Ex-Marine Re-Occupies His Own Foreclosed Home in Fight Against Freddie Mac, JPMorgan Chase

[marmar]

democracynow.org - As Freddie Mac comes under scrutiny for betting billions on investments that profit if homeowners they issued loans to are locked into high interest mortgages, we speak with Arturo de los Santos, a U.S. Marine veteran who was evicted last year in Riverside, California, after Freddie Mac and JP Morgan Chase foreclosed on his house last June. "We were trying to get the bank's attention to review our case again. We could not believe that after they had evicted us, they modified our loan," de los Santos says. "I called them and I told them, 'I thought we were doing the loan modification.' And they go, 'Well, we have a loan modification department and a foreclosure department, and the foreclosure department decided to sell the house.' So they sold the house." De los Santos and his family re-occupied their home in December with help from the Occupy movement, but face eviction again this week.

[midnight]

1. Another example of why Glass–Steagall Act needs to be put back in place....

The repeal of provisions of the Glass–Steagall Act by the Gramm–Leach–Bliley Act in 1999 effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to use their depositors' money that was held in the commercial banks.[4][5][6][7][8]http://en.wikipedia.org/wiki/Glass–Steagall_Act

[lovuian]

2. It really shows you that JP Morgan

and Freddie Mac were all about stealing homes from the American people and stealing billions of dollars
using tax payer money

I hope he gets his house back
Awesome work

[Jack Rabbit]

3. Don't mess with an ex-Marine

Last edited Wed Feb 1, 2012, 10:38 PM - Edit history (1)

This story reminds me of my observations of government vs. private industry over the years. Of course, the corporatist line of propaganda is that, unlike the government, they have to compete, there fore they have to be efficient to pull a profit. Also, their workers are better because they are not protected by civil service.

All of that is horsepucky.

I've worked along side government workers while under contract to a private company. I've worked in private industry in private industry environments. Government workers match up to private industry workers; six of one is worth half a dozen of the other. The problem with both is that they're too big and too bureaucratic. And frankly, I'll take the federal bureaucracy, as bad as it is, over a large private bureaucracy. They're both woefully inefficient.

This story highlights the problems with too-big-to-fail corporations. They're apparently too big to manage. The loan department and the foreclosure department at Chase weren't talking to each other. Each didn't know what the other was doing. Mr. De los Santos was caught in the middle, being given conflicting information from too department of the same bank working at cross purposes. Even if the bank were acting entirely out of good intentions, which can't be assumed nowadays, it was still acting like a too-big-to-manage institution.

Mr. Dimon, what kind of outfit are you running?

[xfundy]

4. Banks HAVE no "good intentions."

The armed forces are realizing they are part of the 99%.

[avaistheone1]

5. k&r

[cbrer]

6. Not Ex Marine

Former Marine. Ask him...