Banks And Bad Business Acumen

August 12. 2009

It's safe to state, corporate America led the United States into the current recession-turned-depression. The banks played a role in this financial calamity as well, spearheading the accompanying mortgage crisis, still spawning hundreds of thousands of foreclosures all over the country. Millions of families have lost their homes, due to bad loans, deceitfully issued by greedy mortgage companies and banks.

The next article is more proof of the arrogance, heartlessness and poor business sense banks are operating under, when a family's home was foreclosed on over 7 cents. As a result, Countrywide rejected the family's mortgage payment and placed their home into foreclosure. Disgraceful!

Make it worse, the family lost their 10-month old daughter to a household accident, now they are losing their home as well.

This is why I keep stating Obama and his administration cannot deal with the banks using kid gloves, as some of them are heartless.

Family losing home for underpaying mortgage by 7 cents

A Michigan family with an apparently spotty payment history is losing its home because it underpaid its mortgage by 7 cents, according to a legal aid group.

Sydney Rooks, a lawyer for Legal Services of Eastern Michigan, tells the Detroit Free Press that Creg and Bonnie Berger of Deckerville inadvertently underpaid their mortgage because a postal clerk issued a money order for $440 rather than $440.07. The Bergers didn't catch the mistake and they were four weeks late making February's payment of $690.07.

Though the Bergers, who have four children, caught up by mid-April, Rooks says, Countrywide Financial and its new owner, Bank of America, rejected the couple's payments...

http://blogs.usatoday.com