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Forum Post: Banks hiding behind banks

Posted 8 years ago on Nov. 13, 2011, 4:31 p.m. EST by FedUp2011 (0) from Houston, TX
This content is user submitted and not an official statement

Many people frustrated with Banks like IndyMac and OneWest don’t realize these are just service providers. Most of the loans "Original Investor" are owned by the same usual suspects such as Wells Fargo, B of A, Chase, etc. They declared most of these loans, "toxic" and sold them for pennies, so easily write-off as loss and transfer the the money from Fed for total amount of the loan. Then these other service providers keep pushing the same loans that they bought for pennies to the consumer for the full amount, and some running with modification scam when their interest is to force homeowners to foreclosure so they can write-off the total amount as loss and transfer the max amount from fed to their pockets. There is no incentive for a bank to help people with modification since with foreclosure they clear more money, almost the total amount of the loan versus the modification, they only can write off the difference and have stay on the loan for the life of the loan! Unfortunately this maybe one of those situations that unless something drastic happens, nobody in to pay attention. Time is on their side, every minute that this is dragging, they are clearing more money at our cost. Frankly I don’t think anything is going to change, and no one is going to pay real attention unless we start showing up in front of their offices/branches and torch some of them down. They play the usual politics and tactics, try to branch this movement under clarity of vision such as our dear Mrs Fainstain, after all of these, she says “The problem I have with this is they have no clear objective????” idiot? No my friends very smart, she is suggestion we start debating different issues therefore become separated, such as the movement that is suggesting to move the money to credit unions, or some other bull - “Clearer objective!!!!” Every minute we spend talking, they will talk back while pocketing more money out of our pockets, sweet and clear since they have the legislative protection with no supervisory and at will – Got to love this administration. Trillion dollars of Public’s money, at the mercy of Financial corporations, with no obligations, no checks and balances, no supervision, here is a trillion dollars, go fix it, and by the way that does not mean go help fix the economy, or necessarily help the homeowners, or public, or businesses, etc. just make sure that our financial health “the 5% in charge of the money in this country” is in good standing and keep ripping the 95% so we can continue the slavery.!!!???



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