Homeowners Burned by Mortgage Scandal Cry Foul
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Posted by MilesCity.com Webmaster (+9999) 6 years ago
Homeowners burned by mortgage scandal cry foul on Legislature

It isn’t easy to talk about filing for bankruptcy or losing your home, but as Montana’s Legislature moves to make it more difficult for homeowners to sue the mortgage industry for deceptive practices, tongues are loosening up.

Montana Senate lawmakers have passed two bills to undo a landmark court ruling that benefited homeowners who sued big banks for mishandling mortgages. Such lawsuits often involve big banks making multiple fraudulent statements that lead distressed borrowers to assume their homes are being saved, while they’re actually sliding into foreclosure.

One of the bills would let banks off the hook for fraudulent statements. The other would limit the damages borrowers can collect.

In Montana, more than 1,000 homeowners have either inquired or filed complaints with the attorney general over similar banking issues.

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Senate Bills 280 and 281 were presented by Republican Sen. Eric Moore, a Miles City feedlot operator, as bad for small business, though he did acknowledge the Supreme Court’s ruling on a mortgage case as being the reason for the bills. Moore will present the bill Thursday to the House Business and Labor Committee.

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Read more: http://billingsgazette.co...78ffc.html
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Posted by David Schott (+16946) 6 years ago
Senator Eric Moore R-Miles City wants to protect banks that committed fraud? Am I reading that correctly?
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Posted by Bridgier (+9178) 6 years ago
While I feel bad for some people caught in this situation, I don't feel bad for those people who voted for people like Mr. Moore. I know, I know, you thought you were sending a 'message' about the evils of big government, but the evils of big business are, tbh, much more germane to most people going about their daily lives.
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Posted by Steve Sullivan (+1342) 6 years ago
Is it just me or does it seem like politicians are not inclined to work in favor of the people that voted them into office?
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Posted by Amorette Allison (+11731) 6 years ago
The politicians are inclined to work for the people who bought them.
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Posted by Elizabeth Emilsson (+796) 6 years ago
That was terse, but right on, Amorette.
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