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Mon Dec 31, 2012, 03:19 AM

Settlement Expected on Past Abuses in Home Loans

Source: NYT

Banking regulators are close to a $10 billion settlement with 14 banks that would end the government’s efforts to hold lenders responsible for foreclosure abuses like faulty paperwork and excessive fees that may have led to evictions, according to people with knowledge of the discussions.

Under the settlement, a significant amount of the money, $3.75 billion, would go to people who have already lost their homes, making it potentially more generous to former homeowners than a broad-reaching pact in February between state attorneys general and five large banks. That set aside $1.5 billion in cash relief for Americans.

Most of the relief in both agreements is meant for people who are struggling to stay in their homes and need the banks to reduce their payments or lower the amount of principal they owe.

The $10 billion pact would be the latest in a series of settlements that regulators and law enforcement officials have reached with banks to hold them accountable for their role in the 2008 financial crisis that sent the housing market into the deepest slump since the Great Depression. As of early 2012, four million Americans had been foreclosed upon since the beginning of 2007, and a huge amount of abandoned homes swamped many states, including California, Florida and Arizona.

Read more: http://www.nytimes.com/2012/12/31/business/settlement-expected-with-banks-over-home-loans.html



Cenk Uygur: "Predator Bankers Make 'Ghetto Loans' for 'Mud People'" (The Young Turks 12/26)



(cited Detroit Free Press article from 12/25, "Atlanta-area counties sue HSBC over loans to minorities")

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Arrow 6 replies Author Time Post
Reply Settlement Expected on Past Abuses in Home Loans (Original post)
alp227 Dec 2012 OP
grahamhgreen Dec 2012 #1
4dsc Dec 2012 #2
Maineman Dec 2012 #3
truth2power Dec 2012 #4
grahamhgreen Dec 2012 #6
Dustlawyer Dec 2012 #5

Response to alp227 (Original post)

Mon Dec 31, 2012, 05:05 AM

1. Jail time, or they will do it again.

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Response to grahamhgreen (Reply #1)

Mon Dec 31, 2012, 07:28 AM

2. Agreed, we need jail time here.

eom.

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Response to alp227 (Original post)

Mon Dec 31, 2012, 09:20 AM

3. I assume none of that money is coming out of the pockets of actual persons. No pain for the guilty.

Managers will probably still get their bonuses. Sad state of affairs with law enforcement at that level.

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Response to alp227 (Original post)

Mon Dec 31, 2012, 10:45 AM

4. 10 billion $. Like me having to pay a $2.00 fine (or less). Meh!

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Response to truth2power (Reply #4)

Mon Dec 31, 2012, 11:27 PM

6. And the money will come from loans you and I made to the

Banks, aka TARP.

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Response to alp227 (Original post)

Mon Dec 31, 2012, 12:05 PM

5. In America now, no one high up in any bank or major corporation will be charged for crimes.

They pay a fine (always less than the profit from the crime), sometimes allow a couple of underlings to go to jail (for example, see BP oil spill). We no longer have a Representative government, at least as concerns the American people. It represents the 1% and corporations and just gives us the illusion we matter! Lets fight to get our government back by demanding COMPLETE CAMPAIGN FINANCE REFORM (CCFR)!!! You can help by posting this call to action everywhere! They scare us with Rmoney's and push things so far right that Obama can seem great! Don't get me wrong, he has done great things too, but how do you explain his actions taking away our rights that protected our privacy, freedom from unreasonable searches and seizures, cutting SS after he ran on not touching it... He owes favors to get the Presidency, it should not be this way! Lets get our politicians working for us again instead of fund raising all of the time! Help spread the word, CCFR!!!

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