Senate Hearing on Foreclosure Mess Goes Badly for Banks

[roxiejules]

Run time: 01:34 https://www.youtube.com/watch?v=9M_0UtLCB5Y   Posted on YouTube: November 17, 2010 By YouTube Member: zerohedge Views on YouTube: 4282   Posted on DU: November 18, 2010 By DU Member: roxiejules Views on DU: 844

 
from Yves Smith @ nakedcapitalism:

http://www.nakedcapitalism.com/2010/11/senate-hearing-on-foreclosure-mess-goes-badly-for-banks.html


The financial services industry members offered not merely tired bromides, but repeated flat out lies: we always try to save borrowers; we don’t foreclose on people who aren’t delinquent; we don’t make money from foreclosing (no joke, the Chase guy said that); we never consider out second liens in our foreclosure decisions (huh? only true on a case by case basis, utter bunk at the institutional level); we don’t have any conflicts (double huh, every business has to make tradeoffs); yes, we make mistakes, but we correct them as soon as we learn about them (yeah, right). And this palaver did elicit reactions. Early on, when Lowman claimed that Chase was committed to working with homeowners, he was called a lair by a member of the audience from the audience. The session had to be halted while the offending truth-teller was removed. And the other witnesses often felt compelled to take the floor after a particularly egregious bank remark, as Levitin did on the claim that banks don’t make money from foreclosing, and offered evidence to the contrary.

[glowing]

1. Yet no homeowner is testifying? Just like the single payer people in healthcare

Soon, these out of touch politicians will have gone too far. People won't pay attention to the laws because they only apply to people with the least money.

[JDPriestly]

2. glowing, you have really touched on the danger in the attitudes of the

arrogant, sanctimonious wealthy class in this country.

The banks have no compassion for the millions of people who are homeless because they were cheated and defrauded, the millions of people who, to this day, do not understand enough about mortgages and the definitions of fraud (yes, there is more than one kind of fraud. for example, silence -- concealment -- can also be found to be fraud), to realize that, yes, they were cheated and defrauded.

It is so sad. This is a land grab, pure and simple.

[Enthusiast]

3. My disdain for the arrogant, sanctimonious wealthy

grows daily. In this I sense I am one of millions.

[roxiejules]

4. You are correct ....

http://4closurefraud.org/2010/11/17/the-market-ticker-the-truth-about-fraudclosure-and-servicing/

[roxiejules]

5. Must see TV

Skip thru the beginning and go straight for the testimonies:

Senate Hearing on “Fraudulent Mortgage Services and Foreclosure Practices”

http://www.c-spanvideo.org/program/296595-1

[90-percent]

6. A Sharon Angel solution

I wonder about the possibility of some vigilante group applying some SECOND AMENDMENT SOLUTIONS in the wealthy neighborhoods where the elite sociopaths all live?

-jim

[EnviroBat]

7. Where do I sign?

I would love to be a part of that solution.