President Fuck You to fuck you heartily with a hot barbed mortgage settlement dildo
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WASHINGTON -- The Obama administration, state attorneys general, and, perhaps, the nation's largest banks are close to a final settlement on the years-long struggle over allegations of massive foreclosure fraud, according to several sources familiar with the talks. And the final details of the arrangement, according to the source who revealed them, will apparently not preclude prosecutors and regulators from taking legal action against many of the common abuses during the house bubble. It remains to be seen whether all parties will ultimately sign off on the language.
The settlement is worth $25 billion, a sum which will be distributed to homeowners who were wrongfully foreclosed on as well as those who remain underwater. In addition, banks could still face future legal action over 12 specific violations.
According to someone intimate with the negotiations, there will be no legal release of the banks with respect to:
1.Criminal liability.
2.Tax liability
3.Fair lending, fair housing, or any other civil rights claim.
4.Federal Housing Finance Agency or the GSEs [Fannie Mae and Freddie Mac]
5.CFPB claims for the period after they came into existence in July 2011
6.SEC claims
7.National Credit Union Association Claims
8.FDIC claims
9.Federal Reserve Board claims
10.MERS claimsIn addition, the source said, there will be preservation of the vast majority of securitization claims including all claims regarding state pension funds as well as the vast majority of the origination fraud claims from HUD, the VA and the USDA.
According to Mike Lux, who originally reported the settlement for The Huffington Post, the release will be "almost entirely confined to robosigning cases" -- meaning that banks will likely not see further punishment from the states for foreclosure fraud. Robosigning fraud is perhaps the easiest type of misconduct for prosecutors to target.
This motherfucker.
If you have not called your state AG, the time is now.
http://www.consumerfraudreporting.org/st...
This has got to be the last straw. Talk about the White House being Occupied by Wall Street.
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Comments
Never have I read....
A headline to a post that was more succinct!
And as Lambert pointed out the other day....
Obama's Fraud Unit is aptly referred to a OFU. As his obots are proud to say, "he always delivers what he promises."
Yes, indeedy.
I think it's time to Occupy Bank of America
and make their daily business nationwide untenable. They are in large degree the heart of the beast.
Though of course action against bank branches does hurt daily workers, and has trouble touching the likes of Moynihan. That's always the trouble with any kind of action, not just violent (as I've mentioned before) but even nonviolent: how do you stick it to the 1% through all their layers of comfort and security?
Hmmm, I read "no legal release" as good news
Am I not being cynical enough? (I'd like to know about the statute of limitations, too....)
UPDATE Actually, I am not being cynical enough. Each separate robosigning is a fraud on the court, and I believe that makes for literally thousands of felonies. It's also brings local registries much closer to destruction.