http://www4.law.cornell.edu/us…..10_39.html

Over the years, Congress has been complicit in various legislative schemes to “deregulate” regulated businesses like in the Garn-St.Germain Deregulation Bill of 1982 but also in the Depository Institutions Deregulation Bill in 1978. There seems to be a cluelessness among many members of Congress that these “deregulation” bills are like grants of mini-printing presses to various businesses and a license to bilk the public. If you look at the “Alternative Mortgage Transactions” law, you find that state usury laws and defenses have been preempted giving carte blanche to mortgage bankers, including the army of swindlers who have comprised the subprime mortgage “industry” to commit wholesale fraud.

Is it any wonder that “industries” like this have formed associations to use the money so freely granted by an imbecile Congress to lobby for protection?

What we really need is a massive education on the television about the rights of people in foreclosure. I can tell you from searches what the most common violations are, ones that many people just might not know about.

1) not communication during foreclosure.
2) not sending accurate payment history. Not responding to requests for payment history.
3) escrow account manipulations…very difficult to find because they send really misleading statements.
4) not paying taxes when the lender is supposed, then charging late fees or allowing the house to go up for auction before the tax money can be raised or legal efforts can stop the foreclosure.
5) not applying payments accurately.
6) holding on to payment and not crediting them to the account in a timely manner thereby causing late fees. Not using the post mark to determine late fees but their own posting procedures and timelines which gives them almost complete control over late fees.

Most people do not know what these people can and cannot do, and might not realize that they are doing these behaviors in mass quantities.

When the wealthy tried to knock off Venezuala’s Chavez (perhaps with CIA assistance) Chavez was in jail until he was sprung by a huge uprising. I doubt we can manage that in the US. I feared George Bush might postpone the last election on security grounds. Don’t know how many would have taken to the streets in protest.

As for banks and senators, we live in a society where money talks. Although liberal organizations raise money as does the grass roots, the real green comes from the wealthy and our Congresspeople know it. It should not surprise anyone they listen to lobbyists more than constituents.