The Scum of the Earth
From McClatchy: As it moved to seize home, bank never told widow her loan was insured
WASHINGTON — For more than a decade after her husband died, Laura Coleman Biggs paid her mortgage to a Bank of America subsidiary. She was never told, even as she was weeks from losing her home, that her husband had actually protected her against foreclosure.
George “Kenny” Mitchell had taken out a special lender-pushed insurance policy to pay off most of his loan if he died.
Read the entire thing to understand that this insurance policy paid off $100,000 on the $120,000 loan, leaving his widow with only a $20,000 mortgage. The bank not only didn’t tell her about the policy, it continued to collect the premiums for the policy from her. Since the bank is the beneficiary, the widow wouldn’t be aware of the policy.
Why are these crooks still allowed to operate?
April 16, 2015 7 Comments
