Archive for December 2nd, 2011

by jhwygirl

This is rich: GMAC mortgage lending exited the mortgage market in Massachusetts today.

GMAC did this is in reaction to Massachusetts Attorney General Martha Coakley filing suit against 5 banks in the state for “deceptive and unlawful conduct” in foreclosures.

This is the first significant lawsuit to come about for the banks’ robo-signing of foreclosure documents. Currently New York and the federal government are investigating Bank of America for its foreclosures on active duty military.

Foreclosing on soldiers homes while they’re overseas.

The stories go on. They’ve foreclosed on homes that they couldn’t produce the finance paperwork.

Yet we taxpayers have bailed these crooks out and the federal treasury is lending them cash at .25%.

So when a political entity like the State of Massachusetts decides to enforce the law and sue them for their unlawful practices, GMAC just shuts down shop.

Intentionally inflicting economic pain on Massachusetts.

Banking reform did nothing to reign in our banking system. They’re still “too big to fail”. Bank bailouts were not eliminated.

Banks have been making money on money – a shell game economists have been warning against for darn near a decade.

Used to be they made their money on well thought out investments such as real estate and business. Now they make their money by charging what used to be back alley loan shark rates (double-digit credit card rates). They charge ATM and debit card fees to their depositor while doubling up on those charges by strapping businesses with fees to accept these cards.

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