Wednesday, July 2, 2008

Couldn’t happen here….could it?

Mortgage ruling could shock U.S. banking industry

The judge transformed the case from a run-of-the-mill class action to a potential nightmare for the U.S. banking industry by also finding that the borrowers could force the bank to cancel, or rescind, their loans. That decision was stayed pending an appeal to the 7th U.S. Circuit Court of Appeals, which is expected to rule any day.

Posted by gardeniadotnet @ 07:25 AM (748 views)
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3 thoughts on “Couldn’t happen here….could it?

  • gardeniadotnet says:

    LOS ANGELES (Reuters) – A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.

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  • fundamental classy action in progress?

    Canada: Class Action Accuses Banks of Illegal Creation of Money
    Categories
    Economy

    John Ruiz Dempsey, criminologist and forensic litigation specialist filed a class action suit on behalf of the People of Canada alleging that financial institutions are engaged in illegal creation of money, reports Tom Kennedy, a Canadian activist for economic reform.

    One of the best kept secrets is the mechanism of money creation in today’s economic system. Although not really a secret at all, the fact that money is created not by and for the people who use it and not even by the government, but is issued by commercial banks when giving loans to private persons or government, is hidden by what could be described as thick clouds of smoke, put out by economists and government departments.

    http://www.communicationagents.com/sepp/2005/04/19/canada_class_action_accuses_banks_of_illegal_creation_of_money.htm

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  • and

    The legal action brings to the fore one of the major economic “drag factors” – the interest charged by banks for money that technically and legally is not theirs to lend, because even governments end up paying interest to banks lending money for public spending, and they in turn charge tax payers. A large part of every country’s tax revenue goes first and foremost – before any “internal” spending – to payment of interest, largely because of the basic flaw in our way of creating money by the rich and for the rich.

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