Latest 50 State Attorney General Settlement w/ Banks is Worth Less than 2 Months Rent to Harmed Homeowners

The remainder, about $4bn-$4.4bn in cash, could be designated for the states, which then would divide the proceeds to fund a variety of programmes, including assistance to borrowers.

About half that amount could be used to pay up to $2,000 to an estimated 1.1m aggrieved borrowers who allege they were harmed by improper practices.

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Talks on US mortgage abuses hit key stage

By Shahien Nasiripour in New York

The largest US mortgage servicers will meet federal and state officials in Washington on Friday to try to reach a settlement over allegations that the banks broke federal rules and state laws in their treatment of distressed borrowers.

But the meeting is clouded by continued squabbling between the states as to the size and scope of penalties to be paid by the banks for their alleged failings in processing foreclosures.

The Illinois attorney-general estimated that in a final accord, Bank of America would pay $7.8bn, more than Wells Fargo and JPMorgan Chase combined, according to an internal document prepared by the state described to the Financial Times.

JPMorgan would pay $3.8bn, while Wells could pay about $3.5bn, according to people familiar with the document. Citigroup would be asked to pay about $1.4bn and Ally Financial, which is 73.8 per cent owned by the US Treasury, would pay $860m.

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Comments
9 Responses to “Latest 50 State Attorney General Settlement w/ Banks is Worth Less than 2 Months Rent to Harmed Homeowners”
  1. Charles says:

    s time to vote the AG’s out of office! They not really concerned about their constitutes.

  2. Officer of the Law says:

    If the government refuses to enforce the law, then it is up to citizens to do so.

  3. The Last of the Mohicans says:

    Me thinks that the 50 state AG consortium should also just throw in our Freedom and Rights given unto us by the United States Constitution.

    All of the AG’s can just haggle over any further violations of Civil Liberties and settle all of it now, for future generations!

    Give these BANKS carte blanch…so that they can do as they please! Better yet, just sell our souls all into slavery by tearing up the Constitution!

    Hmmmmm….Violation of Civil Liberties = Slavery.

    What a forward thought…Could it be we are headed backwards into slavery?

    2076 – Re-Declaration of the “Declaration of Independence”. Only 64 more years of suppression / oppression we need to suffer through!

  4. Ron Moss says:

    My Harm is to be measured in Punishment, via punitive damage…to deprive of property or right. For a billionaire could be mounting, daily ti;ll I m=am made whole and my kids are educated.

  5. talktotennessee says:

    I can tell you one thing right now. If the money is distributed to the states to “set up programs” the graft will decimate any recovery for individuals with bogus compliance ‘vehicles’ that do little or nothing substantial for anyone except those who set them up and in name only. We have seen that before.
    About like FEMA operations after Katrina, paying off and spending for everything but not helping individuals in recovery. Same song, second verse! The name of the banking game is immunity from investors. Having the investors hogtied will change the playing field significantly.
    Nothing much changes does it . . . . .
    Frankly, it would be better if the AGs did nothing at all and let the courts work this out.

    • lvent says:

      You are right the people will never see a dime…It is a sham! They will just redistribute the money among themselves…like they always do…!

  6. lvent says:

    If they are all too corrupt to do their job, they should all resign….

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