This is no lie. A major bank as well as a S&L went under in Tennessee in 1982. Both were ran by brothers. Bad loans, the failure of the 1982 Worlds Fair, and out and out fraud in both institutes even between each other caused it to happen. The two brothers went to prison after FDIC bailed out the bank and everyone who had a cent in the S&L lost all they had. Some believe it or not still think highly of them. Despite the criminal acts involve some still call them victims.
Not only did he do that, but some mortgage customers who were sending in payments, IN FULL, and ON TIME received letters saying — You haven’t paid for the last 7 months, and we’re going to foreclose... I’ll go and try to find the investigative report they did at Channel 9 in Denver back in 2002 on it.
It wasn’t until the media got involved that WaMu pulled the foreclosure notices and properly credited people’s accounts for the THOUSANDS of dollars they had made in payments. Don’t even get me started on the fact that they FAILED TO PAY PROPERTY TAXES as contracted in the mortgages!
So, I guess the point I’m making is this — even if some of these were “bad investments” there were people paying IN FULL and ON TIME that were foreclosed on because they LIED about not receiving payments... As God is my witness, I am telling the TRUTH.