Mortgage Servicing: You can Bank on Bad Service

Oh, it is so much bigger in reality than anyone realizes. It’s time to rally the troops to start educating the masses. The $3 TRILLION in underfunded pensions across the United States is a devastation that nobody in the main stream media has linked to the banks and the deregulation of Glass-Steagall and other laws that protected retirement funds. This “underfunding” or “shortfalls” terminology is a delusional ruse.

The pension funds were gambled away on Wall Street betting on risky unregulated derivative securities. Yeah, there are “shortfalls” due to bad investments – very bad investments! And believe me when I tell you that had this mortgage scheme been more highly regulated, these securities transactions would have been mandated to provide full disclosure to the homeowners and fraud would be fraud.

Had homeowners have been fully informed many would not have risked their properties in these NTMs. Average homeowners and honest attorneys have put the spotlight on this travesty – not politicians who intentionally did the damage. Now, it is time for all good men and women to link the pension-gate to the intentional deregulations without oversight and warn the world.

These shortfalls and underfunding of pension funds is not due to homeowners who don’t want to pay. Nine out of ten homeowners have tried to modify their loans under the HAMP scam. The banks won’t take their money because insurance pays quicker. Where’s the moral dilemma? It’s in the computer software scheme that has weaponized our own data against us.

Livinglies's Weblog

bankngbad

By The Lending Lies Team

The Goldman’s bought their house months prior to 9/11. For a decade before they had been able to supplement their income by restoring old homes and returning them to their original condition. On average they netted about 27k a home after taxes and expenses. They were so credit-worthy they were granted signature loan status.

Then 9/11 occurred and the markets froze. All of a sudden the Goldman’s had two homes and couldn’t sell either.   Within six months the markets started correcting and although they had gotten behind on their payments they had enough equity in each property- that they could have sold the homes and paid the banks back in full. The banks had different plans.

In fact, the servicer didn’t want to work with the Goldmans- they wanted their homes. The Goldman’s could easily make good on both loans with a little assistance based…

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