The next time you go into your bank, look for the guy wearing the mask….
If you have been paying attention to recent news reports about Bank of America, Wells-Fargo, or the others, you get the feeling that when they are issued their Bank certificate they are also given a licence to steal.. and can violate laws at will.
From the Bloomburg View is a nice article about Bank of America, and their tricks.
A good deal of my information comes from the Sarasota Herald-Tribune and, my favorite columnist, Tom Lyons who can usually be counted on to come up with an interesting point.
Over the years, since the financial meltdown, we have hear about bank official who did not bother to verify that potential borrowers could actually afford to repay loans, how the banks sold these loans, to other financial institutions, in bundles.
We know about the effect this had when these loans were proved valueless, and how the collapse spread to other funds that counted on these bundles.
Then we heard about robo-signers who signed off on paperwork they could never have spent the time to verify, in spite of the fact that they had signed a paper saying that was just what they had done.
There were reports, in the various papers, about how lenders, trying to foreclose on properties, had submitted false documentation to the courts, and how instead of dismissing the suite “with prejudice” they allowed the leaders to refill, hopefully with correct document.
In the case where the government has levied fines it has actually be reported that the banks were able to write them off as “expense of doing business”. Do the banking regulators and the IRS think that violation of the law is “doing business”?
There was even a recent story, I will have to try to find it again, about how some of the banks have foreclosed on something like 700 families of servicemen who were stationed overseas in combat zones. This is also a violation of FEDERAL LAWS. If this is true why have the FEDs not stepped in to help the families?
All of this give the banks the idea, if not the reality, that they can do whatever they want.
That Joe Guy