Big banks reviewing military foreclosures for compliance

In a continuing saga, a new report from federal regulators finds 10 big banks may have illegally foreclosed on the homes of some 5,000 military members while they were deployed overseas.

The report from the Office of the Comptroller of the Currency reveals that half of all the possibly illegal military foreclosures were done by Bank of America. Wells Fargo and Citigroup, meanwhile, were in distant second and third place.

All three big banks, in addition to seven others, are currently reviewing their military foreclosures for compliance.

The Service Members’ Civil Relief Act protects all active military families from foreclosures, evictions, and other financial consequences of military service while they’re deployed overseas.

Now, it’s possible the big banking industry is so completely and totally incompetent and that’s why possibly up to 5,000 military foreclosures were bungled. But it’s also possible the banks just don’t care what the law of the land is, and they don’t appreciate the patriotism of the brave men and women who put their lives on the line for our freedom in an all-volunteer military.

When it comes to the big banks, it’s time we put them out of misery and bust them up. They’re too incompetent, too complex and too ensnarled in idiotic risk taking. We should have never allowed the banks to get this large.

We need a Congress that’s not on the take so they’ll bust them up. No bank should be so large to put the federal government’s solvency at risk, as they have over the last several years. It’s time for a change.

Editor’s note: This segment originally aired Dec. 5, 2011