NY Times on The ‘Independent’ Foreclosure Review Settlement – Surprise, Surprise: The Banks Win, Again


So if you start to hear rumbling that the reviews didn’t turn up many misdeeds, you can discount it as nonsense. One could easily argue that this reported settlement was pushed by the banks so they could limit the damage they would have incurred if an aggressive review had continued.”


Surprise, Surprise: The Banks Win

Bank Settlement May Leave Tiny Slices of a Smaller Pie

IF you were hoping that things might be different in 2013 — you know, that bankers would be held responsible for bad behavior or that the government might actually assist troubled homeowners — you can forget it. A settlement reportedly in the works with big banks will soon end a review into foreclosure abuses, and it means more of the same: no accountability for financial institutions and little help for borrowers.

Last week, The New York Times reported that regulators were close to settling with 14 banks whose foreclosure practices had ridden roughshod over borrowers and the rule of law. Although the deal has not been made official and its terms are as yet unknown, the initial report said borrowers who had lost their homes because of improprieties would receive a total of $3.75 billion in cash. An additional $6.25 billion would be put toward principal reduction for homeowners in distress.

The possible settlement will conclude a regulatory enforcement action brought in 2011 by the Comptroller of the Currency and the Federal Reserve. Regulators moved against 14 large home loan servicers after evidence emerged of rampant misdeeds marring the foreclosure process.

Rest here…



2 Responses to “NY Times on The ‘Independent’ Foreclosure Review Settlement – Surprise, Surprise: The Banks Win, Again”
  1. Calvin and Catherine Shuptrine says:

    We recieved our check of 500.00 and it did not even come close to all the fraud Chase Bank did to us!! We were out thousands of dollars and Chase knew they owed us more, but they sent us this tiny check that can’t begin to cover our losses. All the paperwork showed the thousands of dollars we were out and the way we were treated by Chase our 401K is gone and they jacked up our house payment in 2010 so high it was terrible.
    I think that they could have at least had a fair settlement from the banks, we waited over 15 months and all documents were supplied showing the amounts we were out!! I guess its true the banks always win and leave the people in the dust to figure out how to deal with their losses!!

  2. blackvan7845 says:

    hello Mr. Dimon of chase bank and chase bank n.a. :

    I am writing you to ask your help in order for me to be allowed to pay down my mortgage balance on my loan..

    It seems that someone in your company like mr Zsarro of the default management unit in houston texas and columbus

    allowed all of my principal reduction payments to be reversed and added back onto my mortgage balance.

    I am a stockholder and I don’t understand how this could happen. IN ADDITION, my loan is to begin amortizing to zero instead of interest only starting in may, 2013. someone authorized a creation of a new loan with new loan terms ie no amotization of my loan until 2017 with higher interest rates going from 7.37 percent for 15 year payoff to as of nov 2012 of this year, 12.7 percent for the same alleged loan but different account number

    Federal law under 12 usc. sections 1 and amendments and other code sections specifically state that all loan terms shall remain the same when transferring a loan from emc to chase. in seems that approximately 3 million loans were done like this from emc chase portfolio with my new loan never getting approved of by me or applied for according to the FTC and your employees in Oregon.

    I am a permanent and total disabled veteran and beside being charged over $ 10,000 dollars for a loan modification in violation of title 12 of the united states code, I have been victim of predatory lending and servicing and now three attempted false foreclosures while mr zsarro allegedly Is using three account numbers to report my loan to the credit bureau and the trustee with different mortgage balances and all reported as current and active on one 159K house in value.

    this has been going on since 2007 and the new york ag is well aware of this as well as the us cfpb and the federal reserve board and the occ and sec treasury geitner AND THE US. ASSIsT ATTORNEY IN PORTLAND MR URAN.


    as a disabled veteran I find your conduct towards me and we all disabled veterans as a personal abuse of our rights under the law and an attempt to take my home and I have never been in default or late or in mod or bankrucpty

    your company personnel allegedly have stolen thousands of dollars of my mortgage payments in suspense accounts and your attorney in Houston morgan and belnius et all seems to think I should have to pay their attorney fees per ms vincent ‘s letter that I owe 90k more on my mortgage than what is on the mortgage statement for one of the account numbers that your company is using.

    I have not received mortgage statements for all these loan number that have any integrity or accuracy since all the mortgage balances have been falsified. I note that these tactics by your law firm and staff are standard operating proedure used by mr zsarro since 2004.

    please contact my attorney mr potter about all the missing mortgage statements and why is that in december 2012 I Have three different mortgage balances being reported to the credit bureaus and your website at chase.com

    the modification that your company did on my predatory loan cost me over $ 10,000 in fees and capitalization of monthly interest while having two mortgage payments in suspense and the same thing in oct 2011 for a different loan number for which I never applied for.

    mr potters number is 360 750 7547

    best regards
    david black blackvan@hotmail.com
    360 772 5617
    14013 n.w 21 st avenue vancouver wa.

    for account number 0020927364

    and ten digit account number starting with 102
    cc: new york state ag eric schneiderman

    and thirteen digits account number starting with 156.

    this letter is a demand letter for all mortgage staements on all thee account numbers and the second trust serviced by chase back to 2007. there are approxmiately 187 missing statements. starting with dec 2012

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