After being bailed out and sticking the American tax payers with bad mortgage loans, lenders like JP Morgan Chase and Bank Of America are now admitting that they might have foreclosed on some homes by accident because of not reading fine print correctly. Last night on "The Daily Show," Jon Stewart lambasted the big banks for ignoring the fine print that they themselves came up with.
"Wait, what? The banks weren't reading the fine print? You're the people who came up with the f**king fine print in the first place!" Stewart said in shock.
Stewart pointed out that regular people typically never read fine print, using the length of a standard iTunes contract as an example, but that the banks weren't even reading the "regular print" when they decided to change the locks on homes that were not in foreclosure, which happened in Orange County, FL recently.
Since the American tax payers are now part owners of these crappy mortgages, Stewart said we should request a halt to the foreclosures until all the paperwork is straightened out, but analysts suggest this would collapse the economy.
So, it is up to Congress and President Obama to solve the problem and protect people from accidental foreclosures, but as Stewart learns, only one of them will actually do something about it.