The borrower does have rights and protections under the law. Those are not eliminated by a mortgage.
Things like forgery, perjury and fraud by the banks are not protected by loaning money.
“That is to say if you pay your debts, there are no problems.”
False, banks are foreclosing on paid off homes. Homes they don’t even have mortgages on.
Then there is the argument that the economy wouldn’t be in this mess if it weren’t for the banks and their illegal & immoral actions.
In the interests of full disclosure, I have been a “banker” for eleven years. That is to say a volunteer (no pay or emoluments save one free meal at our annual meeting) on the loan committee of a small credit union. In that time, I have reviewed several thousand loans.
I’m also on the board of directors, so I get to know all about foreclosures, late payments, write-offs and deadbeats.
In all that eleven years, I nor any of the other folks at the credit union have ever held a gun to anyone and made them walk in the door and fill out a loan application.
So this Marxist bullsqueeze about the “evil bankers” is a bit tiresome to me.
Yes, borrowers have rights. And so do the owners of the capital.
Furthermore, a paid off loan cannot be foreclosed upon. Merely show up with the documentation and that will be the end of that.
And if bank personnel are forging documents and perjuring themselves, lawyers will be lined up to go to court.