“We deeply regret the sloppy operational practices that led to this. But we have contractual obligations as a servicer to foreclose when we must,”

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I sometimes wonder if these asshats really believe what they are saying…

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Ally CEO ready to fight robo-signing settlement

Ally Financial (GJM: 21.93 +0.37%) CEO Michael Carpenter will not sign onto a settlement with the state attorneys general in the ongoing robo-signing case and is prepared for court if the final proposal does not fit the meager exposure he thinks the bank has.

“We would not settle for the kind of numbers being bandied about,” Carpenter said.

A recent version of a proposed settlement would charge the five largest servicers, which includes Ally, according to the Iowa AG office. Roughly $5 billion of the speculated $25 billion fine would go to payouts to borrowers directly affected by ongoing court costs and lost paperwork. The rest would help borrowers who are current on their mortgage but owe more than the home is worth with principal reduction and refinancing.

“If we think a settlement is not in the best interest of our shareholders, which is still the U.S. taxpayer, then we will not participate,” Carpenter said in a conference call with investors Wednesday. “The downside is long-term aggravation and legal fees. But if you think we have significant exposure from a financial implication, the answer is no.”

Check out the rest here…

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4closureFraud.org