The crony banking system is stealing from their customers- that’s you and me- in broad daylight. Consider that your (ours? still?) ‘government’ is a more than willing accomplice- so their actions have the nice veneer of respectability and are nice and legal-like, so all we can do is complain.
“The problem with loan modifications is they fail to address the major reason why people are defaulting. Homes are underwater. And since the housing industry has done such a good job lobbying Congress over and over through various administrations to strip out cram-down legislation, there is rarely any teeth in modifications. For the most part, the servicers are motivated for the incentive they get and that is largely it. Plus, they are unable to work with the actual holders of the note since the actual mortgage has been chopped up in many different areas. The U.S. Treasury and Federal Reserve are trying to figure out every scenario imaginable to offload the toxic mortgage waste onto the taxpayer. At first, the notion of modifying a loan sounds good but most of the cases are token kickbacks to a public that is frustrated with $13 trillion in bailouts and commitments being given to a crony banking system.” –Dr. Housing Bubble