United States Senator Charles Schumer (At left, greeting The Rothbloom Law Firm client Robin Atchley and her family in a U. S. Senate subcommittee hearing):
Over the past year, we have heard much about the questionable lending practices that have harmed homeowners, roiled Wall Street, and stalled the economy – especially the ways that greedy lenders preyed on borrowers with subprime loans that many did not understand and could not afford.
What is far less known is the way that unscrupulous mortgage lenders and servicers have mistreated some of those same borrowers a second time – when they're down and out and at their most vulnerable – in bankruptcy.
There is a disturbing pattern of piling on that we need to get to the bottom of.
So today, I want to pull the curtain back on a hidden corner of the mortgage crisis.
As bankruptcies swell and defaults rise and revenue streams dry up, I fear a vulture mentality is developing in some quarters.
And that vulture mentality threatens to turn the dream of home ownership into an even worse nightmare than it has been for many already.
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