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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Vicious New Bank Shakedown
http://www.alternet.org/economy/vicious-new-bank-shakedown-could-seriously-ruin-your-lifeIts hard to imagine a more loathsome figure than the mob debt collector, a.k.a the hired muscle. It was this bruisers job to get the money owed to the Boss, by whatever methods he saw fit. That might include coming to your house in the dead of night to break your kneecaps. Whatever it took. The collector was promised a cut of that money, and he was going to get it.
Gangsta-style big banks have taken up where this character left off. They may not send a guy to break your kneecaps, but they are working in the shadows, chasing down debts from credit cards using methods that are both fraudulent and unlawful. They do this whether you actually owe the money or not.
Heres the skinny: After widespread outrage over the big banks last crime wave against the American consumer the robo-signing scam in which homeowners were hustled out of their houses by banks that sent fraudulent paperwork through the courts, they are at it again. This time, banksters are accused of helping debt collectors pursue faulty judgments against credit card customers by various dirty tricks that include surprise! robo-signing.
California Attorney General Kamala Harris, who filed suit against JPMorgan Chase last Thursday, says that from January 2008 to April 2011 -- just as people were reeling from the Wall Street-driven financial crisis -- the megabank unleashed over 100,000 lawsuits against consumers over uncollected credit-card debt in the state of California alone. That includes 469 lawsuits in a single day. Now, it usually takes time and money to pursue lawsuits through the court system. So how in the world did Chase keep up this breakneck pace? The lawsuit claims that the bank took a number of little shortcuts, like robo-signing, in which bank employees produce sworn documents and other legal filings without bothering to check bank records or examine cases for accuracy.
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The Vicious New Bank Shakedown (Original Post)
Addison
May 2013
OP
dipsydoodle
(42,239 posts)1. Kick for attention.
.
Dreamer Tatum
(10,926 posts)2. While people should honor their debts
robo-signing is fraud.