Foreclosure Crisis: The Gift That Keeps On Giving
Thousands of American homeowners who lost everything during the housing crisis are now back on their feet. Barely. Now that they've started rebuilding their finances — their lives — debt collectors are freezing their bank accounts, garnishing their wages and seizing their property.
The banks that have sold these foreclosed homes are disappointed that they haven't made more money from their sleazy tactics. They're unhappy. Remember, corporations are people and they have feelings just like the rest of us.
Lenders are able to keep gouging and sabotaging these foreclosure victims because of a legal tactic known as Deficiency Judgment. Banks used to be reluctant to use a deficiency judgment for going after foreclosed homeowners because of the expense and the bad publicity. But that was then.
Hell, why don't we just toss these foreclosed homeowners into a debtors' prison — maybe one of those lucrative private prisons — and throw the key away.