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The Banks' "Penalty" To Put Robosigning Behind Them: $300 Per Person
Back in late 2010, there was much hope that as a result of the unfolding robosigning "Linda Green" scandal, not only would banks would be forced to fix their ways by incurring crippling civil penalties (because not even the most optimistic hoped any bankers would ever face criminal charges for anything), but that the US housing market may even reprice to a fair price as for a brief moment there nobody had any idea who owned what mortgage. Ironically, what did end up happening was to provide banks with a legal impetus to slow down the foreclosure process to such a crawl that an artificial backlog of millions and millions of houses at the start of the foreclosure process formed, bottlenecking the foreclosure exits even more (as described in Foreclosure Stuffing) and in the process providing an artificial, legal subsidy to housing prices manifesting itself best in what is erroneously titled a "housing recovery" for many months now.
What this did was to allow banks to aggressively reprice the mortgage-linked "assets" on their balance sheets much higher, and in the process unleash much capital, primarily for bonus and shareholder dividend purposes. Yet this epic self-benefiting act did not come without a cost. Yes, it turns out the banks will have to fork over some out-of-pocket change to put not only the robosigning scandal behind them but the indirect housing subsidy from which they have benefited to the tune of hundreds of billions. That quite literally change, which is what the final cost of the release and bank indemnity amounts to, is roughly $300 for each of the affected borrowers!
Mortgage servicers tied to the independent foreclosure review settlement will begin sending the first wave of $1.2 billion in checks to troubled borrowers on Friday, federal regulators said.
More than 4 million borrowers will be compensated as part of the amended settlements between the 13 mortgage servicers and the Office of the Comptroller of the Currency and the Federal Reserve Board. The regulators said Tuesday that payments will be sent out in waves with the first 1.4 million checks totaling $1.2 billion sent out this week. By the end of the month, about 90% of the cash payments will be sent with the final wave ending in mid-July.
Regulators also released further details in how it broke down payments for each borrower and how many people fit into each category — a question that has come up repeatedly since the agencies announced the settlement earlier this year. It has identified more than 3.9 million borrowers that will receive payments from $300 up to $125,000 depending on their status of foreclosure or modification. Based on the chart released by regulators Tuesday, more than 60% of the affected borrowers, or 2.4 million, will receive the lowest amount of $300. Only 1,135 borrowers are receiving the maximum amount.
Where specifically does the $300 number come from?
Regulators reached the mortgage settlement in January after calling off a prolonged and costly independent foreclosure review. The settlements call for a total of $3.6 billion in cash payments to borrowers who faced foreclosure in 2009 or 2010 and were serviced by one of the 13 companies. Those companies are: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo. Only Goldman Sachs and Morgan Stanley did not provide payment information but it's expected to be announced "in the near future," the regulators said.
Obviously one can't have "independent reviews" in the US - especially prolonged and costly ones: why, there is so much less opportunity to game the outcome for the benefits of those who control the same regulators who as the SEC revolving door has shown, are entirely controlled and in the pocket of Wall Street. Which is why a quick and dirty settlement was best, if only for the banks. And there is your "Linda Green" release.
So congratulations America: you allowed yourself to be pushed over for the measly sum of $300 per person. Even 2000 years ago a comparable act of betrayal cost some 30 pieces of silver. But at least this time a few Obamaphones were the defining variable that tipped the scales of "justice" into their final resting place.
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Payable in FarmVille coins...err...BitCoins?
Wow! Great deal in any currency.
I gotta get me one of those robosigning doodads. I'll put itright next to my bitcoin miner thingamajig.
Who cares about $300? What I want to know is will they be giving out spider man towels or are those reserved for uninsured depositors these days?
Based on the chart released by regulators Tuesday, more than 60% of the affected borrowers, or 2.4 million, will receive the lowest amount of $300.
Nice.
That's why they put a "Doc Prep" fee on all HUD statements.
Bitchez!!!!
Pay up!
Can anyone remind me, what was the result of Project Mayhem?
I would say it is about time.
pods
I'd rather be paid in FRN's. I'll have an easier time spending them, than I will using ScamCoin.
eerrrrr......who exactly is collecting the $300 per ??
The other head of the snake ;-)
I wonder what percentage of those borrowers will "accidentally" be sent an invoice for $300 instead of a payment.
The bearded one is gravely mistaken in lambasting the one technology that actually has a chance to bring the monetary status quo crashing down.
It is not gold. It does not have to be better than gold at being gold.
Look at bitcoin with fresh eyes. Or rather look at it sooner rather than later, since inevitably you will someday.
The problem with kids nowadays is they are really bad at the most basic and fundamental of sciences: MATH.
So there can only be circa 21 million buttcoins ever. Now tell me, what's the current global population. Do the math pal.
Oh, yeah, they'll reverse split the stock, I mean the Buttcoin, so next you will have the newButtcoin, a fraction of the previous buttcoin.
Bobby, that thing on your USB stick, it is just another racket and you fell for it kiddy, just like a fly falls for a smelly pile of steaming shit.
You are now holding the bag and those who devised this fraud have already moved out of buttcoin and into gold:
http://www.marketwatch.com/story/what-can-you-buy-with-bitcoins-2013-04-06
"So there can only be circa 21 million buttcoins ever. Now tell me, what's the current global population. Do the math pal."
https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_denominations_...
"0.000 000 01 BTC = 1 satoshi (pronounced sa-toh-shee)"
Please do your homework.
BTW, I earned 2 ounces of silver out of these things by using the spare time half the people on ZH wasted bitching about Bitcoins. While "I told you so" is a fun thing to do I think holding a pair of silver coins is even more entertaining by comparison [thanks again TraderTimm for the small donation a few weeks back, helped cover the postage fees =) ].
CRIME PAYS ..... nuff said
Its OK to break the law when you are a 1 percenter. 1 percenter used to refer to outlaw bikers, now it includes bankers and politicians and auditors, many who probably don their blue jean cut offs and take a jaunt on their custom HDs every other weekend, as long as it is a straight road.
Au contraire my friend. Real Bikers get profiled, go to jail, and face RICCO almost daily. Real Bikers generally keep their word in a deal as rule of law is swift with significant consequences.
You are correct however in that the lifestyle has been infiltrated by weekend warriors who dress the part usually Identified by the newness of their leathers even after a year or twos wear.
Weekend warriors rarely come to places like will-kill-ya county however unless it is to meet with a real Biker cause even real bikers need ways to move money around and who better to help facillitate the process than the freaking crooked bankers.
Their wives however do make fine fender fluff.
$400 fine per person yields a total profit of $10,000 per person.
bonus time again
This doesn't even cover my time assembling the "review request" that never happened. What a farce, just like everything else connected with the Obama administration.
What a farce, just like everything else connected with the American elite. Fleecing the common folk isn't a new phenomenon.
The payments are quit different from what was in the previously agreed upon payment matrix listed, the categories are not even the same. The whole thing was a farce from the start.
Fuck You Linda Green..
wait.
Naughty, naughty. Your punishment is to write "Fuck You Linda Green" 10,000 times. Automated signatures are not allowed. When finished, submit to a state attorney general near you.
Cocksuckers. (Apologies to my gay friends...I do have some)
and to the girl friends, whose attention can be down right upright.
You need Al Swearengen at times like this.
I received a letter from mortgage settlement promising at least $700 thanks to my Countrywide relationship gone south. I guess they're counting on a lot of people not returning the claim form.
If they fill out the form and get a check, will it be treated as taxable income like a loan forgiveness?
I recieved a post card the other day informing me of my "windfall", up to 125,000 Benny bucks! Told the wife it would be 125 bucks. Looks like I win after the taxes. Did not see anything about a claim form though, just said to sit back and wait for the rain to begin.
Who cares?
As long as it's not happening to the majority, no one gives a shit.
Good to see those faces for future reference.
These days you're either too big to jail,
or small enough to cuff.
Fuck all banksters. Buncha diseased donkey cocks.
Jail is for "Regular" people, you know, they are honest and shit.
Jail is for "Regular" people, you know, they are honest and shit.
A parting squat on you...from your "friendly regulators" Mary & Timmah ;-)
Tylers - run this story in a few months and let's see how many people here got checks - I'd bet Zero checks received....well maybe New Markar...
Crony Capitialists calculate profit in the following manner:
The amount we stole, minus the piddly-ass fine we pay when we get caught, equals our profit.
Thank you Obama, for being so unlike your predecessor and ushering in a era of hope and change. And a quick 'Thanks' to all who voted and believed in our beloved Chicago politician.
Thank you.
.. i see down votes already.
Ok. Riddle me this:
When Obama continued in the cronyist legacy of Regan and the Bushes as you likely considered them to be, did you at any time feel disillusionment? Or can you even come up with a valid excuse?
Did you not feel disgust when Medicare was turning away cancer patients and government shutting down ATC towers due to 'Sequestration' while at the same time writing out a gift check of 450 million dollars to the Muslim Brotherhood? How about the 500 million pissed away on the Solyndra scandal? How about the Hundreds of billions spent on TBTF firms, or is that your idea of saving the whales?
Who are you people?
Stop being racist.
speaking for myself, that picture of the Group of Scumbags will be enlarged, printed off using a ream of good quality paper, and taken to the farm gun range for a little enjoyment. not as good as the real thing though.
If you could rob a 7/11 convenience store for $10,000 and when you get caught, keep the money and pay a $50 fine, would you do it?
@piceridu "If you could rob a 7/11 convenience store for $10,000 and when you get caught, keep the money and pay a $50 fine, would you do it?"
Well I wouldn't rob the 7/11 under your scenario, but then again I'm not a lying thieving banker scumbag either. Oh and Fuck you Jon Corzine.
.... What about a bonus?
No worries, Bitchez. Drudge has the........Ta Daaaa.......
SEQUESTER SOUL SHOW LIVE FROM WHITE HOUSE!
LEAVE YOUR TROUBLES BEHIND
Justin Timberlake?? Was he performing FRUADville?
The ticket for running a 'Red Light in Cali.', is more expensive. WTF?
Just allocate million$ in conjured dough toward campaigns and get yourself a waiver.
and FLOOR IT!
All recipients will be subject to a $300 "foreclosure settlement tax" which will be used to bail out anyone but the original recipient of the settlement...
Next time, depositor haircuts.
NSA, please make the next release of documents Eric Holders. Thank you.
Its Time for some Remedial studies
and homework
;-
http://2.bp.blogspot.com/_tznAmKo1y8k/Sq5EbhrngYI/AAAAAAAAKco/NFU6wmcSKFU/s400/fork879.PNG
don't forget this eh
+forks!
http://www.revisionisthistory.org/communist.html
Fuck you too Jon Corzine.
.
.
"We're sorry the police were absent and are still absent when these guys beat you up and stole your car.
We know where the crooks are but we're not going to do anything about it. Here's $20. Have a nice day."
If I was a borrower, I would of said KEEP YOUR FUCKING CHECK AND GO TO JAIL.
"But at least this time a few Obamaphones were the defining variable that tipped the scales of "justice" into their final resting place"
The scales of justice have been thrown off the table. Where are the criminal prosecutions?
Happiness is a warm guillotine blade. hujel
The only thing worse than getting off with a slap on the wrist for millions of forgeries is that stupi fucking Obamaphone shit.
Wonder why Obama keeps getting "credit" for the phones when St. Ronnie pioneered the program.
I think this could backfire on the TBTF. When people have hard check in their hand with numbers on it of how bad they were fucked by these scumbags, people are going to snap.
"When people have nothing left to lose, they lose it"
Gerald Celenti
IN other countries maybe where they are not allowed to have guns but have gasoline. In America where they are allowed to have guns they just stand in bread lines hold their bowl out and say please kind sir, more
The big thing with this whole review is only 400k returned a claim form by the due date. Which I believe was on Dec. 29 2012. That alone would up the amounts paid out. Plus they fail to mention the other 5 billion setup in the settlement for mods, Refi etc. how many of the 4 million plus people fall under that part of the program? I think we are in need of more numbers before we can say $300 is the bottom IMO.
I don't remember a claim form but I got a post card a week ago that said the check was in the mail. Maybe if you didn't return the form you get 300 bucks? I get class action settlements all the time from companies and usually return the form, it pays for the beer ya know!
The banksters are already on to the next caper/scam.
A joke, not even a slap on the wrist. Nobody goes to jail.
As Eric the placeHolder said, "Their too big to prosecute".
Google WROL if you are not familiar with the term. It's the age we are living in... until the people, including "the people" in the U.S. military put the smack down and tear the whole criminal enterprise down, brick by brick.
I downloaded the picture and saved it under 'banksters file'. I doubt we'll ever see those 8 assholes sitting together in front of congress again.
Where was CONgress on this? I didn't see them in the picture. Were they under the bankster's table?
The robosigning was a technicality .... the banks honored their signature .... the homes were in arrears .... that's what counts .... if people don't pay the rent .... they gotta go !
So fraud, perjury, forgery and theft are "technicalities"? You sound like a bankster douche shill.
When they're all lined up like in that picture, you should be able to bag them all with one shot, with the proper caliber.
Birdshot, that way we can watch them all slowly bleed to death.
Eight faces of the collective group of trillionaire mass murderers!
And this is how we lead sheeple to the slaughter..
fleece them for millions from their wool,
then toss them a few pence in recompense,
to get brayful joy from everyone, each & every fool.
Every day, in every way, several hundred years of the tradition and jurisprudence in the common law is being eroded, undermined and destroyed by what is happening in America today. The common law was the gradual articulation of common sense. Destroying the principles of common law amounts to destroying common sense.
"There is no right without a remedy." If someone can pay a small fine for deliberately breaking the law, and thereby keep most of the profit they made from breaking that law, then paying that fine becomes nothing more than a token cost of continuing to do business, by routinely breaking the law. Without deterrence, then one has no rights. If someone else can deliberately violate one's rights, and relatively get away with that, then one has no real rights.
Those who destroy the rule of law will find that that eventually destroys them too, because every decision like this one greases the slippery slope to hell! It looks like we are headed towards classic kinds of tragedies! Those who destroy the rule of law are feeding a monster that will eventually destroy them too!
LULZ photo title "the mafia".
Soon the Banks will switch to blaming Judges for failing to force them into proper foreclosures...
hilarious!
JPMugger denied.
http://4closurefraud.org/2013/04/09/fl-5th-dca-green-v-jp-morgan-chase-s...
OK, I got a postcard from these bitches the other day, saying they'd be sending me some money from this "settlement."
Oh, Goodie!
Here's my breakdown of what's happened to the money.
June 2007: Dad takes out $87,000 CUNTrywide mortgage loan to pay off heloc and cc debt, puts $5K in pocket.
July 2009: Dad dies (RIP)
August 2009: I am made executor of estate and move into house. Other two siblings don't want "anything to do" with said house. OK. I start extended vacation, since I'm unwilling/unable to make mortgage payments.
September 2009: Estate appraisal says property is worth $82,000, not $124,000 assessed value (100%)
March 2010: BofA forecloses (watch the magic happen here)
March 2010: I get assessment dropped from 124K to 82K, cuts taxes by a third, which, in NY, is a big deal.
2011: Nothing
2012: Nothing, except that BofA pays all but $1650 (which I paid) of back taxes ($9900).
January 2013: BofA asks for judicial intervention (a must in NY), is refused.
January 2013: I contact BofA's lawyer, talk her into sending my forms to purchase house through HAMP (?)
Since then: nothing. Forms are still in envelope. Nothing from bank attorney, except, town assessor called the other day wanting to raise assessment. Told her the story of how there's no financial incentive for me to make repairs. Said she'd call back in a year. Fucking wanker gal, moron.
Here's the tally:
Bank issued mortgage for $87,000 in 2007
Dad paid roughly $37,000 in interest and principal.
Bank has paid roughly $15,000 in taxes.
So, bank is down about $65,000 in real terms.
I have lived here scot-free for almost four years. Way ahead, have cash on hand, fixed credit rating, turned back yard into garden, lived nice.
My next move?
File fraud charge against BofA/CUNTrywide (statute of limitations running out in June)
File quiet title action.
Talk to bank/laywers about cash for keys
Talk to bank/lawyers about settlement, cash, financed or combination of both.
Do nothing, save more money, wait until bank makes a move (never?)
Get a lawyer (I don't trust any of them, even though Dad was a good one.)
Any comments. advice, etc. greatly appreciated.
Where are the drones when you need one? A total WIPEOUT of that bankster table would be excellent.
I spent 10x more than $300 just gathering the documents and paying the expert to review them and produce a report in connection with our lawsuit. The CA courts and state AGs are shutting every door on every cause of action that should have been available to borrowers. Frankly, I think the judges are taking bribes from the banks -- that and campaign contributions for re-election.