Citizens Protest Against Mortgage Fraud

By: Capitol News Service
By: Capitol News Service

Not foreclosed homeowners set up a "Moral Hazard" zone in the state Capitol today. 5-26 The protestors say Wall Street banks should be held accountable and they say Florida Attorney General Pam Bondi is siding with the banks instead of Florida residents.

Reverand Sam Jones said, "These working people: some of them now are working two jobs, others even three to pay their mortgages that big banks are still profiting today from."

Bondi is one of just a few Attorneys General on a national task force who have taken the position that principle reduction could foster a "moral hazard." Bondi says banks should not have to share the cost of mortgages that citizens can not afford.

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  • by Anonymous on May 27, 2011 at 12:08 PM
    It's a sad day in Florida.
  • by Bob Location: Jasper on May 27, 2011 at 10:51 AM
    "Bondi says banks should not have to share the cost of mortgages that citizens can not afford." Gee imagine that! I thought I could go buy a house, an Escalade and an RV, even a boat that I couldn't afford and the government would force the companies to take less. What's wrong with the government, aren't I entitled???????
  • by bigd Location: Jax on May 27, 2011 at 07:22 AM
    What have they done that is fradulent? Just because they are not willing to forgive you of the debt that you can't pay does not make it fraud, that's business!
    • reply
      by Anonymous on May 27, 2011 at 10:04 AM in reply to bigd
      while i work at a bank and agree with your sentiment... some of these banks closed the loans KNOWING the customer couldn't repay AND they received bonuses because the they had huge portfolios. some mortgage lenders picking up denials from other banks- how ethical is that?
      • reply
        by Anonymous on May 27, 2011 at 02:09 PM in reply to
        It may not be ethical but the person receiving the mortgage still knew they could not afford it. At least they can declare bankruptcy. I have to pay my student loans despite the interest rate being HIGHER than that of my car or mortgage and I'm not running around demanding that the bank release me from my debt.
  • by anonymous Location: Tally on May 27, 2011 at 05:57 AM
    I think some of the fraud arises from the closing cost that were associated with the mortgage. The fees included in closing cost are spread all over the place and everyone sees it as an apportunity to get their greedy hands in the pot at the homeowner's expense. Your paying hundreds of thousands of dollars in interest alone to the bank/credit union so why does it cost $4k-$10k to close on a 200-300k house? Admin fees? Give me a break, that is more money than a lawyer makes.
  • by Average Joe Location: FL on May 27, 2011 at 05:32 AM
    Where do people get the idea that they are "entitled" to not pay their bills? I get the feeling there is more "fraud" on the homeowners side (trying to get out of the mortgage, live in the house with no payments while the banks get paperwork, etc.) than there is from the banks! I love that people paid for years, then when the bank starts foreclosure they scream that they never really signed the mortgage and fight that it even exists!
  • by Don Location: Bahamas on May 27, 2011 at 12:25 AM
    Fraud is one thing and taking on a mortgage you can't pay is somethig else. With interest rates at the lowest in decades why are people shouting fraud? If the buyer did not read or understand the contract why did they buy?
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