Quote:
Originally Posted by Royboy39
In the first part or your post.
Your not suggesting banks are bent are you? 
In the UK only a small parcel of land which a house stands on is worth money and I understand where you are coming from.
In the US we are talking about whole estates where people have lost their houses. Parcels of land like that just cant be written off, surely? |
Would I dare suggest that banks are bent
.
As I said before I don't really know enough detail about the US situation, other than US banks lent to people that they knew would never be able to pay off their mortgage debt and then sold that debt on to another bank. Selling on of debt (especially bad debt) is very common practice - there are several UK companies who buy up debts from financial institutions and then persue the debtors for that debt. They even quite often after the debt becomes statute barred (which of the top of my head I thnik and even without solid proof that the debtor signed a legally enforceable credit agrrement (or have the voice recordings to prove a verbal contract). These companies pray in people who do not know their legal rights regarding credit/loan agreements.