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Invasive Tactic in Foreclosures Draws Scrutiny

Hatuey

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Invasive Tactic in Foreclosures Draws Scrutiny - Yahoo! Finance

Banks have defended the firms, which the lenders say are carefully monitored, arguing that maintaining properties is an important check on vandalism, crime and plummeting property values.

But complaints from homeowners, as well as information included in the Illinois lawsuit, suggest that Safeguard through its subcontractors ignored clear signs of occupancy like “a barking dog inside the home, a car in the driveway” or “a neighbor’s statement that the property is occupied,” the lawsuit said.


Even before the Illinois action on Monday, homeowners across the nation have lodged complaints with state regulators and filed lawsuits of their own, contending that Safeguard tried to forcibly drive them from their homes in a campaign of fear that involved damaging possessions, changing locks and shutting off electricity.


In North Carolina, homeowners said that they had returned to find their houses padlocked and their personal property, including family photographs, destroyed. In Bedford Corners, N.Y., Susan Salzberg Rubin said Safeguard broke into her property multiple times and tampered with the alarm system. In Bethel Park, Pa., Alexandra Hlista said she was forced from her home after multiple break-ins.

Thanks to George W. Bush's TARP program, the US government been able to keep banks alive long enough to hire thugs to destroy your property.
 

Fisher

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Thanks to George W. Bush's TARP program, the US government been able to keep banks alive long enough to hire thugs to destroy your property.
Maybe, maybe not. There were two foreclosed properties near me that were Bank of America deals. With one of them, there would have been no way to know if they were occupied if the occupants weren't there when it was inspected because they had the windows blinds shut. When they finally finished on the foreclosure, they hauled a huge load of garbage out of that house and piled in on the curb. The people had left behind furniture, clothes, toys, etc. The second piece of property they actually came and knocked on my door to see if I knew anything about the occupants. The lady told me that she had to get 3 neighbors to verify the place was vacant and the basis for our belief it was vacant before they could make entry into the property even though that house was very clearly vacant and the utilities had been disconnected. While that house still has not been foreclosed on in that it hasn't been sold, they have had to winterize, mow the grass to keep the city from attaching weed liens on the property, pay the taxes, and perform other maintenance on the property just to protect their interest.

The article in the OP sounds more like a shady management company than a bank-related issue.
 

ItAin'tFree

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Invasive Tactic in Foreclosures Draws Scrutiny - Yahoo! Finance




Thanks to George W. Bush's TARP program, the US government been able to keep banks alive long enough to hire thugs to destroy your property.
Thanks to five years worth of golf, drawing red lines and campaigning, Obama hasn't had time nor concern if some thug is destroying your property. Some of them might be union thugs anyway which of course would mean if he did find time to read a report about it between greens, he would just expect a larger donation from the union.
 

MaggieD

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Invasive Tactic in Foreclosures Draws Scrutiny - Yahoo! Finance

Thanks to George W. Bush's TARP program, the US government been able to keep banks alive long enough to hire thugs to destroy your property.
Banks don't hire thugs. But companies can sure act well beyond the scope of their responsibilities to make extra bucks. This company should be sued out of existence if they can prove this stuff happened in a court of law. Well, actually, I take that back. If we had effective Attorneys General in all of our states, they'd be shut down tomorrow.
 

Fenton

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Invasive Tactic in Foreclosures Draws Scrutiny - Yahoo! Finance




Thanks to George W. Bush's TARP program, the US government been able to keep banks alive long enough to hire thugs to destroy your property.
You are desperately ignorant when it comes to the Sub-Prime Collapse.

I mean blaming the banks is the typical low information Liberal Tactic but it's wrong.

And by the way, Obama voted for Tarp...
 

Midwest Lib

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You are desperately ignorant when it comes to the Sub-Prime Collapse.

I mean blaming the banks is the typical low information Liberal Tactic but it's wrong.

And by the way, Obama voted for Tarp...

So who do you blame? The ratings agencies were a huge part of the problem, as were Insurance firms, but to say the banks don't hold a big chunk of the blame seems pretty far off. I actually don't blame Bush (or Obama for that matter) for TARP and actually see it as a necessary evil. I do, however, view the rating agencies (S&P, Moody's, et al) as more of the problem than the investment banks. The banks will naturally do whatever is possible to make a profit and evidence is available to show that the banks knew mortgaged backed securities weren't as safe as the ratings suggested. This general misconception (AAA ratings belonged to many of these packaged securities) was the main cause of the growth of the bubble.
 

SBu

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aberrant85

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Banks have us by the balls. If there's even a hint of us changing the culture, it could cause a panic that precipitates another crisis.
 

Hatuey

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You are desperately ignorant when it comes to the Sub-Prime Collapse.

I mean blaming the banks is the typical low information Liberal Tactic but it's wrong.

And by the way, Obama voted for Tarp...
Learn to read? That would help you quite a bit.
 
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