Predatory Lending

Bankrupt Washington Mutual now owned by JP Morgan does not get much press about their prior predatory lending practices.  This story in the NY Times ‘Going Begging’ illustrates a few things.  One is that even when properties go on the auction block they are not often getting sold.  The second and most important it how did a loan this large with a second done by the now infamous predatory lender Wells Fargo get done?  The reporter JOSH BARBANEL at the NY Times seems to pick on a few of the oddities of banks lending practice but fails to ask the real question brought up at the end, how and why did this loan ever get done in the first place?  Not to put all the blame on the reporter because this seems to be the norm in America right now.  Reading a story like this almost always seems to put the blame on the borrower, with little or no responsibility by the lenders.  Pretender lenders who just gave out loans to increase their bottom lines, knowing full well that in the end the loan would not be paid and they would again increase their coffers (or is that our home coffins?) when the home was taken in foreclosure and auctioned off?  If you think all is lost keep reading this site and other site like Neil Garfield’s Living Lies. The truth is being told here and there that you can fight and keep your home from the deceptive pretender lenders.

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