Beyond Robo-Signing: 3 Other Ways Bank of America Is Screwing Americans

[xchrom]

http://www.alternet.org/story/154778/beyond_robo-signing%3A_3_other_ways_bank_of_america_is_screwing_americans?akid=8511.277129.a2oZIl&rd=1&t=2

Few institutions incite the kind of populist anger that Bank of America does, even as the Occupy movement stokes rage at Wall Street in general. And with good reason - in an industry that is known for being corrupt, immoral, and ungrateful leeches of taxpayer dollars, Bank of America stands out. The bank, it seems, is constantly making headlines for some new form of corruption or act of greed that screws consumers while padding its executives' pockets. And it gets away with it every time.

The bank was at the forefront of the dubious practice known as "robo-signing" - hiring third-party companies staffed by underqualified foreclosure "experts" to cut corners during the foreclosure process, processing thousands upon thousands of foreclosures a month and wreaking havoc on homeowners' lives.

But as outraged as Americans are about robo-signing (and they should be, especially since the big banks continued to use the practice long after they agreed to stop), the use of foreclosure mills doesn't even begin to scratch the surface of Bank of America's dastardly deeds. As Matt Taibbi writes in his devastating piece about Bank of America in this month's Rolling Stone:

'[H]ere's how seriously fucked the financial markets are: Even the most vocal critics of Bank of America consider the mass, factory-style production of tens of thousands of fake legal documents per month not that big a deal. "Robo-signing is like focusing on Bernie Madoff's accountant," quips April Charney, a well-known foreclosure lawyer who has spent large chunks of the past two decades in battle with Bank of America.

Robo-signing is not the disease - it's a symptom of Bank of America's entire attitude toward the law.'

[Royal Sloan 09]

1. k & R, Yes,sir can i has another, been beat down so long it's starts feeling like the new normal!

Those old laws are for the muppets follow, but not the rulers of everything, as the Banksters like to believe.
I'm due my beer and travel money too!

[xchrom]

2. Beer & travel money!11 Nt