual suspects - dem liberal elites - (in this case liberal elite bankers) and the lower borderline criminal democrat classes. It's the same two groups ( backed by the MSM in both cases) that did the rip-offs. Now the MSM is covering for the crooks at the bottom - and the crooks at the top (liberal bankers) and the politicians who greased the way for the banker scams to go down by ‘guaranteeing’ the fake ‘loans’ with taxpayer money. In short, welfare wasn't stealing fast enough for the people who run ‘programs’ to 'help' the poor....