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Real Estate News Releases
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(EstateNewsWire.com, August 17, 2012 ) San Francisco, CA - The banks had no problems getting away with submitting fake documents to State courts on foreclosure and mortgage issues. It should not be a surprise if credit card debt collection also turns out to be similar to foreclosure fraud.
We have already seen such cases in the past. Back in March 2012, JPMorgan Chase put fake signs on documents and also dragged others into the dirty process of credit card debt collection. Bank of America also had dodgy records for credit card debt collection, reports news.firedoglake.com.
An American banker revealed the secrets and now it seems the credit card companies are facing problems with false documentation in court.
“As they work through a glut of bad loans, companies like American Express, Citigroup and Discover Financial are going to court to recoup their money.” said Noach Dear, a civil court judge in Brooklyn. “But many of the lawsuits rely on erroneous documents, incomplete records and generic testimony from witnesses, according to judges who oversee the cases”.
“Lenders, the judges said, are churning out lawsuits without regard for accuracy, and improperly collecting debts from consumers,” continued Dear. “The concerns echo a recent abuse in the foreclosure system, a practice known as robo-signing in which banks produced similar documents for different homeowners and did not review them.”
The time when the banks and other financial firms decide that they don’t want to keep an accurate record of documents anymore is not too far away. However, clearly, that day came a long time ago and the credit companies seem to be taking advantage in order to recover their damage by lying to the courts.
Credit card companies have also been found to be stealing their customer’s money without prior verification or approval. Basically, they are exploiting a system that already has far too many loopholes in it.
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Source: EmailWire.Com 
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