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Amongst the most despicable aspects of the job the banks did on against our society was the foreclosure and eviction of families of servicemen and women who were on active duty 7,000 miles away from home. This is patently against existing Federal Law, as well as public policy on the Federal level and all 50 states. The banks promise “compensation.”
My answer is that wrong is wrong. The evictions should be vacated, the foreclosures should be reversed, the sales cancelled, the deed on foreclosure nullified and the parties returned to their original position. Treble damages, punitive damages and/or exemplary damages should apply. Credit reports to the credit agencies should be removed. To think that one of our people in active service is losing life and limb at the same time these banks willfully ignored their rights is shameful. It should shock the conscience of any court.
The compensation offered by the banks to military families and other families for wrongful foreclosures is arbitrary, capricious and against common sense. It is all predicated on the assumption that there would have been a foreclosure anyway. But the San Francisco study and others around the country, all independently and objectively produced using scientific method have shown that at least 65% of all foreclosures were wrongful. “Wrongful” means they should not have been permitted to proceed. It means shouldn’t have happened at all.
So it is a drop in the bucket to allow these investment banks to claim losses not their own, claim insurance not their own, claim proceeds of credit default swaps on mortgage bonds not their own, claim losses from defaults on mortgages not their own and then to settle for pennies on the dollar.
Hidden in the last settlement with OCC, is a provision that says if the bank gives $10,000 toward principal reduction on a $100,000 loan they get credit for $100,000 (the principal demanded for the loan, which is wrong, as we all well know) instead of the $10,000 they allowed. My opinion is that this is precedent. What is good for the goose is good for the gander — if the bank gets credit for a $100,000 settlement then the borrower’s principal due should be reduced proportionately by the CREDIT received by the bank who at all times has been claiming they are agents for the investors EXCEPT when they get money from the government, insurance, or credit default swaps.
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