Happy Memorial Day: Bankers Get Off With Fine For Illegal Foreclosures On Military


If you’ve got easily offended sensibilities, you might want to stop reading right now; I’m not going to play politically correct here and mince words.  

It seems that Bank of America and Morgan Stanley have settled allegations that they wrongfully foreclosed on almost 200 active-duty military-service members without ever obtaining court orders.  The settlement requires that they provide $22 million in compensation. 

From Market Watch:

“The men and women who serve our nation in the armed forces deserve, at the very least, to know that they will not have their homes taken from them wrongfully while they are bravely putting their lives on the line on behalf of their country,” Justice Department Assistant Attorney General Thomas Perez told reporters. “They [military personnel] have our backs and they need to know that we have theirs.”

According to the Justice Department, the victims included soldiers who “served honorably” in U.S. military actions in Iraq and Afghanistan.

As part of the deal, a Bank of America /quotes/comstock/13*!bac/quotes/nls/bac BAC +0.35%  subsidiary formerly known as Countrywide Home Loan Servicing agreed to pay $20 million to resolve a lawsuit alleging that it foreclosed on about 160 service members in 20 states between January 2006 and May 2009 without court orders. (Countrywide was acquired by Bank of America in 2008 at the height of the financial crisis).

According to Perez, Countrywide will set up a settlement fund with the $20 million to compensate each victim. He added that soldiers that were wrongfully foreclosed upon by Countrywide will receive on average, $125,000, from the settlement. Perez told reporters that the U.S. will distribute the funds based on the nature of each individual violation.

In addition, Bank of America agreed to pay any active-duty military personnel found to be wrongfully foreclosed upon by the bank from June 2009 through 2010. The Justice Department’s complaint alleges that Countrywide did not “consistently check the military status” of borrowers on whom it foreclosed through at least May 31, 2009.

How dare you say that you “have the backs” of our military, Mr. Perez.  These brave men and women offer to give their very lives to protect YOU and the rest of the people in this country and the fact that you allowed this to occur in the first place is reprehensible.  Those who serve in our military take an oath to uphold, protect and defend the Constitution of this United States and to protect her from enemies, both foreign and domestic.

I have not seen a more insidious enemy of this country than the big banking institutions.  And yes, I mean that literally: More terrifying than al Qaeda.  These banks operate on our shores with the blessing of Congress, which ignores the cries of the people who are being robbed in order to line their pockets with the money from these banks.  The banks fund their campaigns and keep them happily in office so they can continue to pass out taxpayer money, only to have the banks funnel it right back into their hands. 

I am aware of a career soldier, who never missed payment in his life, who had perfect credit.  They treated him like the scum of the earth low-life, deadbeat bum – RIGHT BEFORE HE SHIPPED OUT OVERSEAS!  His wife was crying at the kitchen table; small children peeking around the corner, wanting to know “what’s wrong, momma and daddy?”

Does $125,000 fix that?  Can that family get the years of suffering back – not only having to endure the fear of a deployment, but also being homeless?  You, Mr. Perez, and the rest of the people at the DoJ that ignored this going on for years, are pieces of sh*t.  You aren’t worthy of licking the boots of the members of our military. 

That also goes for 90% or more of the Members of Congress who have continued to pass out taxpayer money to insolvent banks like candy, destroying what remains of the productive economy.   You’re also pieces of sh*t for allowing the Federal Reserve to monetize our debt, driving the prices of everything we need to buy to survive to increase astronomically, at the same time our wages are going down, driving hundreds of thousands into poverty. 

This is the biggest looting operation in human history and we’re supposed to be grateful when one of these banks on taxpayer welfare is required to pay some trivial sum of money to rectify devastating wrongs?  Tell me Mr. Perez, exactly how is it that fraud committed by banks is punishable with a fine, but fraud commited by your average individual results in hard time in prison?  Tell. Me. Why. That. Is!

More importantly, tell me why any of these service members should ever want to continue to offer to die for this country.  And America, tell me why you are worthy of anyone offering to die to protect your freedoms, when you refuse to wake up and get every single one of these @ssholes out of office.  Every. Last. One. Of. Them.  No more.  Not a single person should ever again be elected that takes money from any entity on taxpayer welfare or votes to give taxpayer welfare to any institution.   Not a single person should ever be elected who does not commit to dismantling the Federal Reserve.  Who will really commit to “having the backs” of our serving military?  They offer their lives; what will you offer in return?