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Forum Post: $8.5 Billion Foreclosure Fraud Settlement: Yet Another Loss for Homeowners Touted as a Victory

Posted 1 year ago on Jan. 8, 2013, 1:41 p.m. EST by WSmith (5271) from Cornelius, OR
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$8.5 Billion Foreclosure Fraud Settlement: Yet Another Loss for Homeowners Touted as a Victory

[That's Right Righties, BANK FRAUD, not Fannie Mae, not freeloaders trying to buy mansions: BANK FRAUD!!!]

It’s bad enough to see long suffering homeowners take it once again in the chin, thanks to the way the bank regulators prostrate themselves before their supposed charges. It adds insult to injury to see this type of ritualized sellout yet again presented as a boon for consumers.

The latest case study is the $8.5 billion foreclosure fraud settlement announced today. This agreement came out of a consent decrees among 14 servicers, the OCC, and the Fed entered into in April 2011. This was never a good faith effort to change bank behavior; the OCC was using this ruse to try to undermine the (then) 50 state AG-Federal regulator negotiations (which looked like they might be serious because Elizabeth Warren was informally advising the government side).

There were two major elements of the consent decrees, also known as cease & desist orders. One was a list of servicing standards, which were a partial recitation of what they were supposed to be doing already under current law. The second was a Potemkin review of foreclosures. The cover story was that this process was to identify wrongful foreclosures and compensate harmed borrowers. The real purpose was to whitewash servicer behavior.

And I can’t stress enough that the outcome was not only predictable, it was predicted as soon as the consent orders were published: that the OCC had deliberately devised a process that the servicers could exploit to claim that nothing bad had taken place. For instance, Georgetown professor Adam Levitin wrote:

Continued: http://www.nakedcapitalism.com/2013/01/8-5-billion-foreclosure-fraud-settlement-yet-another-loss-for-homeowners-touted-as-a-victory.html

17 Comments

17 Comments


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[-] 1 points by repubsRtheprob (1209) 1 year ago

foreclosure info

http://www.myhomeforgood.com/

FYI

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

Was the housing/mortgage bubble/scam/fraud/heist the "shot heard 'round the world" for the latest retaliation by the 1% Kings against the 99% masses?? The Class War waged by the 1% against the oblivious 99%, which we are losing!?

[-] 1 points by repubsRtheprob (1209) 1 year ago

That bubble/crash needs to be the last salvo, against the 99%.

Too many 99% are still unaware of our dire situation.

Slowly we are informing every one.

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

I corrected my typo above, I'm not sure what you are saying here.

[-] 1 points by repubsRtheprob (1209) 1 year ago

I'm the housing/mtg crash was the last big battle against the 99%, and unless we get enough 99% informed we cannot stop the continued attacks against us.

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

Maybe the gun nuts are right, we need AR-15s to fix this economical tyranny!

[-] 2 points by repubsRtheprob (1209) 1 year ago

LOL. We can't defeat the flying robot killing machines w/ AR 15's man. Otherwise I might agree with you.

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

Wait! That wasn't just a bad movie!!??

[-] 2 points by repubsRtheprob (1209) 1 year ago

Nope. (Terminator 5?) but it is pretty bad.

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

And the Class War continues!

[-] 1 points by DKAtoday (33128) from Coon Rapids, MN 1 year ago

ALSO - another bone of contention - AIG who colluded to fraud - now on the MSM making announcement that they are back in operation and are here to assure that they insure - what they fraudulently covered in the past - WALLSTREET - They have not been made whole and clean by any action - and yet now they are back claiming to be angles.

PEOPLE - WTFU - get your money out of WALLSTREET and the MEGA MONSTERS.

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

People - WTFU - get your money out of WALLSTREET and the MEGA MONSTERS (banks).

[-] 1 points by DKAtoday (33128) from Coon Rapids, MN 1 year ago

Not even 1/10 of the damage caused by admitted criminal practices of the Banksters - practices which they have to date continued - practices which are admittedly illegal have always been illegal and remain illegal. The government has given the Banksters another pass with a slap on the wrist.

The People need to push these issues to proper resolution =

http://occupywallst.org/forum/what-do-you-think-of-a-rolling-jubilee-type-action/

These practices - were admitted as illegal by the banks and everyone involved in coming up with this cheesy limp settlement. The practices are still ongoing from the period just settled on 2009 - 2010 (?) - correct?

This leaves the banksters open for further recompense and penalties since they continue to break the law - in the exact same fashion as they just plead guilty to with assurance that those practices would be stopped - that would mean going forward from 2010 - Right? - So they are open and defenseless for continuing illegal practices beyond 2010 - to the present day.

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

They are totally guilty, the vast majority of America are oblivious, they are semi-retarded grandchildren of the 1%, they won't see a second of jail time because that would open too many doors to the Men in Black.

Unless... George Soros and Warren Buffett decided they want to hire a Banksta-Bust'n Dream Team, nothing I can foresee is going to happen... UNLESS BO appoints Nader to special prosecutor! My special wet dream!

[-] 0 points by VQkag2 (16478) 1 year ago

Another slap on the wrist! No jail time. No real justice.

Just shows how powerful the monied interests are, and illustrates the importance of getting all money out of politics. They have taken all of our govt.

Support movetoamend.org

[-] 1 points by WSmith (5271) from Cornelius, OR 1 year ago

At least it proves Bank Fraud to the brainless RW zombies who were parroting the lie that it was freeloaders buying mansions that caused the whole financial collapse. However small the penalties. The VERDICT IS GUILTY!!!!

[-] 0 points by VQkag2 (16478) 1 year ago

No doubt. 'blame the victims' is so right wing.

And there were many more guilty verdicts. I've collected many. Please feel free to comment and bunp it up for all to see.

http://occupywallst.org/forum/wall-st-criminal-bastards-dont-let-anyone-claim-th/#comment-897804