"The Hobbs Act defines extortion as the obtaining of property from another, with his consent, induced by wrongful use of actual or threatened force, violence, or fear, or under color of official right. 18 U.S.C. S 1951." Interesting story in which Citi and J.P. Morgan among second lien holders are demanding cash payments "off the books" from homeowners in order to allow a short sale to proceed in lieu of a foreclosure, a total loss and a black mark on their credit record. Was my characterization of the big Wall Street banks as 'sociopathic' a bit harsh as a reader asked? No, more likely understated. Remember, this is not some small local lender facing a loss and trying to get something out of it for their trouble. These are the TARP-sucking, discount window-feeding, bonus paying, fraudulent flim-flam 29.9% interest-charging pigmen who are demanding a pound of flesh from the down and out and the dispossessed as a consequence of their own reckless lending practices. Change you can believe in.
Interesting story in which Citi and J.P. Morgan among second lien holders are demanding cash payments "off the books" from homeowners in order to allow a short sale to proceed in lieu of a foreclosure, a total loss and a black mark on their credit record.
Was my characterization of the big Wall Street banks as 'sociopathic' a bit harsh as a reader asked?
No, more likely understated. Remember, this is not some small local lender facing a loss and trying to get something out of it for their trouble. These are the TARP-sucking, discount window-feeding, bonus paying, fraudulent flim-flam 29.9% interest-charging pigmen who are demanding a pound of flesh from the down and out and the dispossessed as a consequence of their own reckless lending practices.
Change you can believe in.
