Homeowners burned by mortgage scandal cry foul on Montana Legislature. "The Bank of America Protection Bill"

"The message that I would like people to hear is stand up to these big banks. They are stealing peoples’ homes and we’re letting them get away with it. And for the Montana Legislature, don’t pass those two bills, please."

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.

By Tom Lutey

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