Friday, January 25, 2019

a long time to wait for justice... maybe

For those readers with good memories.. I write this story.
In 2004, pre-bank meltdown, some mortgage lenders were caught in bait and switch with home buyers. The scandal included big names like Country Wide Financial and Bank of America and others from 2003 to 2008. It was in the news a lot back then as it's own banking scandal.

I had agreed to buy my neighbors house in 2004 when he was ready and had the PSA signed and financing secured with Country Wide. The day of the closing I was notified I needed a few thousand (can't remember exactly) more dollars because the rate had changed with additional fees. I had little choice but to hit the plastic for the money at the closing. Immediately afterwards I had written to the State Commission overseeing the banking industry. I met 2 office workers at the old IHop on Rte 30 for an hour. I had all my paperwork in hand and they said they would investigate the matter and get back to me.

I'm bringing it home now.
I get a post card in the mail yesterday from a lawyers group who is joining other lawyers who are suing Country Wide for charging customers with fraudulent appraisal fees.
Will anything ever come this class action lawsuit? Maybe not... but if so... there will be some satisfaction knowing that there may be some justice for thousands of homeowners who were duped by a greedy banking giant. 

4 Comments:

At January 25, 2019 at 3:32 PM , Anonymous Anonymous said...

About time to see these companies being held accountable but it begs the question, what took so long?

 
At January 25, 2019 at 4:22 PM , Anonymous Anonymous said...

My neighbor here in Framingham got caught up in one of the predatory loans and had some huge balloon payment he could not afford to make and lost his house. This guy was in his 60's. What a way to start your retirment years. These companies that did this to innocent hard working people should have to pay for their actions. Instead, people like my neighbor end up losing everything they worked all their lives for and these banks are raking in the money and not suffereing at all. This is just wrong

 
At January 25, 2019 at 4:47 PM , Anonymous Anonymous said...

happened to me but I was too embarrassed to tell anyone or ask for help because I felt like an idiot. Ended up selling my house at a loss just to try and get out from under and then had to pay off the amount that was a loss on my house. Shameful that they have gotten away with this for so long

 
At January 28, 2019 at 4:13 PM , Anonymous Anonymous said...

hope you get some satisfaction on this but I suspect you won't

 

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