NYT Picks Up on Weaknesses of Foreclosure Fraud Settlement

By: Wednesday March 28, 2012 6:17 am

On March 13, I read the foreclosure fraud settlement documents and noticed that the banks would be eligible to get credit for their penalty for performing routine actions, like waiving deficiency judgments, bulldozing or donating homes. These are the sorts of things banks do all the time, and yet they could comprise up to one-quarter [...]

Briefly Responding to Glenn Thrush

By: Thursday February 23, 2012 6:19 am

There’s nobody who hates navel-gazing more than I, so I will try to dispense with this quickly. Glenn Thrush thinks I’m wrong to attribute the same perspective on Eric Schneiderman to Tom Miller, who dissed him on the record, and Shaun Donovan. Miller, who has clashed with Schneiderman over the terms of the releases with [...]

Tom Miller, HUD Officials Laugh at Schneiderman Publicly

By: Wednesday February 22, 2012 8:55 am

Whether you believe in Eric Schneiderman’s ability to deliver a legitimate investigation on mortgage securitization fraud or not, you have to admit that the united front on opposition to a settlement on foreclosure fraud collapsed the moment that he agreed to helm that federal investigatory task force. He immediately separated “pre-bubble” and “post-bubble” conduct, allowing [...]

“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 [...]

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 [...]

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 [...]

Justice Democrats Still Holding Out on Foreclosure Fraud Settlement

By: Tuesday January 24, 2012 7:01 am

The New York Times describes the foreclosure fraud settlement in terms of inches. They say that a deal is “closer,” but they give little evidence to back that up. In fact, there’s more evidence here that the key AGs involved, who did not personally attend Monday’s session in Chicago with Shaun Donovan and other Administration [...]

Iowa AG Miller Claims No Foreclosure Fraud Settlement This Week

By: Monday January 23, 2012 2:55 pm

Perhaps Tom Miller, the head of the executive committee negotiating a foreclosure fraud settlement, is feeling a little too much heat today. He just put out this statement on today’s meeting in Chicago (the site of protests): (CHICAGO, Illinois) State Attorneys General from both parties, along with our federal partners, are today discussing the details [...]

Foreclosure Fraud Settlement Terms Laid Out, But Holdout AGs Not Signed On

By: Saturday January 21, 2012 9:38 am

When I started digging into whether this Monday meeting with HUD and DoJ officials to go over a proposal for a foreclosure fraud settlement was legitimate, I couldn’t find one state Attorney General who mattered actually committed to showing up. When I say AGs who “matter,” I mean the ones who have been critical of [...]

Consequential Monday Foreclosure Fraud Meeting Less than Consequential

By: Friday January 20, 2012 2:12 pm

One thing missing from all the stories about this alleged key foreclosure fraud meeting in Chicago on Monday were confirmations from the state AGs, particularly the ones who have been resistant to a settlement, that they would attend. So I did some calling around. And I could not find one state Attorney General committed to [...]

AGs Bolting Foreclosure Fraud Settlement, Holding Strategy Sessions

By: Friday January 13, 2012 6:24 am

Yves Smith reminded me of something I wrote last March, when I was hilariously writing about a “rushed” foreclosure fraud settlement. The master settlement agreement with the tobacco industry in 1998 eventually got the agreement of 46 AGs, with the other four coming aboard later. That would be similar to the necessary outcome here; to [...]

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