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Mon Jan 23, 2012, 05:51 PM

$25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears


WASHINGTON — The nation’s five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday.

A draft settlement between the banks and U.S. states has been sent to state officials for review.

Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement, which could be as high as $25 billion. About 750,000 Americans — about half of the households who might be eligible for assistance under the deal — will likely receive checks for about $1,800.

But the agreement could reshape long-standing mortgage lending guidelines and make it easier for those at risk of foreclosure to restructure their loans. And roughly 1 million homeowners could see the size of their mortgage reduced.

more:http://www.washingtonpost.com/politics/25b-deal-with-banks-over-deceptive-foreclosure-practices-sent-to-ags-as-settlement-nears/2012/01/23/gIQAJVZ8KQ_story.html

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Reply $25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears (Original post)
maddezmom Jan 2012 OP
truebrit71 Jan 2012 #1
FreakinDJ Jan 2012 #11
SharonAnn Jan 2012 #16
abelenkpe Jan 2012 #2
mike_c Jan 2012 #3
Laurian Jan 2012 #9
nineteen50 Jan 2012 #4
cstanleytech Jan 2012 #15
roguevalley Jan 2012 #5
nanabugg Jan 2012 #6
Angry Dragon Jan 2012 #7
leveymg Jan 2012 #8
xchrom Jan 2012 #10
neverforget Jan 2012 #12
SammyWinstonJack Jan 2012 #13
SharonAnn Jan 2012 #17
L0oniX Jan 2012 #14
NJCher Jan 2012 #18
doodadem Jan 2012 #19
EFerrari Jan 2012 #20

Response to maddezmom (Original post)

Mon Jan 23, 2012, 05:56 PM

1. Unacceptable.

 

I hope the States AG's kick this deal back too...

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Response to truebrit71 (Reply #1)

Mon Jan 23, 2012, 08:00 PM

11. Totally Unacceptable

 

An insult to the American Middle Class once again

Not only should execs who engaged in illegal practices be ordered to never work in the finance industry again, but pending foreclosures should be vacated pending review.

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Response to FreakinDJ (Reply #11)

Tue Jan 24, 2012, 12:14 AM

16. They paid out $144 billion in bonuses and that's all they have to pay for fraud?

"Cost of doing business" is really cheap these days, isn't it?

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 05:57 PM

2. Huh?

The banks that engaged in deceptive practices should be put out of business.

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 05:57 PM

3. too big to fail, the rat bastards....

Yeah, there's a difference between Obama and, say, Romney. Romney would have gilded the turd a little brighter before sending it off and crowing about it as, if advance word is true, Obama plans to do in his SOTU address. But it's still a turd, brought to you by the 1 percent and their boot-licks in Washington.

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Response to mike_c (Reply #3)

Mon Jan 23, 2012, 06:10 PM

9. I agree

I think you've provided an excellent description of this "agreement". When will this madness stop?

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 05:58 PM

4. Shit, it sure pays to be criminal. No settlement unless fines exceed profits from fraud and

regulations are in place and real regulators seated.

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Response to nineteen50 (Reply #4)

Mon Jan 23, 2012, 09:00 PM

15. I would go even further by making the banks agree to not lobby any government

official over laws for the banks for the next 25 years also they have to fire any remaining personal who were involved in the crime and they get no golden parachute as well anyone who got said parachutes has to return them or face criminal prosecution.

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 06:00 PM

5. Obama is a one percenter. what can you expect? This is abominable.

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 06:01 PM

6. No go if victims can't get their homes back or a replacement. nt

 

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 06:04 PM

7. jail, personal fines, that is the only fair thing

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 06:09 PM

8. Gee, why don't they all just buy brand new homes in gated communities with that $1,800 "settlement"?

If not something like this:

Maybe, a gated community like this?

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 06:18 PM

10. SSDD. Nt

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 08:07 PM

12. Sweet jesus. Homeowners lose their houses due to deceptive practices and all they'll

get is $1800? I need to become a [strike]corporation[/strike] bank so I can get away with breaking the law and buy justice.

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Response to neverforget (Reply #12)

Mon Jan 23, 2012, 08:45 PM

13. And will probably have to declare it on fed. taxes. Wouldn't surprise me.

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Response to neverforget (Reply #12)

Tue Jan 24, 2012, 12:14 AM

17. They say the best way to rob a bank is to own one. Guess it's true.

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Response to maddezmom (Original post)

Mon Jan 23, 2012, 08:50 PM

14. For them, $25 billion is pocket change. It's just another sociopath dog and pony show.

 

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Response to maddezmom (Original post)

Tue Jan 24, 2012, 02:49 AM

18. I thought my gasping days were over

But I gasped and my jaw dropped when I read about the $1800.

All the heartbreak, pain, and misery of a foreclosure--and at the end of the road,....$1800.

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Response to maddezmom (Original post)

Tue Jan 24, 2012, 01:55 PM

19. Wonder if this is why...

Wonder if this is why I just received a new workout package from Wells Fargo? Of course, they are insisting that I pay back nearly a half $M mortgage, when the property is now only worth about $250K.

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Response to maddezmom (Original post)

Tue Jan 24, 2012, 02:44 PM

20. Disgusting. No matter what the banksters do, they will be let off the hook.

That is the message. While working people are bankrupted.

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