Bank of America tries to seize widow's home while forgetting to mention that her loan was insured

[chervilant]

22. I was in mortgage lending for almost

seven years before I moved home to Newton County. I worked for the worst of the worst: Countrywide (I refused to sell or even market their horrible "sub-prime" loans, so I "resigned" when my manager stopped negotiating rates for me). Every time I closed a loan, I accompanied my clients to their closing, gave them a closing gift, and strongly adjured them to read the loan documents. In all the years I closed loans, not one client read their loan documents at closing. My colleagues told me this was their experience as well.

Now, here's why I think most people do NOT read their loan documents: there are typically 80 to 120 pages of legalese, in very small print. The title company representative will have tagged all the pages that require a signature and/or initials. The rep typically tells the client(s) that it's in their best interests to read the loan docs, but (also typically) makes some disclaimer about rescheduling the closing if they elect to read all the docs, or call to have lunch delivered, or any number of codicils intended to dissuade clients from spending the inordinate amount of time necessary to wade through that large packet of docs, while stopping and asking questions about the dense, off-putting legalese.

Personally, I think this is by design. The criminal banksters have the game rigged in their favor, and it's been this way since the first bank was thought necessary to facilitate our species' economic behaviors.