The Great Foreclosure Deception; Big Banks Renege on Obama Deal
Like the Allies before D-Day, who quite literally used smoke and mirrors and stage magicians to deceive the Germans as to the true site of the landings, America’s five biggest banks are engaged in a very serious game of deception. They are pulling every trick they can to deceive homeowners, the Department of Justice and President Obama himself as to their true goal in the foreclosure crisis. The banks are trying to make it look like they are complying with a deal they made with the government to help homeowners, but it is all a great sham. The banks want out of the mortgage game, and are taking their pound of flesh as they exit.
That pound of flesh is pricier than the finest fillet mignon. Wells Fargo, Bank of America and the other big banks that hold most of the nation’s mortgages have found ways to make a big, quick buck in foreclosing on homes. So too have the law firms they retain. These attorneys reap at a minimum $10,000 per foreclosure. The fees rise geometrically with the value of the property, often topping the $250,000 mark.
There are other buzzards hovering in the sun who also feed on the carrion that is a lost home. As MSNBC reports, “loans in foreclosure generate a laundry list” of fees for home inspectors, mortgage servicing companies and even home maintenance firms. The banks themselves also tack on late charges and other fees to further harry homeowners struggling to hold on to their property. These fees only add to the burden and make it more difficult for those behind on their mortgage to become current.