Monday, September 24, 2012

Bank of America Offers Mods with a Gag Order to Buy Silence « naked capitalism

An inteesting tid bit offered here about the mission of banks.  It brings into question their motives.  However, I think most people know the motive of the large banks and the politicians running for office this fall:  "save our reputation and convince people we are all here to help".  The unfortunate reality is that the big banks are helping if the need to to save their reputation and if they are pressured enough by politicans looking to buy votes before the election.  They both are working hand and hand to profit from the real estate crash while attempting to appear like they wish to be part of the solution.  The reality is that all they have done is prolong the pain for just about everyone except the banks and the politicians.  The so called gag order as a requirement to agree to a loan modification is as anti American and the bank bailout itself.  It seems to indicate the banks are as self serving as ever and only looking to save face as they need and likely have an arbitrary process to approving or denying home loan modifications across the country. 

check out the full story below at Naked Capitalism by Yves Smith. 

Bank of America Offers Mods with a Gag Order to Buy Silence from Naked Capitalism

It appears the banks are in business of public relations just as much as politicians are because they are making attempts to silence the biggest complainers who are speaking out on the truths of doing a loan modification. 

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