Forum Post: Class action lawsuit on Real estate scam
Posted 12 years ago on Oct. 23, 2011, 11:19 a.m. EST by harry2
(113)
This content is user submitted and not an official statement
File for lost equity due to the real estate bubble scam. Wall street/ AIG/ Banks/ Bailout!
I would like to see banks held responsible for tricking people into getting what used to be called "balloon" loans: the short term loans with hugh payments due at the end of the term. I was stunned when they gave these a facelift and a new name. And the adjustable rate mortgages, too... How many people did not understand what that meant, and that there was an alternative?
Under consumer protection laws, some bank CEO's banks are responsible.
Just like AIG managers and Wall-Street financial managers committed insurance fraud by buying derivatives, knowing that that the loans will fail. Under insurance law a insurance case must be an un-expected issue with a risk calculation under calculated circumstances.
Homeowners need to get there equity back. And we have not even touched the fraudulent (Mafia a like) bailout .