More lies...

US Banks Fake Documents to Rush Foreclosures

Major US banks systematically faked documents in order to speed up foreclosures for hundreds of thousands of homeowners, a mounting body of evidence shows. It appears likely that federal and state laws were broken in the process.

The scandal speaks both to the dimensions of the social crisis and the criminality of the big banks. The immediate cause of the mortgage lenders’ rampant cheating on foreclosure paperwork is the tidal wave of families ruined by the economic crisis—a crisis itself set into motion by the banks’ predatory lending practices. The goal was to get people out of their homes as efficiently and ruthlessly as possible, skating over legal requirements relating to documentation...

This pre-election concern for embattled homeowners is dishonest to the core. In fact, the entire process of dispossessing Americans from their homes has been facilitated by politicians of both parties, and in particular President Obama, whose bogus “housing rescue” of 2009 did nothing to address the root cause of the disaster: the fact that mortgages are vastly overvalued and not at all symmetrical to the incomes of US workers. This has left millions of homeowners “underwater”—owing more to banks on their homes than the market value.

At the same time, the Wall Street bailout and Obama’s repeated promises that he “would do whatever it takes” to cover the banks’ bad debts has ensured that lenders have no incentive to reduce drastically overvalued principal on bad loans. As a result, foreclosures have accelerated in 2009 and 2010.

Link:
http://www.globalresearch.ca/index.php?context=va&aid=21345