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?
7 comments
How much in bribes err “campaign contributions” did they hand out last election cycle?
Therein lies your answer, methinks :(.
We don’t have capitalism in America anymore. We have “crony capitalism”, where corrupt oligarchs pat each other on the back to make sure they stay in business despite being incompetent corrupt and crooked.
The politicians and bankers belong to the same club – the one for corrupt incompetents.
This instance was just totally off the charts, and without a lawyer, the bank would have gotten away with it.
Who needs competence, when you can simply bribe the regulators with an offer of a cushy 7-figure-salary job after they finish regulating you — or, worse yet, you can get yourself *hired* as the regulator with the right bribe err “campaign contribution”? Meritocracy? That’s just drivel for the little people. It’s all you got my back, I got yours up at the top, brains aren’t needed if you have the right connections.
“Crony capitalism”. SIGH.
They all belong to the same clubs, their children go to the same schools, they went to the same schools, they live in the same communities. It is a closed society and they take care of their own.
You know it’s a bribe; I know it’s a bribe; but the government won’t call it a bribe because Congresscritters already have their cushy jobs lined up.
“Meritocracy?” – Badtux
… and a Happy New Year?
It always struck me as absurd that most of the corporations that claim to hire ‘the best and the brightest’ still seem to see no contradiction is turning people down for a job because they are ‘over qualified’. That has to be one of the most bizarre excuses for not hiring someone there is.
“Overqualified” is apparently a synonym for “old” nowadays.