The Big Mortgage Rip-Off
Major mortgage lenders just settled a group of lawsuits relating to mortgage foreclosures. The lenders agreed to pay about 25 billion dollars into a settlement fund.
The lenders were CHEATED.
It was a political con game. The lenders did nothing wrong, but they have to pay a huge settlement. The government bought votes by stealing money from the lenders. And the lawyers are going to get a large portion of the settlement. It is totally despicable.
The truth is that a large group of individuals borrowed money they knew they could never pay back. Some of the borrowers were only stupid instead of crooked. If they cannot pay back the money they borrowed, then the lenders should get their homes and the individual assets until the loans are totally repaid with interest and all costs. Their credit scores should be zero until all money is repaid.
The mortgage lenders will get their money back. They will tighten up on loan criteria and raise interest rates to make up the loss.
The real losers are the honest, hard-working Americans that pay their debts in full.
This is proof the United States is becoming a police state. America is on its way to becoming a criminal society.
Every honorable, loyal American should be mad as hell.
The facts no one wants to read.
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