Brookhaven: Except the banks, right? They don’t deserve any equal protection from deadbeat borrowers because they are eeeeeevil money-grubbing capitalists! Right?
If the banks violated a regulation, they should face whatever sanction is on the books for violating that regulation. But the truth is, attorneys for these deadbeat borrowers are going to use this to go after the banks - in some cases to absolve their clients from any wrongdoing.
Which is BS. Deadbeat borrowers are ALSO lawbreakers. They are essentially stealing from the banks and these lawyers will make sure they get away with it. If both sides have to lose, so be it.
But, of course, gardencatz, you left out one key detail when you said, “They chose to give these loans (even deadbeats can’t hold a gun to a lender’s head and force them to give them a home loan).”
The deadbeat can’t hold the gun, but the GOVERNMENT can. Cue the Community Reinvestment Act.
Which is BS. Deadbeat borrowers are ALSO lawbreakers.
A mortgage is a contract between two individuals. And just like any contract, if one side fails to meet their obligations under the contract, there are legal rememdies which can be pursued in civil, not criminal, court.
Wrong!
Deadbeats are contract-breakers. And by burning the original documents the banksters are also contract breakers - since they claimed in the securitization process that they had a complete set of papers.
The law has a defined path for trying to enforce the provisions of a legal contract. The law understands that there is risk involved, and things don't always work out as planned by either party to the contract. And both the borrower and lender have rights in the process.
Trying to enforce a mortgage without actually having the legally signed mortgage paper and faking the paperwork to make it look like you do, is the only fraud/crime here. The rest is civil.
Maybe the deadbeat is getting an undeserved reward. But I don't think that in this case it is a crime.