At What Point Is Wanton Destruction and Lawlessness Punished? How Far Will Banks Be Allowed To Go Before Public Outrage Demands Change?

21 Dec

This story from NakedCapitalism is just another example of so many hundreds of stories and at least now a few, thanks to the Attorneys General of Arizona and Nevada, being covered in the main stream media…

How many stories will it take to counter the massive Main Stream Media “Dead Beat Homeowner’” propaganda war?  How many stories will it take before Americans demand a halt to this outrageous behavior?

How many people will find themselves like Mimi Ash – all their possessions gone – all their personal treasures ‘trashed’ literally – while they were not at home – not by burglars, not by gangs of criminal hoodlums – but by the banks who hold their mortgages – and who do not even have the right to foreclose, never mind loot and destroy personal belongings?  These are the stories most Americans are not hearing; and that they need to hear – in order for the lawlessness to stop. If it is true that wikileaks has incriminating documents from Bank of America, it is stories like these below that make us say “Let them out – make them public – and let the bank that is perpetrating such abuse upon the citizens of this nation suffer the consequences. They deserve nothing less.

(*emphasis added (bold) in story below)

Bank Break Ins Leading to Litigation

from naked capitalism by Yves Smith

Even though banks piously insist that every one of their foreclosure actions is fully justified, evidence in the court system continues to prove that claim to be false. We pointed out this sorry development in October, that of banks entering and changing the locks on homes they had not foreclosed upon. Per a report from the Sarasota Herald Tribune:

The process of banks hiring people to break into homes, even when occupied, is just the latest oddity of the messy foreclosure crisis in Florida.

Some property owners are reporting the break-ins to law enforcement as burglaries. Yet investigators consider the disputes a civil matter because the contractors do not display criminal intent.

That essentially leaves the property owners without recourse…

“It is vastly underreported; it is happening in counties all across the state,” said St. Petersburg foreclosure defense attorney Matt Weidner. “The more this occurs, the more prevalent it’s going to become.”

The lack of willingness of the local police to deem destroying property and unauthorized entry as criminal acts leaves wronged parties with litigation as their only recourse. And some are filing suits.

Note that these suits likely represent only a small fraction of the actual cases of bank miscreance, since few of the victims are likely to have the financial wherewithall and intestinal fortitude to sue a bank. Per the New York Times:

When Mimi Ash arrived at her mountain chalet here for a weekend ski trip, she discovered that someone had broken into the home and changed the locks.

When she finally got into the house, it was empty. All of her possessions were gone: furniture, her son’s ski medals, winter clothes and family photos. Also missing was a wooden box, its top inscribed with the words “Together Forever,” that contained the ashes of her late husband, Robert.

The culprit, Ms. Ash soon learned, was not a burglar but her bank. According to a federal lawsuit filed in October by Ms. Ash, Bank of America had wrongfully foreclosed on her house and thrown out her belongings, without alerting Ms. Ash beforehand….

Identifying the number of homeowners who were locked out illegally is difficult. But banks and their representatives insist that situations like Ms. Ash’s represent just a tiny percentage of foreclosures.

This, as the British would say, is bollocks. The traditional procedures around the transfer of title made the old system virtually fail-safe. Any number above zero is unacceptably high. And “a tiny percentage” across the huge numbers of foreclosures happening across the US adds up to meaningful numbers in real terms.

Read the rest of the story at Naked Capitalism


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