Banks Continue to Manipulate Foreclosure Filings to Create Illusion that Crisis is Over

One thing is very clear: the mega banks — who control nearly all foreclosures — are using algorithms to start and stop foreclosures so as to create the impression that foreclosures are not a big problem. In this article by ProMarket, this behavior was honed down to specific districts represented by members of the Financial Services Committee of the U.S. House of Representatives. The members were under very little pressure about foreclosures because the number of foreclosures in their districts was so small, even though the “delinquencies” were the same as surrounding districts.

This practice has been going on for many years as a method of manipulating the media and government into thinking that the foreclosure crisis is over. It is not. There are millions of foreclosures to come. But now, the banks have perfected a plan in which the number of foreclosures is capped in a given area and then  ramped up in another area so that overall it looks like foreclosures are down to pre-crisis levels.

This has caused the media to accept the statistics at face value (often delivered by Black Knight, formerly known as Lender Processing Systems in Jacksonville, Fl — the same company that openly published a menu of services for fabrication of and forgery of documents). The bank strategy is successful. They are getting relief from regulations, and have managed to institutionalize grand theft.

see Banks manipulate foreclosure statistics to impact regulation

2 Responses

  1. So true ……banks have institutionalize grand theft. I’d like to borrrow that phrase for my judge😮

Contribute to the discussion!

%d bloggers like this: