I was talking with my fellow Real Estate agent the other day. You know how you share and bring each other up to speed on what is going on. She tells me that she has a client who hasn't paid on their mortgage for 3 years and counting.
Of course I start asking all these questions. The Bank is yes, you guessed it Bank of America. I actually hate saying their name because America deserves better than this bank. Anyway, I find out that the bank hasn't even sent them a delinquency notice. You know the one that says we haven't received your payment and if we are in error, please disregard this notice and thank you.
I have mixed feelings about this. On one hand, I am happy in a strange way that someone has not been booted out and is able to ride out the economic storm that has hit this country. Of course on the other hand, the obvious not paying for your way through life is not appropriate.
Millions of foreclosures are taking place across this nation. I have shared that if it was in the hundreds of thousands, then we would believe that these unfortunates lost their jobs and losing their homes is the naturally course of events to follow.
When you hear that it is in the tens of millions and growing with no end in sight, then there is something wrong with the system some where. An example is that I read a certain Wall street company artificially drove up demand for poor loans being sold as securities and then took out insurance against them failing. They collected nearly 3 billion dollars using this ploy.
Its like food poisoning. Tens of millions of people just don't get sick randomly. They must have all consumed the same thing. So it is with this banking fiasco.
There you have it. The bank is inept, the system that runs the banks are dishonest and the government is powerless to do anything about it and the regulators appointed nap and collect huge salaries while all this is going on.
Finding out about things after the fact tends to be the way human nature and this country learn things. Paying people to watch over our interests now requires people to watch over the people and so on.
Perhaps the guy who hasn't paid his mortgage for 3 years and counting is getting justice?