Wednesday, December 22, 2010

A New Criminal Class in America

Who? The banks! Here's a NY Times article to introduce the banks with their badly managed "paperwork" who are illegally seizing properties around the country under foreclosure laws that simply assume the bank has a right to your property and you have to beg, plead, spend a fortune, wait for months for the slow wheels of justice to grind. But banks whiz through seize property and make off like bandits!

Here's a bit of the article:
In a Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks

By Andrew Martin

TRUCKEE, Calif. — When Mimi Ash arrived at her mountain chalet here for a weekend ski trip, she discovered that someone had broken into the home and changed the locks.

When she finally got into the house, it was empty. All of her possessions were gone: furniture, her son’s ski medals, winter clothes and family photos. Also missing was a wooden box, its top inscribed with the words “Together Forever,” that contained the ashes of her late husband, Robert.

The culprit, Ms. Ash soon learned, was not a burglar but her bank. According to a federal lawsuit filed in October by Ms. Ash, Bank of America had wrongfully foreclosed on her house and thrown out her belongings, without alerting Ms. Ash beforehand.

In an era when millions of homes have received foreclosure notices nationwide, lawsuits detailing bank break-ins like the one at Ms. Ash’s house keep surfacing. And in the wake of the scandal involving shoddy, sometimes illegal paperwork that has buffeted the nation’s biggest banks in recent months, critics say these situations reinforce their claims that the foreclosure process is fundamentally flawed.
So... the people who brought you sliced and diced "securitization" which crashed the economy and cause the Great Recession are back with more fancy paperwork that covers over illegal and unethical acts. Before it was selling paper as AAA when it was junk. Now it is seizing properties they don't own because the securitized mortgage bonds have improper and missing paperwork.

And guess who will pay for this mess? The million dollar bonus receiving bankers who got a $800 billion taxpayer bailout? Nope! You, the taxpayer, will pay for this mess through years of legal cases clogging the courts to straighten out the mess. Meanwhile the bankers will be blowing you bubbles. Literally, they will be blowing up new bubbles to enrich themselves because the Obama financial regulation act doesn't regulate any better than wet tissue paper when it comes to restraining fraud and illegality on Wall Street!

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