Debtor Prisons Are Back

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Debtor Prisons Are Back

Debtor Prisons Are Back

Send this link to the new Consumer Financial Protection Bureau to put an end to this scam!

Almost forgot…FHFA OIG are going after delinquent homeowners too… potentially CRIMINALLY!


National Mortgage News-

Remember the good old days, before the Industrial Revolution when governments threw people in debtor’s prison because they were broke? It seems like a long time ago, but it appears the idea is back.

According to a recent press report from The St. Louis Post-Dispatch, the concept is making a comeback, in parts of Missouri, at least. That’s right. According to the newspaper, certain borrowers in the St. Louis area are being thrown into jail over nonpayment of private debt.

For mortgage professionals, the key phrase here is “private debt.” Also, the outstanding loan amounts tied to incarceration are relatively small. (Can you spell payday loan?)

I decided to write about the issue because, well, it’s absurd…

[NATIONAL MORTGAGE NEWS]

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