Last year I wrote about an article from the Rolling Stone that described how Goldman Sachs was allowed to outright steal billions from the Stock Market by Naked Short Selling and still nothing has been done. Goldman Sachs still controls our economy under the Obama administration...
Now the same reporter details how in the aftermath of the housing crisis, banks are in some cases stealing homes from owners. The regulations around proof of lean ownership are being tossed out the window and banks are bold-faced making up documents to prove they own mortgages to foreclose on them.
http://www.rollingstone.com/politics/news/17390/232611
Again I'll point out that while many people may have bought too much house to afford, they mostly did it on the advice of the lenders who all universally encouraged them as financial professionals that they could afford these loans. The banks were financially motivated to make any loan to virtually anyone which they did in the most convoluted way possible and at factory speed. Millions of home loans were created, sold, re-sold, combined, sold, and then used as investment holdings. They lied about their value consistently for decades. Now they blame delinquent mortgage payers as they justify fast tracking 100's of thousands of foreclosures. What the hell is going on in America?
I have NO Idea, but the whole thing is super scary. I feel similar things are happening in the wide and wondrous world of credit cards as well - give them to anyone (thus giving the idea that they can handle said line of credit) and then watch things implode....
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