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Robosigning Is Now History - US Announces $26 Billion Foreclosure Settlement
As reported yesterday, the cost of terminal abrogation of contractual rights in the US is, drumroll, $26 billion. Bloomberg notes:
- $26 BILLION FORECLOSURE SETTLEMENT ANNOUNCED IN WASHINGTON
- FORECLOSURE ACCORD RESOLVES 16-MONTH ROBO-SIGNING INVESTIGATION
- FORECLOSURE ACCORD IS SUBJECT TO APPROVAL BY FEDERAL JUDGE
- FORECLOSURE DEAL PRESERVES U.S., STATE RIGHTS TO OTHER CLAIMS
- FORECLOSURE ACCORD COULD CLIMB TO $40 BLN IF 14 SERVICERS JOIN
And a whole lot of corner offices for America's Attorneys General. As for what the market thinks of this "severe" settlement: BAC +1.2%, WFC +0.6%, JPM +0.4%, C -0.1%. For those who don't understand what just happened, US banks just funded Obama's re-election campaign to the tune of $26-$40 billion.
From the NYT:
After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses.
Despite the billions earmarked in the accord, the aid will help a relatively small portion of the millions of borrowers who are delinquent and facing foreclosure. The success could depend in part on how effectively the program is carried out because earlier efforts by Washington aimed at troubled borrowers helped far fewer than had been expected.
Still, the agreement is the broadest effort yet to help borrowers owing more than their houses are worth, with roughly one million expected to have their mortgage debt reduced by lenders or able to refinance their homes at lower rates. Another 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000. The aid is to be distributed over three years.
In other words, got foreclosed on for being unable to make payments? YOU GET $2,000! And that, ladies and gentlemen, is how you buy an election using taxpayer money.
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Shh borrowing at lint like interest is a right. and I don't give a shit if the house was appraised at twice it's worth BFD, so they had to pay two times lint.
This while generations who preceeded them routinely paid twice as much interest as principal.
No robosiging? WOW a lot less access to capital for the masses. No mortgage derivative market? WOW a lot less access to capital for the masses.
Back to the gold standard, end fractional fiat? WOW a lot less access to capital for the masses.
$2,000 per victim ?
Remind me again what the individual campaign contribution limit is?
Nah, banks are busy sending out bills to victims for fees in the amount of $4k.
nice huh?, forge papers, get people tossed out of their homes, 2000 buck fine. umm throw a football on the beach in LA, umm thats a 1000 buck fine. You think Im kidding?
http://losangeles.cbslocal.com/2012/02/08/la-county-oks-1000-fine-for-throwing-football-frisbee-on-beaches/
this country is beyond pathetic.
This also from your link:
"Your kids could also end up costing you big bucks: the ordinance also prohibits digging any hole deeper than 18 inches into the sand".
It's different this time.
Actually it will be the investors in the mortgages to be written down that ultimately will be paying for the lion's share of the settlement(with the banks getting the credit of course). Pretty slick, eh?
+1MM. shameful. bloody prosecute the lot.
"Poor schlep who was foeclosed upon continues living in van, down by river."
Not exactly.
My case: inherited (along with two siblings) family home with shitty Cuntrywide loan (fabricated appraisal, income, etc.) when father died, July 2009. Heirs decided to stop paying loan. I moved into house with blessing of estate attorney. Rented my house out. Foreclosed upon by BAC (previously CW) in March, 2010. Answered within 20 days, denied everything, never heard from bank or court again. Still living in house, paying absurd NY property taxes (highest in nation).
Will I get $2K? Probably not, since foreclosure case is still open and I live in NY, which is still going ahead with its lawsuit against BAC, JPM and WFC.
So, I'll keep paying the taxes and...
my next move is:
A. file for quiet ttile
B. Contact AG's office
C. Both of the above.
D. Do nothing, wait and see what happens.
All comments are welcome and appreciated.
A
Excellent list Turd. Notice the growing theme around here and it is not limited to the financial industry. Very large, very organized criminals create widespread destruction. Incompetent and corrupt "leaders" are coerced into rewarding them for invalid fear of even greater harm. Incompetent and corrupt leaders use same fear, coercion and deception tactics to pressure the public into acceptance...and payment
This has got to end.
WOW so close to incompetent bloggers.
Using fear, coercion and deception tactics to pressure the public.
yes, one small blogger is the near equivalent to empires and global corporations.....
yes, fear, coercion deceptive tactics for all.....
Good call, Turd.
Simple math: $2000 x 750,000 recipients = $1.5 billion, therefore the remaining $24.5 billion goes likely to the general funds of the States. Reminds me of the tobacco settlements where NONE of the money went to us fool smokers for smoking cessation, but was instead gobbled up by the bureaucrats.
www.youtube.com/watch?v=p36x8rTb3jI
Obama will pay your bills
Just google "obama pay my mortgage"
Stalin's famous quote, "a single death is a tragedy, a million deaths is a statistic," applies here. It means that if Bank of America had ripped off a single family, we'd hear about it from the mainstream media every day, in outraged tones, and someone might have ended up in jail. But since they ripped off hundreds of millions through outrageous criminal activity, it's just ho-hum, let's not open old wounds kind of attitude. The lesson is that if you want to be a criminal, be sure to be one on a gigantic scale.
.
Did anyone go to jail because of this?
Only a few small fry.
They threw this poor schmuck in jail.
http://articles.businessinsider.com/2011-03-26/news/30021838_1_mortgage-...
Price discovery at work.
The cost of subverting contract law:$26B.
Total banking Compensation for USA 2010:$135B
Rule of law: NOT PRICELESS
The Fed gives these guys $26 billion for breakfast every day. Why not cut out the middle man and have the Fed hand over the fine directly. We wouldn't want to trouble these good folk so busy with god's work ...
more like 40 billion..with calfornciation winner winner chicken dinner
The running-dog crypto-facists have really blobbed tis up.
The American dream of home ownership. Yea baby!
Remember all the fuss people made over the alleged documents Wikileaks had on BAC and other US banks? What ever happened to this non-sense? Where are the idiots who were screaming fire?
The back story on that is fascinating. Daniel Domscheit-Berg, a key person at wikileaks, deleted them irrevocably as part of an ongoing dispute with Assange, and then splintered off to form a wikileaks competitor, OpenLeaks. He also deleted a complete copy of the US "no fly" list, which would have likely revealed quite a bit of political suppression if fully analyzed. Funny how some of the most damaging docs they had got "disappeared."
So the big question is, was the personal who did the deleting a paid mole or not, and is Assange a paid mole or not?The deletions support the notion that wikileaks is compromized, but not necessarily that Assange is. Daniel Domscheit-Berg claims he did the delete to protect sources, but that seems unlikely in the case of the BofA docs.
This provides some of the details: http://www.bbc.co.uk/news/technology-14616899
Quite a few in the hacking community believe Daniel Domscheit-Berg works for TPTB, and there's a far number of indicators that might be the base, such as the NYT basically giving him a full page Q/A session -- with no counter commentary from Assange -- to cast him in a good light immediately after leaving wikileaks.
That is freaking nuts. Thanks for posting.
$6500/foreclosesure
If a private individual had defrauded any of the mega banks they would be put to trial, convicted to serve the maximum sentence but the mega banks defraud however many private individuals with this robosigning fraud and the mega banks settle out of court and the executives stay out of jail. Can anyone see the disconnect ?
Can anyone see the disconnect? You're kidding, right? That was a rhetorical question, I'm sure. EVERYONE here sees the disconnect. Why do you think we're here?
<sorry, dbl post>
It's who steals and who they steal from that matters in this country. I've seen this first hand. I have a few relatives that have blatantly, illegally, 'open & shut case' stolen from me, and law enforcement doesn't give a damn. "It's a civil matter," they say. However, I know if these same people stole a tiny fraction of what they've taken from me, from a bank, grocery store, etc., they'd be doing time.
I hope and also doubt we've heard the last of this. Citizens of the various states should challenge the right of their respective AGs to agree on letting banks get away, nearly Scott-free, from criminal and civil violations of law. States citizens should demand voter approval of their AG sellout.
Equally important, the settlement should have no bearing at all on homeowners' right to challenge the validity of foreclosure actions where robo signing is involved in ttheir individual situations. Some homeowners might elect to accept whatever interest/principal reduction they might be able to wrangle. But it would appear the better approach for homeowners is that of continuing to fight off foreclosure based on banks' inability to prove nonfraudent right to foreclose.
That means "free house" is still a realistic possibility for many. The claim people agreed to pay what they couldn't afford is a red herring if ever there was one. You cannot force a bank to ignore proper credit and background check ups. And homeowners did not compel banks to make "ninja" loans.
The banks, like drug dealers (rather than drug users), are the primary culprits. The banks made "ninja" loans becaus they figured out how to scam the securitization process. The banks knowingly made loans they knew would fail because it was profitable to do so. Then, they engaged in forgery and fraud to foreclose on those they used as profit-props in the first place. It is utterly wrong to blame homeowners, even though the result is a free house.
Stop paying, bitchez!
Thank God this distraction is settled. Now we can all concentrate on that amazing Facebook IPO. Yum, yum!
This is really not surpising.
Considering the fact that congress is holding a debate as to whether or not they should be allowed to engage in insider trading, the charade put on by the AGs is and always was political grandstanding.
I'll be speaking with several excellent and succesful attorneys today who engage in this highly nuanced and technical area of legal practice.
It will be interesting to get their "take" on this; and what impact it may or may not have on their own cases presently in litigation.
I'll go out on a limb and guess that on an individual level it is those who did not, or could not, retain competent legal counsel on their own who will be hurt most.
This gal here is preparing a Press Release and intends to bring many facts to light by week's end.
I'm hoping she gets support from those of us on Zero Hedge with similar concerns. (Tyler, you wield a very bright light)
FWIW...I've remained in contact with the feisty freshman and will do my best to spread the word here and on little Hamlet.
R.I. Senator Moura Complaint To The Department of Treasury RE: Wells Fargo
URGENT FAX FROM RI SENATOR MOURA TO SENATOR JACK REED
For Immediate Release FROM Senator Bethany Moura [R-RI] Jan. 10, 2012
(Apologies for the double-comment. I caught the tail end of the earlier post by Tyler and it has now fallen off.)
its a great day for Linda Green
I know. They will be celebrating all across the country!
Hopefully, Linda can now get her carpal tunnel surgery.
Yeah, she ought to be able to leverage that VP spot in so many companies to a few board seats at least.
cue cartoon ending...thats all folks!
http://www.youtube.com/watch?v=E12ykihvCHk
As though anything different should have been expected in a country presently ruled by Kenyan Black.
So that's it? Are all the guilty parties off the hook now for the bargain price of $26 billion?
Or is it just one of the banks, with others to follow?
If the $26 billion covers all cases then... I don't know... how much will that work out on a per-bank basis? Two or three billion each?
Does this mean that all legal actions are settled with this one payout? All liabilities are discharged?
Fucking shame. Individuals could never get away with this kind of shit. The victims will receive a pittance for all the ass-fucking the banks have laid on them.
Even worse, the token writedown on principal will force the home-debtor to refi, which will make the loan whole again. So the bank can then actually foreclose.
Fucking magicians.
Makes me dry heave.
pods
The deck (of cards) gets higher & higher… scary stuff! Going forward… less can only mean more, any other headline is simply fodder !!!
They used to give out signing bonuses, but default bonuses are really special.
Somewhere in the bowels of some D.C. edifice, someone is running a pool as to who can come up with the most innovative means of wealth transfer.
kleptocracy thrives in an evil nation....
Fuck me, one day's pomo
$26B...isn't that like a $5,000 write-down for each house in the deal?
woop dee doo
I wonder if anybody realizes this means 5,000,000 home squatters will now need to pay rent.
EXACTLY! I mean if not paying these past few years has been so rewarding, why start now? I mean irresponsible people who get rewarded for being irresponisble. Why would they suddenly start being responsible?
Fascism smells really good in the morning with a hot cup of coffee.
I do hope that they will at least issue us some jack-boots.
pods
"I do hope that they will at least issue us some jack-boots."
LOL... I was looking at some the other day thinking the same thing. It would be a pity to have hardcore fascism without the sexy apparel. At least we can look good damnit.
Like robbing EVERYTHING in a WalMart, getting caught and having to give back a stick of gum. And all is fine.
Hey, let's cut the banks a break. I'm going to give them my old clothes so the banksters have clothes to wear.
If you're surprised, you haven't been paying attention.
Let me see. That's $1.00 each for 2 million people and $25,998,000,000 for the laywers and bureaucrats.
Wow 26 BILLION!!!! WOWIE!!!!!!! That's like what percent of what they stole?? 0.0000000000000000000000000000000000000000000000000000000000000000000001% Well, that's fair.
That and it's bailout money.
Fucking spinelss assholes.
And dirty fucking cocksuckers.
forclosed, forsaken and forefucked
This is utterly insane!
Giving people money for taking on loans they couldn't afford to repay is madness. These speculators should be fined - not rewarded.
Now the housing bubble will start to reinflate as people borrow to speculate once again, thinking "Why not, I win as long as I live beyond my means".
It is well past time for revolution.
http://www.amazon.com/Simple-Wealth-Mr-Andrew-Costello/dp/1463523017/ref
You're right, it ain't that complicated . . . just very different on the whole:
http://www.nationofchange.org/fraud-and-folly-untold-story-general-electric-s-subprime-debacle-1325956044
http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2010/10/25/how-a-gang-of-predatory-lenders-and-wall-street-bankers-fleeced-america-and-spawned-a-global-crisis.aspx
http://www.reuters.com/article/2012/01/20/us-usa-holder-mortgage-idUSTRE80J0PH20120120
AndrewCostello...
Still spamming your own book! I hope you make a contribution to ZH for every sale.
This is three things that I see...
one its a bailout of the states...California get 18 billion out of this....hmmmmmm..do they have a deficit...yes they do and this is a Govt grant
2..its the start of housing socialsim.....if any of us own a home ..you know you have to sign 10 forms on what the loan is ..its cost...that you were not cheated...etc etc etc..to say you were duped is a lie....you were never duped when the prices were going up 15% a year...duped my ass...
3...when fannie an freddy sell their inventories to the "public" in mass sales..you will see this turned into Government housing with all the rules...minority only...etc...strings will be attached and bind they will....
nothing suprises me more...I mean look at Facebook...a 100 bilion dollar company..your kidding me right?????
Three rings...Barnum & Bernanke's?
This amount to a bank is like me buying a bum a cup of coffee. And he doesn't want it anyway.
Nope, he wanted beer....
....you fucking asshole!
;)
This my friends is total Buuuuuuullllllspit. The president has just bought the 2012 election, and the NY Times, Wash Post and all three network news depts will herald this as the chosen one's greatest accomplishment. And, Angelo Mozzilo and the exec. at Golden West and Wash Mutual all sit on a sunny beach somewhere laughing their collective asses off. DON'T TREAD ON ME.
never waste a good crisis, eh?
it sure sure sounds fun to be Amerikan....
The word "sucker" would look natural on your foreheads.
How about you go get fucked.
But first, explain how the shithole you live in is any better.
This reminds me of the Tobacco Settlement of 1998, though that settlement, for the suffering of millions cleverly enticed into addiction is $246 billion over 25 years.
(Note: 13 of the 25 years have gone by and only 5 states use more than 50% for smoking cessation/anti-smoking campaigning. Most, over half of the states have used less then 10% of received funds--the rest pissed away to the winds....
$26 Billion...what a frickin joke. Barely 10% of the 1998 Tobacco Settlement
$2000 per lost home... and a 1099 MISC to boot...
Does this end rent free houses?
How about those zero down mortgages they still hand out like free candy?
Remember when ZH said robosigning would be the end of BofA? Those were the days...
Normally I would short BAC to $5 but Bernanke has put the fear of inflation in me and I don't feel like shorting anything.
You are probably referring to the bank's underreserved status, which we have been pounding the table on for the past 16 months, as disclosed here: Can You Spell U-N-D-E-R-R-E-S-E-R-V-E-D? If Not, Here Is A Visualization Aid
This has to do with the firm's Reps and Warranties fraud, for which it is underreserved, has nothing to do with robosigning, and which the bank was just sued for by the US as reported yesterday.
It will be interesting to see if the settlement for professional investor "victims" will be in the same $1500-2000 per incident range.
Haven't you heard? Black swans come in flotillas these days.
Help us Judge Jed Rakoff you're our only hope
$2000, that's enough to buy a new Macbook Pro! The economy is saved!
Sarc/off....
How many Apple products does everyone that hadn't paid their mortgage have by now?
Does this leave ANY doubt who's running things?
There was doubt?
yeah you're right, I doubt there's doubt
If "running things" means keeping things under control, then no one really. This will all blow up
" For those who don't understand what just happened, US banks just funded Obama's re-election campaign to the tune of $26-$40 billion."
This is what I like about ZH. Sees straight through the crap.
and curiously, this comes on the heels of our fearless announcing that he would now accept money from Super Pacs - The ultimate Constitution Killer. He said he didn;t want to fight this fight "with one hand tied behind his back." I guess, now, with his hands out front, we can see his middle finger....
In other words, got foreclosed on for being unable to make payments? YOU GET $2,000!
"Free Mumia" springs to mind here.
Whether you think “robo-signing” amounts to a paperwork technicality or a black and white, fraudulent transfer of ownership the bottom line here for 99% of affected "homeowners" is that they are getting $2000 because they were foreclosed on by a different bank from the one that should have foreclosed them.
I feel a lot better now. Back to our regularly scheduled RRE market manipulation...
Release the robovoters!!!
Also, brokered Republican convention probability increasing. I see....Jeb Bush and Condi Rice, the "Ultimate Evil 2012" ticket.....HAhahahhahhahahaahaha...dirty tricks and robovoting......Dick Cheney behind the throne......HAhahahhaahahhahahhahh.a.....a...a.......uuuuuhhhh......ick.
Sorry. Brain spasm. Serious about the brokered convention though.
http://www.realclearpolitics.com/articles/2012/02/09/path_to_a_brokered_...
cuban cigars and corner offices
Fascist(shadow) bastards +99.9%
American people +.01%
Just another, just another day.
How long does this go on before the American people begin to protest this type of deal in earnest? We are edging closer but I still think we are a ways off before the wrath is unleashed at tptb. Like always they will be surprised at the pent up outrage.
How about forever. Ma and Pa USA have no concept of the numbers here. To them $26B sounds like a real can of whoop-ass on the banks. And the MSM will present it in just those tones (I can here Brian Williams now.... "the banks will have to pay a STAGGERING $26B"). AND Greeks have reached a deal. AND the Dow was up 19.
Clue-less is as clue-less does.
Fucking criminal. I've grown to hate what this country has become.
I don't know what everybody is so upset about. We need these banks healthy so they can fund both sides of the next great war.
Another example of massive government CORRUPTION and right in front of our faces (again). Our system is hopelessly broken and we are to blame. Disgusting!
Corruption? I think it's illegal to use that word now. I think they changed that word to "Love" Govt Love
Dick-head Bove.... is crying about what an unfair deal this is for the banks. Too rich. Only in Amerika.
Can we count this as slave reparation and bundle that in as well
Can the govt bail me out and give me a pack of hot dogs?
Recommend you contact Barney Frank
Complete and utter failure by regulators, Fannie/Freddie/FHA who are absent from settlement.
I know many of you hate the banks, but this is REDISTRIBUTION OF WEALTH VIA AG and has nothing to do with robosigning or servicing practices.
http://confoundedinterest.wordpress.com/2012/02/09/25-billion-attorney-general-settlement-the-wrath-of-cordray/
"26 billion? Just put it on my 0% credit card at the Fed."
Get all your valuables out of the safety boxes and bank accounts. Pretty soon, government will look the other way when the banks dip their hands into the valuables in the safety box.
THIS MEANS THE CONSTITUTION AND LAW HAVE NO HOME OR REASON TO WORK FOR LIFE LIBERTY FREEDOM INDEPENDENCE AND JUSTICE FOR ALL.
THE PRESIDENT OF THE UNITED STATES IS AN ENEMY AND A CLEAR AND PRESENT DANGER, AS IS THE ENTIRE US GOVERNMENT.
THE POLICE ARE NOW PIGS
THE MILITARY ARE NOW PUNKS
AND ANYONE WHO BUYS SELL OR TRADES THIS MARKET IS AN EVIL BASTARD WORTHY OF JUDGMENT.
...in other words, go to HELL if you work and go to Hell if you do not brake the law.
lol 26 billion? the banks are fucking running our govt, seriously our govt just sold out the entire nation for 26 billion lol? they spend like 1 trillion a week! wtf is 26 billion?
in 2013 corzine will be named Sec treasury. GS will cheer, CNBC will say what a great man for that position.
the banksters are untouchable ..a corrupt gov and justice dept have the MSM to say black is white.
there are trillions yet to steal from the, once a republic, called America.
plan really big crime..it does pay very well indeed.
Under the old investment model, you paid in capital and hoped for a return over time. Under today’s investment model you beg borrow and steal your returns in advance, then negotiate down your cost of debt, fines and penalties later. Worst case you break even. No one can take back more than you stole when you had no skin in the game to begin with.
+1MM. prescient.
Can they pay it in treasuries?
...go to Hell all you soldiers
go to Hell
America laughs at your widow and your child
go to hell
Go to Hell Policeman
go to Hell
The Police are now Pigs to be slaughtered
go to Hell
Go to Hell
go to Hell
go to Hell
...all Americans are now lawless and unbecoming
go to Hell
...all the nations fear America now
go to Hell.
Shit! ...to angry to come up with a better tune.
We're gonna need more baby tears.
The question now becomes what happens to the real estate market? In the Palm Springs area, inventory of homes for sale is at a multi year low and hardly any bank owned homes are for sale. Does this settlement open the floodgates driving prices down again?
I didn't see any criminal immunity. I wonder if any AGs have will have the balls to take these bastards on.
No.
History will show in later years that todays date ushered in NO RULES/NO LAW DAY. From thenceforth, the average citizens of the U.S.A. decided that they would play the game that the corporations and the goverment invented. The game did not last long...for the citizens, realizing that they were unencumbered by rules or law, realized that they held a overwhelming advantage in their numbers, smote down the evil banksters and their beholden goverment politicians...
Fantasy
You have to account for the 90 percenters. You know, the ones watching Dancing with Stars, playing xBox all day while collecting government "pay checks" or the just plain apathetic and/or stupid.
There will be no revolution until people are physically hungary and they can no longer afford cable.
w/o justice it seems there never will be economic recovery and employment..who would start or expand a business when the gov is the mafia on steroids?? the evil called socialism is plain for all to see here and in EU.
...the sad fact is, at this point in time the people would normally kill all the government pukes and bankers, burn down their homes and call it a day. If you accept the mercy of our Father in Christ you would be forced to stand fast and do no harm by not working, at least to the point where you do not suffer the indignation of being taxable.
...well, the so called Christians etc... are at work and the blood of politicians and bankers is not flowwing in the street.
ALL IS WELL
NOTHING TO SEE HERE
MOVE ALONG
...BITCHEZ
If you have a mortgage on your home and you're lucky enough to have some equity in it (the home is worth more than your mortgage balance) be very afraid.
I believe this settlement allows the bank (or any other bank) to foreclose on you and grab that equity.
It appears they can use fake falsified note and mortgage documents in court and you have no defense against it.
You may be current on your mortgage payments. It doesn't seem to matter. Many homes have been foreclosed on where the homeowner was current on their payments.
You may own the home free and clear. No mortgage at all. It doesn't seem to matter. Many homes have been foreclosed on where there was no mortgage at all.
I believe this settlement clears the way for the biggest theft of homes in American history. Any home where the owner has some equity in it will be a target for fraudulent foreclosure.
I believe Obama has given the entire candy store to banks, giving them a free pass to grab any home they want, and it only costs them a measly $2,000 ...if you're lucky enough to get that $2,000.
Sadly most people aren't aware of this. They faithfully make their mortgage payments, slowly building some equity (if they're lucky), then they get hit with fraudulent foreclosure because some bank wants that equity.
After this settlement there's no way I would buy a home. It's just too risky.
Does this settlement surprise anyone?
It shouldn't. The government let MF Global steal over a billion dollars of customer funds and assets. No prosecutions. No getting the money back. Nothing.
There's no way I would open a brokerage account either. It's just too risky.
What's next? What's the next government-approved grand theft gonna be?
I believe 401ks and pension funds are next.
And no, I don't have one of those either.
You have a lot of things incredibly wrong here... you can't make a settlement agreement between AGs and the banks that prohibits individuals' access to courts and already vested causes of action... further, not even an act of congress can do that (without offering fair compensation of course).
I have equity... and I'm very afraid... which is why I'm dumping the house soon... probably should have long ago, but I can at least readily admit when I'm rolling them bulls.
But, practically speaking, if you're underwater, the bank doesn't want dick to do with you... (because the bank can't eat the loss either). I'm just wondering when deadbeat homeowners and the banks have their thelma and louise moment... who knows. Although, it will probably end up that thelma (the banks) has a damn parachute... while poor louise crashes to the canyon below.
That was cheap What, $25 billion penance and no jail time for a multi trillion dollar skull fuck. And they get to keep the rest of the money. Such a deal. I was thinking a rope would be more appropriate.
In times like these we need something warm and fuzzy.
http://www.youtube.com/watch?v=6VOa9IZ86Ak
2 grand just in time for iPAD3 and accessories
Not that it wasn't obvious, but I just wanted to toot my own horn:
http://www.zerohedge.com/news/obama-lays-out-his-latest-mortgage-plan#comment-2116681
Right, the question is that if you're going to force interest reductions on mortgage lenders, then what are you going to give them in return? My guess is that this is the lead-in to an announcement of a settlement... In other words, they're simply reporting the "good" news and will bury the bad news in a little while.