A Report On Dream Is Being Stolen By Corrupt Banks

1717 Words7 Pages
2015

To Whom it may concern,

A grave injustice is being brought upon all Americans, who dream of owning their own homes. That dream is being stolen by corrupt banks. After the economy crashed in 2009, these banks pounced on these people like sharks. They conned people into thinking they could save their homes, by modifications of their loans with lower interest rates.

The exact opposite has happened. These banks devised a devious plan to stall loan applications, while compounding and adding penalties in the process. By doing this, the amounts of the loans owed by the unsuspecting homeowners kept getting higher and loan payments due kept rising and rising, to a point where people could no longer afford to keep their homes and many
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I know this because I am one of these victims and I personally know of at least 10 others just in my circle of family and friends. I live in Northeast New Jersey I was raised in a large family. I watched as my Grandfather, Parents, Aunts and Uncles, break their backs in the construction field, in order to own and keep homes. I was taught how to work hard, take pride in my work and earn an honest living. When I finished high school, I went to work for my father, who did construction work. I labored long and hard, saving all my money so that I would be able to own a home of my own and settle down to start my own family.

Eventually I started my own business, installing carpeting, doing renovations and tile work. I was still living with my parents at this time, because every penny I earned went into buying land and building my house. I am a skilled worker and soon had a fine reputation and my work was greatly sought after. I paid all my bills on time and enjoyed a high credit rating also, that is until this scam engulfed me.

As I earned money, I would buy what materials I needed to work on my home. I did so on Sunday’s and in the evenings after working all day long for clients. Finally, in 2008, it was time to order my log home kit, but needed to take out a loan to pay upfront for it. I applied for a personal loan, but the economy being the way it was, I was only able to get a 2 year balloon loan. I worked on the
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