Still No Justice for Mortgage Abuses

Still No Justice for Mortgage Abuses

It has been six months since the big banks settled with state and federal officials over evidence of widespread foreclosure fraud, promising to provide $25 billion in mortgage relief in exchange for not being sued over past foreclosure abuses.

At the time, it looked like a sweet deal for the banks. The fines were paltry compared with the damage done to homeowners and the economy. And much of the relief the banks were obliged to provide could be met by continuing more or less with business as usual.

It still looks like a sweet deal.

The Office of Mortgage Settlement Oversight, the monitor of the settlement, released a preliminary report last week showing that 138,000 homeowners had received some form of relief from March 1 through June 30. That is roughly the number that would have been expected under various aid programs in effect before the settlement. Worse, with some three million borrowers now in or near foreclosure, according to Moody’s Analytics, it is nowhere near the level of relief needed to fix the housing market.

Rest from the NY Times here…


5 Responses to “Still No Justice for Mortgage Abuses”
  1. Judith McDonald says:

    My mortgage I started with 15 yr. mortgage, with 35K down payment.I am into 20th year and fraud is fraud, Bank of America fraudulently signed my house to Fannie Mae in 2011,the re-finance in question Sept.22,2007 and has NO signatures. Customer assistance group.Wasted a year I called every month.She enjoyed “she not givin me NO free house”.The OCC has sided with Bank of America and I see the manipulations clearly in our various cases, I made this my job since 1/09 and so it goes.
    Make it a great weekend. Namaste

  2. stripes says:

    ……or Medicare, Medicaid and pension money abuses..!!!! Local News report in Chicago has House Speaker Mike Madigan saying it is the pensioners who must take the hit for all of the missing public sector pension money !…….Where did it go….? It DID NOT EVAPORATE…! WHO STOLE IT……? SOMEONE NEEDS TO AUDIT THESE PENSION FUNDS and ARREST THE CROOKS..!

  3. stripes says:

    I’m sorry, but we have become a nation of saps who believe anything. The banksters ALLOW people to sell their homes for less than they owe? The properties were never worth the bubble price. It was all a work of fraud and fiction and the banks never lent anyone any money.

  4. Ken Hansen says:

    That’s their attitude, that a house will be given for free. It’s insane, were talking about houses purchased in recent years that tripled, quadrupled in price and fools are saying people may be getting something for free. That is about as far away from human rights as a society can get before we see real oppression. Captured Government doesn’t care about you. The most startling, and scary manifestation is to hear careerists embrace, and push this brutality without question, without thought, without concern. Do they read anything that we read? Is the OCC going to become a benevolent agency within a functioning Democracy with the departure of Julie Williams? The fantasy bloggers will tell us maybe.
    The OCC deregulated, helped perpetuate predatory behavior, protected Banksters every step of the crisis. Don’t be fooled, they levied a ridiculous parking fine against a massive anti-social financial institution, that has verifiably damaged people’s lives. It’s no surprise they blame the victim. See? There was no blood drawn, Banks are ok, people may be homeless, have their credit ratings destroyed and worse but hey, Banks didn’t actually hold a gun to anyone’s head did they? It’s contract law that we wrote, you were set up to lose – deal with it. Is that the impression we should be getting from our leaders?

  5. Judith McDonald says:

    I have contacted Delaware AG office spoke with rep I will inform all. In August the rep called me on phone to say “she was not going to give me a free house” SHOCKED with this arrogant woman represent the Comptroller of the Currency calling me a lair.The things I have thought of her, like the is in bed with the Banks, all of them.Mortgage crisis NO WAY, greedy bastards.For me, I love my state so I agreed to give time to look at file.
    We all got ripped off the Investor and the home owner.

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