Reply #5: Thank you for posting this. [View All]

[DavidFL]

One phenomenon mentioned in this article that needs to be discussed more is that of predatory lending because it has come of age and affects more than low income neighborhoods and indiviuals: these lenders are invading what's left of the middle class, too.

However, despite the fact that these lenders are gaming the mortgage and legal systems and are literally stealing homes from people, the FTC apparently doesn't take it seriously, or just can't be bothered, because it's too busy chasing after politically "safe" cases like spammers. It may also be that mortgage banking PACs are among the largest contributors to Congressional campaigns, too, so they slip by enforcement action that way. Can't rely on the OTS and OCC either, the agencies that are supposed to watch these kind of banks, because they're loaded with former banking insiders courtesy of the DLC and Bush; the foxes are guarding the henhouse.

The legal system is such a racket you can find lawyers to do these illegal foreclosures if you offer them enough money. What do they care if they took an oath to uphold the law, they got money to make. The state bar associations need to do something about this, too, because I know they've been made aware of it.

Anyway, someone in Washington better wake up soon because there are a lot of families that have been left without homes because of these practices and there certainly will be a lot more.