“It is sick and disturbing that the outcome of the settlement of state and federal investigation of crimes committed against consumers results in reward to the criminal organizations that were the target of investigations.”
The Banks: Government Sponsored Criminal Organizations Coming To Take American’s Homes
he banks committed fraud when they originated loans that were defective and did not meet the specific underwriting requirements. They did this to make additional money.
After they originated the loans, they failed to service or collect the payments properly. They did this to make additional money.
When the loans went into default, they failed to do the loss mitigation that homeowners had paid for as part of the mortgage contract….i.e. face to face meetings for HUD loans. They did this to make additional money.
When they pushed homes into foreclosure they lied, they cheated, they committed fraud, they committed forgery, they committed perjury in state and federal courtrooms all across this country. They did this in order to fabricate their cases and make additional money.
When the banks were caught, they agreed to pittance settlement terms that include payouts that come not from the banks that engaged in the wrongdoing, but from the investors who invested in their faulty products. They spent their investor’s money on the fines so that they could hoard additional money.