Recent Foreclosure Settlement Was A Win For Big Banks

didntSettle

 Recent Foreclosure Settlement Was A Win For Big Banks

The $8.5 billion foreclosure abuse settlement reached earlier this month with the mortgage industry was designed, bank regulators said, to speed quick relief to millions of homeowners. So far, however, it is the mortgage industry that successfully pushed for the deal that is likely feeling the most relieved.

Under the deal, struck with regulators at the Office of the Comptroller of the Currency and the Federal Reserve, 11 mortgage companies are responsible for $3.5 billion in direct payments to homeowners who received a foreclosure notice at the height of the housing crisis. The companies also owe another $5 billion in aid to current homeowners.

The settlement replaces a case-by-case loan review program known as the Independent Foreclosure Review. That program was intended to give homeowners who received a foreclosure notice at the height of the crisis the opportunity to have an independent consultant crack open their loan file to determine whether their mortgage company had made a mistake during the process, as many claimed. But as the reviews dragged on, questions mounted about whether the reviews were truly independent from bank influence, and the cost of the reviews began to spiral out of control.

More here…

~

4closureFraud.org

Recent Foreclosure Settlement Was A Win For Big Banks

Comments
2 Responses to “Recent Foreclosure Settlement Was A Win For Big Banks”
  1. c.l.p.a.g. Chris says:

    Bribing CorrupticRAT B.A.R. E$quire’ed, self deemed Black Robed High Priest Kults of $atan posing as: Federali$t Noblemen AristocRAT Elitist$ masquerading Publicum $ervants: to rapaciously Plunder the People, for mere filthy lucre under the artifice schemes devices and instruments of Legal Warring mercenaries crafty TRICKS of FRAUDS for Theft by Deception to Let their Bankster Buddy Crony Capitali$t CO-CON-spirit-or Accessories in fact to Felonius Theft by magnificent Sham scam legal Deceptions for Archon’s Crime of the World; will the Guilty Public Pretender Defenders of the People ever Reap their Just rewards?

Leave a Reply