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Fed Ruling on Military Foreclosure Error

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  • Fed Ruling on Military Foreclosure Error

    The banks clearly violated the Servicemembers Civil Relief Act.
    Almost a thousand were illegally foreclosed on while they were serving or recently left active duty between 2006 through 2012.



    Several bank giants will pay $123.4 million to members of the military for violating a federal law that is to protect service members from foreclosures when they’re on active duty, the U.S. Department of Justice reports.

    The lenders have been accused of violating the Servicemembers Civil Relief Act, which prevents non-judicial foreclosures against service members who are on or recently left active duty. The foreclosures involved in the most recent settlement occurred between Jan. 1, 2006, and April 4, 2012.
    "Service members should never have to worry about losing their home to an illegal foreclosure while they are serving our country," Acting Associate Attorney General Stuart Delery said in a statement.


    http://mobile.reuters.com/article/id...50209?irpc=932

    How could the bankers sleep at night knowing what they were doing?
    "Stand for the flag ~ Kneel for the fallen"

    "A wise man can learn more from a foolish question than a fool can learn from a wise answer." ~ Bruce Lee

  • #2
    Originally posted by Persephone View Post
    The banks clearly violated the Servicemembers Civil Relief Act.
    Almost a thousand were illegally foreclosed on while they were serving or recently left active duty between 2006 through 2012.






    How could the bankers sleep at night knowing what they were doing?
    There is some crucial information missing here. What were the foreclosures for?

    The foreclosures are only illegal if they are non-judicial and all payments are up to date.

    Foreclosure for non-payment is a fact of life for everyone.
    Quis Custodiet Ipsos Custodes? Who is watching the watchers?

    Comment


    • #3
      Originally posted by Mountain Man View Post
      There is some crucial information missing here. What were the foreclosures for?

      The foreclosures are only illegal if they are non-judicial and all payments are up to date.

      Foreclosure for non-payment is a fact of life for everyone.

      The banks have admitted they foreclosed in error. What more do you want?

      They will pay $123.4 million to members of the military for violating a federal law that was set up to protect service members from foreclosures when they're on active duty.
      "Stand for the flag ~ Kneel for the fallen"

      "A wise man can learn more from a foolish question than a fool can learn from a wise answer." ~ Bruce Lee

      Comment


      • #4
        I want to know what the "error" was. Frankly, I'm surprised that you don't.

        Active duty status or not, paying your mortgage is also a Federal law.
        Quis Custodiet Ipsos Custodes? Who is watching the watchers?

        Comment


        • #5
          Originally posted by Persephone View Post
          How could the bankers sleep at night knowing what they were doing?
          It is quite possible that they DIDN'T know what was going on.

          Machine reports three or so (dependent on circumstances) failures to pay and it is farmed out to a collection agency. All the facts are not reported to the "agency". "Agency" treats it like a legitimate deal and does it's thing.

          Voila! An error by the bank/agency.

          Simple.

          GG
          "The will of a section rooted in self interest, should not outweigh the vital interests of a whole people." -Joshua Lawrence Chamberlain-

          "Fanatics of any sort are dangerous." -GG-

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