Some Additional Foreclosure Fraud Settlement Details Released

Some Additional Foreclosure Fraud Settlement Details Released

What is being called the “National Mortgage Settlement” is out, with a shiny new website featuring a happy couple being ripped off by their servicers. The monetary value breaks down as follows:

$750 million in a payment to the federal government;
$4.5 billion in direct payments to the states, of which $1.5 billion will go to those $2,000 checks to borrowers, and $2.75 billion to state foreclosure prevention services like legal aid, mandatory mediation and other programs. So the hard money comes to $5.25 billion.
$20 billion in “direct consumer relief”; $3 billion to help current underwater borrowers refinance, and $17 billion in “credits” for principal reductions. HUD estimates that the dollar value of this will come to $32.3 billion in the end, as we’ve discussed. HUD Secretary Donovan has alternately said that a “substantial” amount of this money will come from MBS investor loans, and also that the large majority would come out of bank-owned loans. Also second liens have to be reduced along with firsts at least pari passu (on equal terms).

In addition, officials are touting the nationwide servicing standards that will be ushered in with this deal. Left out of this is the fact that the CFPB now has control over the servicing market, and can regulate national standards all by themselves. In a shell press release drafted for state AGs to fill in the blanks, they tout the servicing piece:

More here…

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4closureFraud.org

Comments
10 Responses to “Some Additional Foreclosure Fraud Settlement Details Released”
  1. Carol says:

    so, i lose my home, i have to rent a home for the rest of my life, that is owned by upper class, ruined my credit for the rest of my life be and they want to give me $2,000.00, lets see, will the $2,000.00 make me feel better. HUH, NOOOO! I want my home back, or the $40.000 that I had invested in my home, clear my credit and get me out of a home that belong to someone else, that i am paying for.

  2. Ok so let me see… First the banks commit massive fraud, then they got $700 Billion dollars from the taxpayer, then they fraudclosed on million of homes that they don’t own, then then they got trillions of dollars on more bail outs from the back door Fed and then they write a check for 26 billion for all of these crimes? wow what a deal ! and now we’ve now set a price for forgeries and fabricating documents. It’s $2000 per loan The only lesson the banksters learn here is how to write a big check ! that’s it! outrageous !

    • lvent says:

      So why don’t WE THE PEOPLE ADVERTISE ON FACEBOOK AND TWITTER…. A GIANT FRAUDULENTLY INDUCED MORTGAGE/NOTE BILL BURNING PARTY IN FRONT OF ALL THE STATE CAPITALS!! WE CAN ALL INVITE ALL OF OUR FRIENDS AND FAMILY AND NEIGHBORS…!! HELL, WELL MAKE A REAL SHINDIG OUT OF IT…WELL BARBEQUE ALL OF THEIR FRAUDULENTLY INDUCED DEBT….!! IT WILL BE A REAL TEA PARTY FOR THE AGES.!!!! .TELL EVERYONE….BYOB…AND BRING STUFF TO MAKE SMORES!!! WELL MAKE HISTORY..AND FREE ALL OF THE FRAUDULENTLY INDUCED DEBT SLAVES!!!! THEY CANT FRAUDCLOSE! !! WE BURNED ALL OF THE EVIDENCE……AND WE CANT RECALL EVERY BEING HANDED A CHECK SAYING WE WERE LENT ANY MONEY!!! WELL TELL THEM TO SHOW US A RECEIPT…OR FUCK OFF!! WE THE PEOPLE WILL CREATE OUR OWN NATIONWIDE FRAUDCLISURE MORATORIUM!!! BURN…BABY…BURN!!!!!

      • lvent says:

        HELL….BONFIRES AND BARBEQUES IN PUBLIC PLACES ARENT ILLEGAL! !!! LMAO!! WELL TELL THE COPS…TO JOIN US!!! ITS A CIVIL MATTER!!! WELL CALL IT ….BAR B Q THE FED! ALL FRAUDULENTLY INDUCED DEBT SLAVES WILL BE FREED!

  3. Wayne says:

    Bank of America transferred my fraudulent servicing rights to an outfit (bottom feeders) SLS in Colorado. WTF does this do for me?????? Really What does this do for me. I have no lender, there is no Note …. and now I have to deal with even a lower degree of incompetence.
    Where is the Justice ….. ?????

  4. lvent says:

    IN OTHER WORDS…GROW SOME !…
    .AND QUIT WAITING FOR THE CORRUPT POLITICIANS AND GOVERNMENT TO SAVE THE COUNTRY!
    THEY POLITICIANS AND THE GOVERNMENT ARE CORRUPT…..THEY CANT STOP PAYING…CONFORMING AND COMPLYING NOR OCCUPY THE FRAUDCLOSED HOMES FOR WE THE PEOPLE!!
    THIS MAY JUST COME DOWN TO…….GUTS, GUNS AND GOD!
    COWARDS AND SHEEPLE WILL GO TO THEIR GAS CHAMBER OF DEBT!!

  5. scarednearlystiff says:

    Thank you for sharing the information.

    What can homeowners already foreclosed on
    or going through foreclosure right now
    do for themselves
    or have others do for them

    under the Settlement?

    It has to be in here so please post and thanks. SNS

  6. joe says:

    what about Indymac/onewest the biggest criminals- why are they not in the group of 5 Banks????

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