Fourteen Cents and Foreclosed

Wow. Just wow.

CLEVELAND, Ohio — Michael and Pamella Negrea have never been late on a mortgage payment in the 15 years they’ve owned their home in Eastlake. But they’ve been foreclosed on three times.

Martin and Kirsten Davis, meanwhile, lost their home in Cleveland to foreclosure two years ago. The reason: a mess that started when they accidentally paid 14 cents too little on their monthly payment.

And Michael Rendes of Berea had his mortgage sold last year to Bank of America. The bank foreclosed on him in November, after insisting for months that it didn’t hold his loan and wouldn’t accept his payments.

Again, this is the kind of thing that’s going on while the banks and their allies are saying “well, you owe the money, so it doesn’t matter if our paperwork is fraudulent, we should be allowed to foreclose anyway.”

They’re not even bothering to confront this kind of thing, for the most part. They brush it off as “some mistakes have been made, but none that matter,” even as people are losing their homes that they have been paying for all along. And in brushing it off, they’re aggressively saying that the rule of law doesn’t and shouldn’t matter. This is how corrupt the American financial industry is.

Remember that next time the banks are pushing against being regulated by the government.

(Via Atrios)

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