Wow, you really missed the point of the hamp program. As a Realtor, I worked with people that would have seemed to be eligible for the program. Hardship- loss of job, illness, loss of spouse (and therefore spouse's income). In one instance, they were dangled along for months and then given a "plan" that reduced their monthly payment by a whopping $100. We sold it as a short sale. It certainly felt as if the bank consipired to pretend to be helping but in the end, no.
I too am a Realtor. It was a shame to watch Bank of America pretend to help my clients. Several of them weren't even allowed to do short sales because settlement amounts were ridiculous and Bank of America rejected every offer. Just sad to watch them forced into foreclosure.
Frank, Brian, it's Christmas, right? We're in the industry to get people IN to homes correct? Where in the hell is your George Bailey? You have lost your way and are not good representatives of who most capitalists with hearts truly are. And dissing Steve Harvey, who owned his mistake and did the right thing in front of millions? HARP and others were jokes and led millions more into foreclosure why? Because A) it's the government, and well, you know..they really do suck at most administration of anything, but also B) because of antics that the lenders were pulling. B of A is the great satan and I refuse to make excuses for them. They've been screwing all of us for decades in the name of profit. They were a part of the reason we had a melt down. I don't condone the CFPB or any of their moves or motives, but I don't necessarily discount whistle blowers telling the truth on these sons of you know what at our too big to fails either.
Bank of America and others accepted the bail out from the government with the condition that they would do loan modifications. I tried to do several short sales
and both the the buyer and seller were jerked around by the banks. It was Obvious they were trying not to process them. It was dishonest and paid for by the tax payers. Keep in mind, in most cases they were the servicing the loan. As far a capitalism, in all cases I was involved in, the failure to act on the short sale ended in the loan recouping much less. They would not process the short sale at $120,000 and then foreclose and end up netting $70,000 or less. Everyone was ripped off. Capitalism should never trump honesty.
You guys went down a rabbit hole on this one.
The banks lied to homeowners to purposely keep them from moving ahead with a short sale. Dozens of families refused my help right up to the foreclosure date because they were told the bank was going to refi them!!!!!! Lambs led to slaughter. They were molified into submission and then shocked when they were foreclosed upon!!!
Wake up….the five or six big banks are the master crimnals of the world. Perhaps of all time. Watch the BIG SHORT
B of A received all the HARP funds and did very little to help people who lost their job, lost value of their home and therefore, oculd not sell the home. The bank deliberatley pushed people into short sales so they could benefit from HARP and improve their balance sheets on the backs of consurmers. I have heard too many testominals from clients who have had this experience.
OMG, your catching it from all directions…….. and you should be. BOA and et al used stockholders money to pay the executives way out of prison. Madolf is like a school child compared to what these guys did. And, no one has gone to jail? It is the American way and when people support these kinds of criminals it just invites more bad things. Shame on you!
You guys are on the wrong side on this one. Bankers & Wall Street stole 17 trilion form the middle class. About $1.6M were mine. IF you had suffered similar losses and witnessed so many clients & friends lose their homes and see AND feel their anguish, you'd be singing a different tune. Your stance turns my stomach, literally.
You 2 are miles off the rails on this one. You guys are waving the banner of capitalism while defending this for profit company while conveniently leaving out all they did to get themselves into the bailout situation, not to mention the lies, deceit, over-indulgence into subprime, derivatives and CDSs, among others. You 2 have become the poster boys for the Big Banks without regard to any of their behavior or actions. You justly criticize the CFPB for being unreasonable and outright overbearing but you think we are dumb enough not to know what the banks actually did, and do, wrong. The Big Banks weren’t, and aren’t, innocent and without blame, especially with short sales and mods. So what if 6 former employees were the whistleblowers. You think they would be in court if they were still employees? How many viewers here are former employees of a job or company and know their employer was dirty, wrong, and cheated. I for one have worked for bad employers that cheated customers and employees. Your stance on BofA and the big banks is not only wrong but makes it harder for me and my brokerage to take you serious at all.
You should learn more about your audience and how Realtors and mortgage lenders actually feel about the big banks, especially BofA. Just because we are in this industry doesn’t mean we defend every single entity on this side of the fence. The CFPB may be drunk with power and deserves sharp criticism and needs change, but that doesn’t mean some for-profit companies are not still lying and cheating their customers and/or employees.
How ya feelin about being scammed and wasting your time on Short Sales Now? It was a scam from the beiginning. I hope some of these MFers go to jail ….. Banks are too big.
Does anyone out there feel that BOA has paid for their crimes? Not until the consumers they deceived are made whole again. I won’t hold my breath. And Frank & Brian, you are defending a bank that is one of the major reasons for loan originators having their compensation reduced. Mull that around. You’ve lost focus.
I get what you guys are saying regarding the "for profit", however, once B of A accepted operational funds to work with customers via the HARP program, a new set of rules applied. B of A was receiving money to help people stay in their homes, but they were stringing people along and collecting money for doing so. If they would have said no to governent financial support for the HARP program, I would 100% agree with your "for profit" statement.
You two are so obvious just like with your biased reporting on FNMA because you owned the stock. I would garranty you also own Bofa stock and you are shamelessly protecting your own interests and doing somersaults with the truth in the process. Pathetic!
As a top notch Real Estate Agent, our second mortgage was with Bank of America & they took over the first mortgage to combine the 2 loans, Nice? No…. One Step further, all credit cards & unsecured debt went on the new loan of $392,000. Then they refinanced my wife by herself and we defaulted. Guess What? Over Loosing this home, She Killed herself Christmas Morning of 2009. Life Insurance was denied & not paid out as That was the icing on the cake… Thank you Bank of America for such a wonderful Life Experience! I hope everyone will copy & paste this story! Signed Beneficiary, Scott Riga Kansas City Missouri.
Told you. We all saw it coming and as an industry. People getting loans who hardly had a visa.
As an industry, we. did. nothing. I used to teach real estate licensing back in the day and I told the would-be lenders that if I saw zero down plus a wrap around loan to include unsecured debt, I would pull their eyes out of their sockets myself. I asked for industry leaders to say something against these lenders. Nobody would stop the machine. I tried. I notified politicians, members of NAR, our company for someone to stop the blood-letting. Remember when they threw people out of their homes after the first notice to pay or quit? Sheriff's removing people in the snow during Christmas. Fast forward to 2013, October, where you couldn't touch someone who was in renegotiations, owners driving Mercedes and wearing Louis Vouitton Bags, not having paid a mortgage for over 5 years and counting (wrote an offer and didn't make it on that house). We all knew that anybody with a large amount of equity wasn't going to get bupkas–the bank would foreclose, get equity, resell for equity again. I don't talk about the fact that nothing has principally changed, and people who are fat, who don't have life and death and roof issues have no clue and vote politics of their own comfortable personality. We need someone who can manage the money. Get back the money. We are robbing Peter to pay Paul, owned by the Bank of China, and we can't agree on basic survival, that we need to temporarily close our borders for safety. Out of context sound bites to suit–classic Vesuvius complex–not us, not now. This syndrome of caviar dreams with no substance to support, is exactly another mortgage meltdown. We have breather thanks to Facebook and Google, but we need get the bazillions back from overseas such as Apple has per Charlie Rose's interview last Sunday–so we can have a viable economy again and make better financial decisions with our lending, teaching, military, and armageddon climate change. We're so stupid afraid if we catch one blink not our direction.
We need someone in charge of this country who can manage the money. Manage the money.
No wallet, no freedom.
Eh.
Unbelievable…. I live in a capitalist country and I get the independent, work hard, pull yourself up by the boot straps mentality. Hell I built my company on it, but to excuse blatant mismanagement of money, which was the initial downfall of the banks, is folly. You cannot hide all transgressions under the capitalism blanket fellas and Shame on You.
Agree – just watched and you totally missed the point. My tax dollars and your tax dollars went to Harp and these other programs to help people in trouble. Luckily I was able to do several short sales after my clients were strung along. Most of my clients could have held on to their properties if they could only have refinanced at a lower rate. They were not dirt bags or shirking their duties but health issues, divorce and job loss were the culprits. All they needed to do was get a lower rate but they were often turned down because 1) they made too much money 2) they made too little money 3) debt to ratio was off. etc etc. The same client would hear all three scenarios. There are some great posts today – some of the best that I have seen. Read them, grow a heart and understand the bullshit that these major banks pulled. My favorite culprit is Jamie Dimon from Chase…"we are doing people a favor by foreclosing and getting them out from under debt."
Good show… The problem with modifications was the guidelines were not published. Basically, it was like a game of craps. Every lender had different criteria and they changed regularly. Not much different from the current mortgage process, which is why you need a broker to sift through the overlays and the almost monthly changes.
Really guys??? Having fun lecturing the American public about personal accountability in the name of Capitalism?
The Big Banks artificially hyper-inflate the housing market with easy money and no underwriting, then poisened the money system with MSB's which masked the true risk of what they sold.
When those "for profit" endoeavors tanked miserably, rather than going under for making extremely poor decsions (like any other "for profit" business would), they kicked it all downhill and blamed the wholesalers selling THEIR product. Then they get an unprecedented bailout because they are "too big to fail"! They basically sat in front of Congress and said "Pay for our mess, or you (figuratively) die…" That's not Capitalism, that's a god-damned Cartel with a gun to our heads.
Old news or new news…the truth is, they didn't "pay this bill"; the taxpayers did…you know this. You guys really phoned it in this time….shame on you.
If we were actually in a " pure " capitalist economy your points would be well taken.
However B of A has availed itself of every benefit the Government ( tax breaks, loans from the taxpayers, and Oh yeah 5 years of borrowing money at 0% and selling it at 3-4% or better), not to mention the upfronts which as we all know is where the money is really made.
I agree with Frank & Brian. The “Home Owners” did not make their payments and therefore should be foreclosed on PERIOD. Also I helped many many families do short sales. I had nearly 100% success ratio, including working with BofA. You just have to work the system and know what you are doing. I loved it when other agents whined about it because it just meant more closed short sales for me.
This is exactly why I more or less stopped watching your show. Too pro-banksta. You may have done even MORE damage than the media keeps claiming Donald Trump does everytime he speaks the TRUTH. Your show and the mass media have one big common denominator – you evade the truth! I sure hope you are taking these comments below into consideration the next time you decide to 'bring the news'.
OMG. I think most of the comments have missed the point. BOA and the other lenders out there are NOT in business to "help" and the guys are right when they point it out. Lenders are not out there to be borrowers' friends, they are out there to make money via making AND COLLECTING ON loans. Does this make our job difficult and frustrating when dealing with homeowners in trouble? Of course and it really makes me angry, but hey when we manage to work the system and avoid a foreclosure for one of our clients, it's a "win". Sorry if the people who refuse professional help have to face the consequences of their actions.
You guys seem to have your heart in the right place. But you don't understand what Bank of America's job was in handling modifications. That's because you don't know or understand that Bank of America was not–for the most part, anyway– dealing with it's own money.
That was something I really didn't know either until I was on the front lines in courtrooms fighting banks that were acting as if they had lost their own money. Instead, what was going on was that the banks were merely "servicers" . What that means is that they were acting as glorified collection agencies.
As debt collectors, then, what they were required by law to do was to try to help the borrowers restructure their loans and stay in their homes. From the point of view of the taxpayers, this is actually a very good thing to do as the direct and indirect impacts of throwing families out into the streets is many many billions of dollars more than what the restructuring would cost.
In my cases I have been very careful not to simply make the argument that the banks' paperwork is faulty (many cases show that the banks were presenting foreged and fraudulent documents to court), but, rather, to point out that the real fraud here was on the borrowing market in general.
An example might help: Say you wanted to buy your fiancee a diamond engagement ring. At the store, the vendor tells you that this is a certified 2 carat brilliant white-blue diamond. It's worth every dime of the purchase price. To further back that up, the merchant hooks you up with its banking expert who agrees to finance this diamond for you according to that full value and further tells you that the value will only increase and that you can always re-finance to get better terms should you like.
Then it turns out that the diamond is actually a worthless cz. You go to the store, but the store is out of business. The bank says it can't help you as you signed a contract–which it has now sold to a bona fide good faith purchaser.
You later find out that both the merchant and the bank went to the government, proclaiming that the entire consumer retail diamond industry has unforeably gone in the tank and that the entire national economy will go belly up if the taxpayers don't give them the money to pay off these bad deals.
The banks get the money…then they still come after you for the "diamond" and the full value of the contract…
BOA gave us a loan modification after telling us we made too little money, and then we made too much money. The loan modification was in place for 7-8 months and they canceled it. How did we find out; my wife tried to make a payment and was told we were in "pre-forclosure status"!!! No letter, no phone call, nothing. By that time my wife had gone back to work so we were making more money than ever in our lives so I told our lawyer to tell them we can make any payment up to $5,000 per month (our payment before was $3,200) and they would not even talk to us. What kind of idiots do we have in our government that told BOA that if they lose any money on a deal HARP will make it up. They should have told them, we will make up 1/2 of it, then BOA would have had a reason to try and deal with people like us that had a temporary problem.
You just put up the "Liar Liar" video talking about some seriouse things (disclosure, breach of contract, reponsibility… fines and who really needs to cover the costs etc). Simply change players names in that scenario and what do you have … but these banks who have done the same thing are just being picked on? Damn… You do realize that there are people who have been kicked out of their homes even when the banks (like the one named in your video) have/had no intesest in their property and connot show any evidence of it whatsoever! Just wow… def on the wrong side of this issue…
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Wow, you really missed the point of the hamp program. As a Realtor, I worked with people that would have seemed to be eligible for the program. Hardship- loss of job, illness, loss of spouse (and therefore spouse's income). In one instance, they were dangled along for months and then given a "plan" that reduced their monthly payment by a whopping $100. We sold it as a short sale. It certainly felt as if the bank consipired to pretend to be helping but in the end, no.
I too am a Realtor. It was a shame to watch Bank of America pretend to help my clients. Several of them weren't even allowed to do short sales because settlement amounts were ridiculous and Bank of America rejected every offer. Just sad to watch them forced into foreclosure.
Frank, Brian, it's Christmas, right? We're in the industry to get people IN to homes correct? Where in the hell is your George Bailey? You have lost your way and are not good representatives of who most capitalists with hearts truly are. And dissing Steve Harvey, who owned his mistake and did the right thing in front of millions? HARP and others were jokes and led millions more into foreclosure why? Because A) it's the government, and well, you know..they really do suck at most administration of anything, but also B) because of antics that the lenders were pulling. B of A is the great satan and I refuse to make excuses for them. They've been screwing all of us for decades in the name of profit. They were a part of the reason we had a melt down. I don't condone the CFPB or any of their moves or motives, but I don't necessarily discount whistle blowers telling the truth on these sons of you know what at our too big to fails either.
Bank of America and others accepted the bail out from the government with the condition that they would do loan modifications. I tried to do several short sales
and both the the buyer and seller were jerked around by the banks. It was Obvious they were trying not to process them. It was dishonest and paid for by the tax payers. Keep in mind, in most cases they were the servicing the loan. As far a capitalism, in all cases I was involved in, the failure to act on the short sale ended in the loan recouping much less. They would not process the short sale at $120,000 and then foreclose and end up netting $70,000 or less. Everyone was ripped off. Capitalism should never trump honesty.
You guys went down a rabbit hole on this one.
The banks lied to homeowners to purposely keep them from moving ahead with a short sale. Dozens of families refused my help right up to the foreclosure date because they were told the bank was going to refi them!!!!!! Lambs led to slaughter. They were molified into submission and then shocked when they were foreclosed upon!!!
Wake up….the five or six big banks are the master crimnals of the world. Perhaps of all time. Watch the BIG SHORT
B of A received all the HARP funds and did very little to help people who lost their job, lost value of their home and therefore, oculd not sell the home. The bank deliberatley pushed people into short sales so they could benefit from HARP and improve their balance sheets on the backs of consurmers. I have heard too many testominals from clients who have had this experience.
You guys are nothing but propagandists and shills for the lending industry.
It would be nice if the "share" link worked!!!
OMG, your catching it from all directions…….. and you should be. BOA and et al used stockholders money to pay the executives way out of prison. Madolf is like a school child compared to what these guys did. And, no one has gone to jail? It is the American way and when people support these kinds of criminals it just invites more bad things. Shame on you!
You guys are on the wrong side on this one. Bankers & Wall Street stole 17 trilion form the middle class. About $1.6M were mine. IF you had suffered similar losses and witnessed so many clients & friends lose their homes and see AND feel their anguish, you'd be singing a different tune. Your stance turns my stomach, literally.
I enjoy your show, every day I can watch it. Keep up the good work. Some people just like to complain. Happy Holidays!
You 2 are miles off the rails on this one. You guys are waving the banner of capitalism while defending this for profit company while conveniently leaving out all they did to get themselves into the bailout situation, not to mention the lies, deceit, over-indulgence into subprime, derivatives and CDSs, among others. You 2 have become the poster boys for the Big Banks without regard to any of their behavior or actions. You justly criticize the CFPB for being unreasonable and outright overbearing but you think we are dumb enough not to know what the banks actually did, and do, wrong. The Big Banks weren’t, and aren’t, innocent and without blame, especially with short sales and mods. So what if 6 former employees were the whistleblowers. You think they would be in court if they were still employees? How many viewers here are former employees of a job or company and know their employer was dirty, wrong, and cheated. I for one have worked for bad employers that cheated customers and employees. Your stance on BofA and the big banks is not only wrong but makes it harder for me and my brokerage to take you serious at all.
You should learn more about your audience and how Realtors and mortgage lenders actually feel about the big banks, especially BofA. Just because we are in this industry doesn’t mean we defend every single entity on this side of the fence. The CFPB may be drunk with power and deserves sharp criticism and needs change, but that doesn’t mean some for-profit companies are not still lying and cheating their customers and/or employees.
How ya feelin about being scammed and wasting your time on Short Sales Now? It was a scam from the beiginning. I hope some of these MFers go to jail ….. Banks are too big.
Does anyone out there feel that BOA has paid for their crimes? Not until the consumers they deceived are made whole again. I won’t hold my breath. And Frank & Brian, you are defending a bank that is one of the major reasons for loan originators having their compensation reduced. Mull that around. You’ve lost focus.
I get what you guys are saying regarding the "for profit", however, once B of A accepted operational funds to work with customers via the HARP program, a new set of rules applied. B of A was receiving money to help people stay in their homes, but they were stringing people along and collecting money for doing so. If they would have said no to governent financial support for the HARP program, I would 100% agree with your "for profit" statement.
You two are so obvious just like with your biased reporting on FNMA because you owned the stock. I would garranty you also own Bofa stock and you are shamelessly protecting your own interests and doing somersaults with the truth in the process. Pathetic!
As a top notch Real Estate Agent, our second mortgage was with Bank of America & they took over the first mortgage to combine the 2 loans, Nice? No…. One Step further, all credit cards & unsecured debt went on the new loan of $392,000. Then they refinanced my wife by herself and we defaulted. Guess What? Over Loosing this home, She Killed herself Christmas Morning of 2009. Life Insurance was denied & not paid out as That was the icing on the cake… Thank you Bank of America for such a wonderful Life Experience! I hope everyone will copy & paste this story! Signed Beneficiary, Scott Riga Kansas City Missouri.
Told you. We all saw it coming and as an industry. People getting loans who hardly had a visa.
As an industry, we. did. nothing. I used to teach real estate licensing back in the day and I told the would-be lenders that if I saw zero down plus a wrap around loan to include unsecured debt, I would pull their eyes out of their sockets myself. I asked for industry leaders to say something against these lenders. Nobody would stop the machine. I tried. I notified politicians, members of NAR, our company for someone to stop the blood-letting. Remember when they threw people out of their homes after the first notice to pay or quit? Sheriff's removing people in the snow during Christmas. Fast forward to 2013, October, where you couldn't touch someone who was in renegotiations, owners driving Mercedes and wearing Louis Vouitton Bags, not having paid a mortgage for over 5 years and counting (wrote an offer and didn't make it on that house). We all knew that anybody with a large amount of equity wasn't going to get bupkas–the bank would foreclose, get equity, resell for equity again. I don't talk about the fact that nothing has principally changed, and people who are fat, who don't have life and death and roof issues have no clue and vote politics of their own comfortable personality. We need someone who can manage the money. Get back the money. We are robbing Peter to pay Paul, owned by the Bank of China, and we can't agree on basic survival, that we need to temporarily close our borders for safety. Out of context sound bites to suit–classic Vesuvius complex–not us, not now. This syndrome of caviar dreams with no substance to support, is exactly another mortgage meltdown. We have breather thanks to Facebook and Google, but we need get the bazillions back from overseas such as Apple has per Charlie Rose's interview last Sunday–so we can have a viable economy again and make better financial decisions with our lending, teaching, military, and armageddon climate change. We're so stupid afraid if we catch one blink not our direction.
We need someone in charge of this country who can manage the money. Manage the money.
No wallet, no freedom.
Eh.
Unbelievable…. I live in a capitalist country and I get the independent, work hard, pull yourself up by the boot straps mentality. Hell I built my company on it, but to excuse blatant mismanagement of money, which was the initial downfall of the banks, is folly. You cannot hide all transgressions under the capitalism blanket fellas and Shame on You.
Agree – just watched and you totally missed the point. My tax dollars and your tax dollars went to Harp and these other programs to help people in trouble. Luckily I was able to do several short sales after my clients were strung along. Most of my clients could have held on to their properties if they could only have refinanced at a lower rate. They were not dirt bags or shirking their duties but health issues, divorce and job loss were the culprits. All they needed to do was get a lower rate but they were often turned down because 1) they made too much money 2) they made too little money 3) debt to ratio was off. etc etc. The same client would hear all three scenarios. There are some great posts today – some of the best that I have seen. Read them, grow a heart and understand the bullshit that these major banks pulled. My favorite culprit is Jamie Dimon from Chase…"we are doing people a favor by foreclosing and getting them out from under debt."
Good show… The problem with modifications was the guidelines were not published. Basically, it was like a game of craps. Every lender had different criteria and they changed regularly. Not much different from the current mortgage process, which is why you need a broker to sift through the overlays and the almost monthly changes.
Really guys??? Having fun lecturing the American public about personal accountability in the name of Capitalism?
The Big Banks artificially hyper-inflate the housing market with easy money and no underwriting, then poisened the money system with MSB's which masked the true risk of what they sold.
When those "for profit" endoeavors tanked miserably, rather than going under for making extremely poor decsions (like any other "for profit" business would), they kicked it all downhill and blamed the wholesalers selling THEIR product. Then they get an unprecedented bailout because they are "too big to fail"! They basically sat in front of Congress and said "Pay for our mess, or you (figuratively) die…" That's not Capitalism, that's a god-damned Cartel with a gun to our heads.
Old news or new news…the truth is, they didn't "pay this bill"; the taxpayers did…you know this. You guys really phoned it in this time….shame on you.
If we were actually in a " pure " capitalist economy your points would be well taken.
However B of A has availed itself of every benefit the Government ( tax breaks, loans from the taxpayers, and Oh yeah 5 years of borrowing money at 0% and selling it at 3-4% or better), not to mention the upfronts which as we all know is where the money is really made.
You guys went from – ” THINK BIG – WORK SMALL” to think small – WORK BIG *for the big banks 🙁
I agree with Frank & Brian. The “Home Owners” did not make their payments and therefore should be foreclosed on PERIOD. Also I helped many many families do short sales. I had nearly 100% success ratio, including working with BofA. You just have to work the system and know what you are doing. I loved it when other agents whined about it because it just meant more closed short sales for me.
This is exactly why I more or less stopped watching your show. Too pro-banksta. You may have done even MORE damage than the media keeps claiming Donald Trump does everytime he speaks the TRUTH. Your show and the mass media have one big common denominator – you evade the truth! I sure hope you are taking these comments below into consideration the next time you decide to 'bring the news'.
OMG. I think most of the comments have missed the point. BOA and the other lenders out there are NOT in business to "help" and the guys are right when they point it out. Lenders are not out there to be borrowers' friends, they are out there to make money via making AND COLLECTING ON loans. Does this make our job difficult and frustrating when dealing with homeowners in trouble? Of course and it really makes me angry, but hey when we manage to work the system and avoid a foreclosure for one of our clients, it's a "win". Sorry if the people who refuse professional help have to face the consequences of their actions.
You guys seem to have your heart in the right place. But you don't understand what Bank of America's job was in handling modifications. That's because you don't know or understand that Bank of America was not–for the most part, anyway– dealing with it's own money.
That was something I really didn't know either until I was on the front lines in courtrooms fighting banks that were acting as if they had lost their own money. Instead, what was going on was that the banks were merely "servicers" . What that means is that they were acting as glorified collection agencies.
As debt collectors, then, what they were required by law to do was to try to help the borrowers restructure their loans and stay in their homes. From the point of view of the taxpayers, this is actually a very good thing to do as the direct and indirect impacts of throwing families out into the streets is many many billions of dollars more than what the restructuring would cost.
In my cases I have been very careful not to simply make the argument that the banks' paperwork is faulty (many cases show that the banks were presenting foreged and fraudulent documents to court), but, rather, to point out that the real fraud here was on the borrowing market in general.
An example might help: Say you wanted to buy your fiancee a diamond engagement ring. At the store, the vendor tells you that this is a certified 2 carat brilliant white-blue diamond. It's worth every dime of the purchase price. To further back that up, the merchant hooks you up with its banking expert who agrees to finance this diamond for you according to that full value and further tells you that the value will only increase and that you can always re-finance to get better terms should you like.
Then it turns out that the diamond is actually a worthless cz. You go to the store, but the store is out of business. The bank says it can't help you as you signed a contract–which it has now sold to a bona fide good faith purchaser.
You later find out that both the merchant and the bank went to the government, proclaiming that the entire consumer retail diamond industry has unforeably gone in the tank and that the entire national economy will go belly up if the taxpayers don't give them the money to pay off these bad deals.
The banks get the money…then they still come after you for the "diamond" and the full value of the contract…
BOA gave us a loan modification after telling us we made too little money, and then we made too much money. The loan modification was in place for 7-8 months and they canceled it. How did we find out; my wife tried to make a payment and was told we were in "pre-forclosure status"!!! No letter, no phone call, nothing. By that time my wife had gone back to work so we were making more money than ever in our lives so I told our lawyer to tell them we can make any payment up to $5,000 per month (our payment before was $3,200) and they would not even talk to us. What kind of idiots do we have in our government that told BOA that if they lose any money on a deal HARP will make it up. They should have told them, we will make up 1/2 of it, then BOA would have had a reason to try and deal with people like us that had a temporary problem.
You just put up the "Liar Liar" video talking about some seriouse things (disclosure, breach of contract, reponsibility… fines and who really needs to cover the costs etc). Simply change players names in that scenario and what do you have … but these banks who have done the same thing are just being picked on? Damn… You do realize that there are people who have been kicked out of their homes even when the banks (like the one named in your video) have/had no intesest in their property and connot show any evidence of it whatsoever! Just wow… def on the wrong side of this issue…