Originally published at: http://boingboing.net/2017/06/15/the-hits-keep-coming-2.html
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At this point, if I found out that Wells Fargo were placing liens on first-born children, I don’t know if I would be surprised.
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Not to worry, no Wells Fargo exec’s will see time in jail. Now hell, strong possibility.
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And what’s stopping them from prepaying once they’re back on their feet? I don’t see that the borrowers are harmed here.
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Even if the lowered payments might be seen as a benefit to the lenders it fits the narrative of criminal actions undertaken by the bank to get additional money from their customers at all costs. The fact that consent was necessary to make these changes and none was sought is serious, considering that the bank stood to make thousands from each customer they defrauded.
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I’m not saying it’s not wrong. However, I don’t think it’s an attempt to get more from the borrowers, but rather an attempt to avoid having to deal with a foreclosure.
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That might make sense, if they had involved the other parties to the contract.
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North Carolina…hmmmm…I’ll bet there is a >50% chance that the Cottons support a reduction in “job-killing government regulation” and implicitly support the abolition of the CFBP.
Modifying a loan without Court approval is a major no-no and can open you to significant penalties.
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Pssst…[Not everyone who lives in “red” states hates everybody and everything, including themselves]…
Pssst…that’s why I put it at “>50%,” not 99% or 100%
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