Soldier's foreclosure was illegal, federal lawsuit alleges

  • Article by: MARK BRUNSWICK , Star Tribune
  • Updated: April 21, 2012 - 12:12 AM

Minnesota National Guard member lost his home while serving in Iraq.

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swmnguyApr. 20, 1210:33 PM

Seems the bank will argue that Sgt. Harry was pretty much in default before he went on active duty. It will be interesting to see how the court rules.

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redqidApr. 20, 1211:02 PM

During the hearings, a representative of J.P. Morgan Chase acknowledged that it had overcharged service members or improperly foreclosed on them, but said it was taking steps to correct the mistakes. --- Every time I see banks talking about correcting their improper foreclosures, they just mean improving the process. If the banks are going to correct mistakes, they should give back the properties, pay for personal items that were thrown away, pay for any alternative living arrangements the people had to make, and pay all of the attorney fees and well as damages.

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redqidApr. 20, 1211:08 PM

Since the major banks are not following the law, how about we forget trying to solve this through incompetent govt regulators and the courts. Instead, just let the military solve these illegal foreclosures.

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jcinmnApr. 21, 12 6:30 AM

International companies that act like this should not only be penalized with large judgements. They should be nationalized, their funds frozen and their assets seized. The assets should be sold at auction and distributed among their victims

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swmnguyApr. 21, 12 7:45 AM

jcinmn & redqid make good points. The problem we have with the banks right now is complex. They have behaved, and continue to behave, completely amorally and as if the rule of law does not apply to them. When we challenge them in court, the courts sometimes sanction them financially, and make them pay some money.

Since late 2008, the banks have virtually unlimited access to money straight from the Federal Reserve, at negative cost (they borrow it at interest less than the rate of inflation). So making the banks pay money to "atone" for criminal behavior is meaningless to the banks.

What we need to do is put executives in prison when wrongdoing is found. We need to treat them like Tom Petters. The top executives of US banks have committed and authorized more crimes, doing far more damage to the US economy and citizens, than Tom Petters did. Yet Petters will most likely die in prison, and these executives will never face meaningful consequences. I guess it all comes down to who controls whom in government.

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fapplApr. 21, 12 8:07 AM

"Oh Oh we got caught", time to do damage control. Banks are NOT stupid and I'm confident that they know the LAW as well or better than the Feds that enacted the legislation, for the banks it's a crap shoot with the feeling that it's easier to get forgivness than permission. I can only hope that the wronged service members not only get compensated for their loss, but for pain and suffering as well. These actions were unconsionable and contrived and need to be dealt with harshly and examples made. "Greed" is the credo of the banking industry and they are able to buy and sell government influence like jelly beans.

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nordeasterApr. 21, 12 8:28 AM

How do you not know that your house is being foreclosed upon? Don't you think that if you don't pay your mortgage you will lose your house? You must know if you are not paying.

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drmyeyesApr. 21, 12 9:06 AM

He was in default BEFORE he left. I emphasize with him, but it does not change the fact that deployment had nothing to do with the foreclosure.

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bigtmnApr. 21, 12 9:21 AM

"but it does not change the fact that deployment had nothing to do with the foreclosure". ..... Can you say with 100% certainty that he could not have rectified the problem if he hadn't been deployed?

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ashleystpaulApr. 21, 12 9:48 AM

Okay, so it was illegal. So what remedy did the court apply?

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