Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
01-04-2011, 11:55 PM #1
- Join Date
- May 2007
- Location
- South West Florida (Behind friendly lines but still in Occupied Territory)
- Posts
- 117,696
Fraudclosure Scandal Swept Under Rug
Fraudclosure Settlement Imminent
Submitted by Tyler Durden
01/04/2011 06:57 -0500
To all those who penned lengthy essays and activist missives to various law enforcement and judicial organizations in 2010 over the fraudclosure fiasco, we have one word: condolences. According to Bloomberg, which cited Iowa Attorney General Tom Miller, "The five largest mortgage loan servicers, including Bank of America Corp and JPMorgan Chase & Co may be the first to settle with 50 state attorneys general who are investigating foreclosure practices." It appears these attorneys general were all sequestered and advised of the now-traditional M.A.D. apocalypse that would follow if this latest iteration of Wall Street's corner cutting was pursued by the full extent of the law. In other words what many have claimed is the biggest fraud in MBS history is about to be swept under the rug in exchange for 30 pieces of silver wrtistslaps. In the meantime, disclosure such as that revealed by Allstate, which virtually proves that Bank of America was lying outright to investors about its portfolio quality, will be made irrelevant, and yet one more aspect of TBTF fraud will be institutionalized.
From Reuters:
The attorney-general group expects to reach five separate agreements with the five largest servicers, the news agency said, quoting Miller, who heads the multi-state probe.
Miller could not be immediately reached for comment by Reuters outside regular U.S. business hours.
The other three large servicers are Citigroup Inc (C.N), Wells Fargo & Co (WFC.N) and Ally Financial Inc.
The group has had at least one face-to-face meeting with representatives from all five of the largest banks and will reach individual settlements rather than a global agreement with the servicers, Bloomberg reported.
Mortgage servicers have come under fire in recent months for abuses of the foreclosure process.
All 50 state AGs formed a joint probe in October to investigate the use of "robo-signers" in foreclosure proceedings.
Ally Financial, Bank of America, Citigroup, JPMorgan and Wells Fargo could not be immediately reached for comment by Reuters outside regular U.S. business hours.
The only take home message for the peasants who follow the rules is that the greater the crime, the easier one gets off. But that should not really be news to anyone at this point.
http://www.zerohedge.com/article/fraudc ... t-imminentJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
Biden Admin Claims Cartel-Utilized Border Island Seized by Texas...
05-14-2024, 08:54 PM in illegal immigration News Stories & Reports