Adam Levitin | Is the Foreclosure Fraud Settlement Overbroad?

Is the Foreclosure Fraud Settlement Overbroad?

posted by Adam Levitin

We don’t actually know the terms of a foreclosure fraud settlement.  All that we’re really hearing now is a proposed $20B figure.  There could well be other substantive terms in a settlement, but it’s worth considering some of the arguments made by the banks in objection to a large dollar settlement.

Basically, the banks’ argument is no harm, no foul.  Yes, they did some robosigning, but it was all fun and games, and no one got hurt.  Moreover, using any settlement dollars to help homeowners would reward undeserving profligates and encourage strategic defaulting, which would be bad morally and for the housing market.

There are a lot of problems with this line of argumentation.

Read about the problems here…

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4closureFraud.org

Comments
13 Responses to “Adam Levitin | Is the Foreclosure Fraud Settlement Overbroad?”
  1. CINDERMAGGIE says:

    IF ALL PROSECUTORS R CROOKED WHY R THE BILLINGS MURDERERS GETTING CONVICTED AND ROTHSTEIN ETC?

    • Jason Werner says:

      Unfamiliar with that particular matter, but prosecutors do not understand justice. Prison and their games are not justice. We must remove the violence and overcome evil with good. In my county, the prosecutors are paid by the same entity as that pays the judges, so it’s a royal mess of bias. The system must be corrected across the board. Most violence is caused at banks (robberies of course and white-collar crimes), bars (fights, rape, murder), strip clubs, abortion clinics, and parking lots (car theft). We must replace the violence with vigilance, respect, and love.

      And we must spoon-feed justice with more education.

      • CINDERMAGGIE says:

        JASON IM SURE YOU ARE FAMILIAR WITH EVERYTHING:)))) I SENSE U FEEL WERE NOT WINNING BUT YOU POST ALL THESE VICTORIES!!!

  2. CINDERMAGGIE says:

    I CAN DO A CUTE PERPWALK KINDA LIKE THE JEFFERSONS STYLE!

  3. John R says:

    But don’t ya just love how our Govt. & Judiciary isn’t looking to help the Citizenry…. it’s just looking for ways to bolster it’s own pocketbook! So OK, the Lenders/banks get sanctioned…. where’s the money go? Right into the hands of the very same politicians who just keep rotating through that revolving door between the Banker/Lender & Govt. jobs.

    I mean really, let’s say a State AG sues and get’s big money…. what, they’re gonna put in a new road for the now homeless to walk on? I don’t know where you the reader lives, but I’m in Ohio where Federal funding for groups downtrodden is being cut back…. not added to! We’re not only not getting the road, we’re just getting the shaft.

    And we all know what happens to the money if the Fed get’s their hands on it… another jet for some Govt. alphabet soup named entity.

    Has anybody heard of a Bill requiring any sanctions to be given or directed to County Court’s for staffing increases to help handle foreclosure caseloads? I sure haven’t. Has anybody heard of any money being directed to the anything at all like groups dedicated to helping those who have been defrauded by the Banks… and proving it? I haven’t heard anything there either.

    How about any money in the direction of mandatory schooling for judges nationwide so they might understand the real issues involved? Nope… nothing there.

    This is nothing short of thievery, extortion and laziness.

    Thievery on the part of the Banksters and the Federal Employees on their payola lists and laziness on the part of the Citizenry paid federal employees and the Judiciary of this Country.

    Oh sure, the judge’s are swamped… I understand. But on the other hand we didn’t hire them to sit and exercise their elbow’s, like drunks in a bar, just rubber stamping foreclosures, we hired them to protect our F_cking Rights! And what are they doing…. not so much.

    And while I’m ranting about judges… how come they aren’t now, with the realization of the robo-signing mess and the post dated assignment mess and the incomplete documentation legitimizing mortgages mess, and the predatory lending mess, the forgery mess, the fraudulent document mess, how come they aren’t even throwing out foreclosures sua sponte (that means without the Defendants even representing themselves at all) that are being submitted without assignments of mortgage or affidavits of status even being filed? How come? Cause they’re too F_cking stupid or just to lazy that’s why. Or they’re actively colluding with the Banks, and as this goes on and on, I’m starting to side more with that definition than any other because to “collude”, one doesn’t even have to know they’re colluding, one just has to do it.

    Have we heard just ONE story of a judge going back through their records and reversing because of anything? Noooooo… It’s gotta go Appellate before that happens.

    I used to have the highest regard for our Judiciary… now I’m more prone to believe they’re mostly failed lawyers who couldn’t find a job doing anything else.

    To sad. The emporer has no clothes… and naked, their infected (greed, apathy, avarice and slothful natures) and diseased carcases are getting smellier and uglier by the minute. Pretty soon they’re gonna make me puke.

    Where’s the damned perp walk!!!!!

  4. CINDERMAGGIE says:

    PRICELESS!!! ~~~~~~~~~~~~~~~~~~~~~~~~~~HAHAHAHA

  5. Katheryn says:

    We better all watch our p’s & q’s. They might reinstate debtors prision and throw us all in to shut us up.

  6. Jason Werner says:

    Mr. Levitin knows how the banks commit crimes, yet he is actually advocating for more fraudulent modifications? hahahahahaha

    The banks are going to continue their crimes until they are forced to stop; it’s that simple. As for restitution for victims, any kind of modification of the banks’ strategically defaulted contracts by the banks is a win for the banks. The Bible says, “To do justice and judgment is more acceptable to the LORD than sacrifice.” The banks must truly return to victims – investors and borrowers – exactly what they stole from them, including clear and present damages.

    This whole investigation and settlement thing is just the start of all this mess.

  7. l vent says:

    Let’s just sue the bastards.

  8. Katheryn says:

    @Officer of the Law

    AMEN

    • Officer of the Law says:

      Thanks. I wish that it wasn’t true, but all of the prosecutors are crooked. Thankfully, there are a few honest judges who will make the banksers follow the law.

  9. Officer of the Law says:

    Hey, don’t forget all of the payola that the banksters will have to hand out to all of the prosecutors in exchange for not prosecuting. With over 2,000 prosecutors to buy off nationwide, that will cost the banksters another $200,000,000 or so. After all, ignoring major criminal activity is not cheap.

  10. CINDERMAGGIE says:

    DATS A MIRACLE!

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