Posted 2 years ago on June 20, 2013, 5:02 p.m. EST by BradB
from Washington, DC
This content is user submitted and not an official statement
June 19, 2013 |
It is going on five years since the financial crash and three years since President Obama signed the meager Dodd–Frank Wall Street Reform and Consumer Protection Act, and the big banks are still scamming and conning and ripping off their customers. What a huge surprise.
After the financial crash, we heard about a laundry list of abuses and frauds that ranged from small things, like hidden fees, to pushing minorities into subprime loans and then switching them into more expensive mortgages at signing time, to huge things like selling trillions of dollars in complicated CDO schemes and making bets on derivatives of derivatives without having the reserves to pay off what they owed when the bets went bad.
Of course, no one at the top was prosecuted and the banks were allowed to settle a host of charges (which meant that their shareholders, not the executives who made the decisions, paid the fines). The bad behavior gave these giants a competitive advantage, driving out what good companies there were. So the costly and destructive bad behavior, schemes, cons and scams continue.
Falsifying Paperwork, Blitzing, Lying About Payments to Force Homeowners Into Foreclosure....
Bank Protection “Service” Puts Consumers at “Greater Risk Of Harm”....
Marketing Refinancing That Costs People....
Banks Trying To Kill the CFPB.....