Banks Falsify Credit Card Lawsuits
Published on Aug 15, 2012 by RTAmerica
Credit card companies are turning to court to collect their debts, but
there is a problem - their lawsuits depend on documents that are
incomplete or inaccurate among other problems. RT's Capital Account
show host Lauren Lyster explains.
Like us and/or follow us:
http://twitter.com/RT_America
http://www.facebook.com/RTAmerica
NYT - Dealbook | By JESSICA SILVER-GREENBERG | August 12, 2012
The same problems that plagued the foreclosure process — and prompted a multibillion-dollar settlement with big banks — are now emerging in the debt collection practices of credit card companies.
As they work through a glut of bad loans, companies like American Express, Citigroup and Discover Financial are going to court to recoup their money. But many of the lawsuits rely on erroneous documents, incomplete records and generic testimony from witnesses, according to judges who oversee the cases.
Lenders, the judges said, are churning out lawsuits without regard for accuracy, and improperly collecting debts from consumers. The concerns echo a recent abuse in the foreclosure system, a practice known as robo-signing in which banks produced similar documents for different homeowners and did not review them.
“I would say that roughly 90 percent of the credit card lawsuits are flawed and can’t prove the person owes the debt,” said Noach Dear, a civil court judge in Brooklyn, who said he presided over as many as 100 such cases a day.
MORE
- You've probably noticed the difference in approaches in the way these news outlets describe this subject. RT calls it: ''falsifying'' and the NYT calls it: ''problems''. Doesn't take a rocket scientist to figure out whose side the NYT's is on. But since this mess involves bankers, I think it's safe to say that RT's is the correct definition. More shit from bankers......
= new reply since forum marked as read
- So far it looks as if the only ones they're prosecuting are the little bankers who stole from the big bankers.
...and will simply pay money they don't owe.
~Roy Batty, Blade Runner
- Actually, unless its brand new money SMELLS pretty gamey! Not sure I want to sleep on it.....
If people's wages don't go up and stagnate and cost of everyday essentials just keep going up, then WTF are people supposed to do to pay these huge credit card payments that hardly make a dent in the balance due to the incredibly high interest rates?
...not to the kind of wages and employment picture that we once had. We're entering a new paradigm where workers will have to compete against machines.... directly. But with robotic slaves, who needs employees?
- Forty years or so ago, Alvin Toffler tried to warn us: