Taking it back from the banks

What American Banks and Media don't want the Citizens to know is...

By Gina Keating - Analysis

LOS ANGELES (Reuters) - A lawsuit filed by a Wisconsin couple
against their mortgage lender could have major implications for banks
should a U.S. appeals court agree that borrowers can cancel their loans
en masse when their lenders violate a federal lending disclosure law.

In their 2005 lawsuit, the couple said the loan's interest rate had
more than doubled by their second monthly payment from the 1.95 percent
rate they thought was locked in for five years. The interest rate rose
well above the 5.75 percent fixed-rate loan they had refinanced to pay
their children's college tuition.

The Andrews filed the case seeking class action status; and in early
2007, U.S. District Judge Lynn Adelman ruled that the bank had violated
the Truth in Lending Act, or TILA, and that thousands of other Chevy
Chase borrowers could join them as plaintiffs.

The idea of canceling tainted loans to stem a tide of foreclosures has
caught hold in other quarters; a lawsuit filed last week by the
Illinois attorney general asks a court to rescind or reform Countrywide
Financial Corp mortgages originated under "unfair or deceptive practices."

The above excerpt from Rueters highly three important things. One of the biggest financial scams in history is coming apart, and the individual people left holding the bag have the power to fight back. It also clearly is missing from American media reports, but I have to go to international news sources to find this story front and center where is should be. The same people that have scammed us are running our news.