Instead of working to modify loans on a timely basis, Bank of America proceeded with foreclosures while borrowers’ requests for modifications were pending, a violation of a 2009 agreement with Arizona to help borrowers facing the loss of their homes, Terry Goddard, the state’s attorney general, said yesterday in a statement.
WhatReallyHappened's Commentary:
We keep hearing how all these home loan modification programs were actually used to trick home owners into foreclosures instead of helping them refinance. Bank of America is just the latest.
The reason is simple. The banks are caught in the middle of a forced repurchase of the toxic (i.e. fraudulent) mortgage-backed securities Wall Street got rich selling over the last several years. Now the banks NEED your homes to re-capitalize their balance sheets, because simply printing up more money to cover the buybacks destroys the value of the dollar. The banks need something of real value on their balance sheets ... and they don' care how they get it.
This is forced wealth confiscation, done in a way to trick Americans into thinking it is their own fault they lost their homes.
The government took your jobs so the banks could take your homes, to keep the fraudsters out of prison by buying back the bad paper!
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