Foreclosure Article
I read an article of a family that sued the lender when their home went into foreclosure and they won.?
I read an article of a family that sued the lender when their home went into foreclosure and they won. it happen somewhere in NY
That’s not surprising. Someone will win something against the banks eventually. It helps keep up the appearance that the people really have any power through their courts and can take on huge multinational corporations with the power to create money.
A few homeowners in Ohio have also gotten their foreclosures dismissed in court, because the alleged lender could not prove it owned the mortgage. After all these subprime loans have been sliced up and sold off as securities to hedge funds and investment banks like Bear Stearns, it’s doubtful who can actually collect on these mortgages.
But don’t worry about the banks. Even if they lose a few lawsuits for now, they can reopen the lawsuits once they can prove who owns the mortgages. In the meantime, the Federal Reserve will be providing them with billions of dollars in low interest rate loans and allowing them to hide their bad mortgages from the public.
The banks are quite taken care of for the moment, and the Fed is proposing that it be granted even more powers to manipulate the mortgage market to benefit the banks. A few homeowners winning a few lawsuits against banks only keeps up the appearance that government works for people and not special financial interests.
Hope that answers your implied question.
ForeclosureFish
RE: CNN Foreclosure Article
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