HOBB Community

Unfortunately the reply was not about consumer protection of homebuyers directly. I’m sure we’re all aware of some recent standard banking abuses that are in high gear since the Mortgage schemers put many on thin ice. Fees are a Multi-billion dollar source of profit for banks, and usually target the weaker affected by the strained economy in many cases.

We fell into that vulnerable class, since losing $80,000 per year in future income for at least the next 4 years, so this is a big issues to us. Not from the economy’s downturn, but from the debt train that a soot damaged moldy housed cost to (mostly) fix. 

My banks have been doing some straight up illegal things with impunity as of late, so I wrote our Senator, whose office is surprisingly responsive to most issues, though there was no reply about consumer protection issues and homebuilders.  I now have more offices to write thanks to his office’s reply.

This is not a builder issue, except it came about as a ripple effect from builder issues. I could be wrong, but it seems homebuilders were also at the forefront of forced MBA on consumers, which the banks and every other business are sticking on consumers. It in essence puts banks and their schemes above the law.

It also shows how abusive and unethical practices can spread like a virus through an entire industry, if unchecked. The abusive practices started at the least scrupulous banks, or the most desperate and were adopted as standards for most all banks. Maybe this was to remain competitive, or just as likely, because they saw they could.

The mortgage industry did the same sort of thing. Homebuilder sales people who had the cliché ethics of used car salesmen set new standards, as they commonly pushed big builders in house financing. Even reputable mortgage lenders began knowingly or unknowingly participated in the misleading to out right fraud, as it became an industry standard. Unfortunately for our purposes, it the hot topic in new home problems.

Dear Mr. Jackson:

 

Thank you for contacting my office to express your views regarding the banking industry in the United States. I appreciate your taking the time to share your concerns with me.

 

I am concerned that financial regulators under the current Administration have failed to exercise appropriate oversight of our nation's financial institutions, which has contributed to the current economic downturn. Congress has recently held numerous oversight hearings pertaining to the banking industry. Further, multiple policy proposals are pending before Congress that address current banking practices. I will carefully examine such legislation to ensure that it restores accountability and transparency to the banking sector. Moreover, I will continue to promote policies that protect consumers from unscrupulous banking practices.

 

As the U.S. Senate debates matters pertaining to banking, please be assured that I will keep your specific views in mind. I hope you continue to share your views with me and my staff in the years ahead.

 

I would also invite you to visit my website at www.webb.senate.gov for regular updates on issues that are important to Virginia and our nation.

 

Thank you once again for contacting my office.

 

 

Sincerely,

Jim Webb

United States Senator

Why visit his website when you can visit his office?

They don't have time to see us. Of course we've asked several times. We've talked to their "people" a lot and mostly they advised us to seek legal help (a bad joke they didn't get) or recommended some prominent attorneys here who, as it always turned out, were all already conflicted out. Each office, if they replied at all, said they are powerless in the area of homebuilder negligence. It appears they can only help the builders do business by limiting regulations, but can't regulate it for consumers in any way. Virginia is consistently ranked as one of the best places for business in the U.S., and they mean to keep that ranking.

As far as talking with our Virginia representatives, Carmen has a friend who worked for the former Virginia Governor, who talked to constituents in his behalf to people like us. This girl is mildly psychotic, totally self absorbed, and would never do anything for anyone unless she could see how she benefited from it. Undoubtedly, she was a good fit as a representative of Virginia's electoral body.

On the banking subject from which I got replies, I have a family member in account management for a major bank. She's say's all Hell is about to break loose in banking. The rumors that the FBI is seriously probing our banking system, has banking managers wearing adult diapers.

The banks well know they're committing fraud, because they saw nobody would actually do anything about it, or so they banked on that belief. An obvious theft scheme is hard written into Bank Of America's financial software right now, and no doubt many other banks have this too, and it is easily detectable if anyone actually looked closely. The scheme doesn't produce hard copy records though, but actually alters records before they go to a hard copy format.

The banking system is like big oil, in that we are stuck with it. Even if they could make the guilty pay, it won't help anyone get their homes back. The millions who lost the roof over their heads with no government bailout option will be forced to help pay to keep the banks roof over their greedy heads, or we'll all suffer the consequences. All they can really do is try to prevent future financial disasters. Technically they need to get a big red stamper that says insufficient regulation on any bailout checks, at the very least IMO.

But yes Marc, I know we should push harder, maybe chain ourselves to their doors and make them listen. Would they really though?