Foreclosure Fraud Settlement: Will There Be Terms, Or Just Suggestions?

By: Tuesday February 21, 2012 7:35 am

Before the foreclosure fraud settlement was inked, at least half a dozen Republican Attorneys General said publicly that they were philosophically opposed to principal reductions of any kind. Then, in December of last year, the committee that helps elect Republican AGs received hundreds of thousands of dollars from Citi, Wells Fargo and JPMorgan Chase. All [...]

The $2,000 Insult in the Foreclosure Fraud Settlement

By: Friday February 10, 2012 7:04 am

The WaPo editorial board’s biggest problem with the “rough justice” foreclosure fraud settlement is that robo-signing is a “victimless crime” because all those people were behind on their payments anyway, and that lucky duckies foreclosed upon might be getting $2,000 erroneously. That’s the media we have. Put aside the looming presence of servicer-driven defaults, fee [...]

“We Will Put People In Jail” – The Measuring Stick for Foreclosure Fraud

By: Thursday February 9, 2012 12:58 pm

I don’t know if it’s even necessary to parse the President’s statement on the foreclosure fraud settlement today. And I’m not too interested in the justifications on conference calls that have been pushed my way from AG Schneiderman and HUD Secretary Donovan. I want to, rather, go back to December 14, 2010. Tom Miller, the [...]

MA AG Coakley Lawsuit Against Banks Ripped to Shreds in Settlement

By: Thursday February 9, 2012 11:56 am

So here’s one lagging mystery about the foreclosure fraud settlement: what becomes of Massachusetts AG Martha Coakley’s lawsuit against five banks over deceptive practices and illegal foreclosures? Now we know. Coakley says in a release that she got a carve-out over certain types of claims in the suit. Others, however, were extinguished in the settlement. [...]

Reaction to the Foreclosure Fraud Settlement

By: Thursday February 9, 2012 9:20 am

You’ve heard enough from me. And actually, you’ll hear plenty more later. But I thought I’d line up what some other people are saying about the foreclosure fraud settlement, the terms of which have not yet totally been released (which, I repeat, is a travesty of justice). First, let’s hear from our old friend ___ [...]

Some Additional Foreclosure Fraud Settlement Details Released

By: Thursday February 9, 2012 8:03 am

What is being called the “National Mortgage Settlement” is out, with a shiny new website featuring a happy couple being ripped off by their servicers. The monetary value breaks down as follows: $750 million in a payment to the federal government; $4.5 billion in direct payments to the states, of which $1.5 billion will go [...]

Analysis: Regulators Want to “Build Second Table” for Financial Fraud Claims

By: Thursday February 9, 2012 7:22 am

I think you can divine what I think of the foreclosure fraud settlement which releases liability on a host of fraudulent conduct for only a $5 billion guarantee from the banks, as well as $20 billion made up mostly of “credits” that HUD believes will translate into around $34.5 billion overall. The credits play out [...]

49-State Foreclosure Fraud Settlement Will Be Finalized Thursday

By: Wednesday February 8, 2012 8:15 pm

Forty-nine states, every one but Oklahoma, as well as federal regulators will participate in a foreclosure fraud settlement that will release the five biggest banks (Wells Fargo, Citi, Ally/GMAC, JPMorgan Chase and Bank of America) and their mortgage servicing units from liability for robo-signing and other forms of servicer abuse, in exchange for $25 billion [...]

Schneiderman’s Last-Minute Cancellation Spells Trouble for Foreclosure Fraud Settlement

By: Wednesday February 8, 2012 6:58 am

As I mentioned in last night’s roundup, New York Attorney General Eric Schneiderman abruptly cancelled a conference call yesterday 10 minutes before it was to begin. The subject was supposed to be the foreclosure fraud settlement, and there was idle speculation that Schneiderman would announce that he would join the settlement. This would spur other [...]

Banks Want to Scotch Lawsuits in Foreclosure Fraud Settlement

By: Tuesday February 7, 2012 12:15 pm

Banks, not Attorneys General, have become the major sticking point on a foreclosure fraud settlement, as they seek assurances that they protect themselves from future lawsuits. Bank concerns reached fever pitch on Friday when the New York State attorney general’s office sued Bank of America, JP Morgan Chase and Wells Fargo, accusing the banks of [...]

Justice Democrats Still Angling for Changes in Foreclosure Fraud Settlement Deal

By: Tuesday February 7, 2012 6:54 am

Well, the deadline for state Attorneys General to sign on to the foreclosure fraud settlement came and went yesterday, and the major holdouts – the Justice Democrats, the AGs from the five states who have objected to the settlement all along (Nevada, New York, California, Delaware, and Massachusetts), still aren’t signed on. Catherine Cortez Masto [...]

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