8 Ways Banks Are Failing the Mortgage Settlement Act | Wall St. Cheat Sheet

8 Ways Banks Are Failing the Mortgage Settlement Act | Wall St. Cheat Sheet

Since when have banks been held accountable for not following the law?

First they failed to comply with the 1989 Financial Institutions Reform which made it illegal, in the wake of the S&L scandal, to lend money to people who could not pay it back. The government is hardly using this law, like it should be used even after the crash of the bubble caused by the easy lending!

Second, they robo signed their way to properties they could not even prove were their own, and they couldn't even find the notes of sale.

Third, they refused to keep proper paperwork with regard to loans and with regard to bonds issued to investors.

Fourth, they are failing the Mortgage Settlement Act in 8 ways.

And all the while the rule of law is trashed and the government lets the banks off the hook continually.

No main street Joe has any business trusting a banks. Here is the lesson: banks are interested in offering you credit until you really need it. If you remember that you will see banking in a whole different light.  

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