Near Halloween 2008, work crews (from a Bank of America foreclosure team) broke in and cleaned out the place, taking Persian rugs, china, furniture bought on a trip in Peru, skis, photos of her marriage and childhood in Iran. Her husband’s ashes were taken from the couple’s master bedroom. NYT on how awful Bank of America contractors break into private houses and steal other people’s property, due to the confusion afforded (ha) by their own mismanagement and greedy haste to foreclose any house they can gobble up into the rent-seeking miserable failure of a company – while the government just kind of makes excuses.
I don’t understand how this is legal. Shouldn’t there be some kind of consumer protection against improper foreclosures? Am I missing something?
How are the possessions in the house the property of the bank? A mortgage is for the physical house, not what’s inside. This seems nothing short of theft.
Even one example of this shows how broken the foreclosure system is. A one-time thief isn’t congratulated for only stealing once. Except there are many other examples, some cited in this article, but also what comes immediately to mind is the owner whose home was foreclosed when he had no mortgage to be foreclosed on.
It could be because tens of thousands of foreclosures have been authorized by people just attaching signatures without reviewing for content.
Several of the country’s largest banks, including Bank of America Corp., J.P. Morgan Chase & Co. and Ally Bank, have moved in recent weeks to halt thousands of foreclosures in 23 states amid revelations that the banking industry had used “robo-signers,” people who sign hundreds of documents a day without reviewing their contents….
…One reason regulators haven’t acted more forcefully, according to people familiar with the matter, is that some federal officials believe many people who lost their homes through the “robo- signing” process would have lost their homes anyway because they were behind on payments. WSJ
How can regulators believe that the homeowners would have lost their homes anyway when the content of documents weren’t even read? It looks likely cases of negotiated payment schedules were ramrodded by robo-signatures pumping out foreclosures.
And the banks (Bank of America, JP Morgan Chase, and Ally Bank) only stopped after it was revealed that the banks were doing so, not because the process was destined to produce terrible errors. Telling.
Sweet Baby Jesus.
The system works everyone! An unregulated free market with no government oversight is the best system conceivable.
Happy Holidays! – Seriously. Except if the Big Banks took your house with shady paperwork, a time table that made your head spin, in which they took all your possessions and because of that you now live with your extended relatives. But hey, a big Christmas is the best Christmas.