Attorney Generals from both sides of the aisle have agreed upon this route of LETTING THE BANKS OFF SCOT FREE FROM FRAUD FORECLOSURES!
Portions of Article:
Sources on both sides of the 50-state attorney's general investigation into so-called "robo-signing" foreclosure practices tell me they are nearing a settlement. As Bank of America JP Morgan Chase and Iowa Attorney General Tom Miller square off today before the Senate Banking Committee, the framework of a deal is taking shape.
While sources say there is no universal solution to shoddy foreclosure practices at some of the nation's largest mortgage banks/servicers, the three largest, BofA, JPM and Wells Fargo, may be agreeing to the same solution.
First, banks would pay into a fund used to compensate borrowers who have claims after their home has been sold in foreclosure. The borrowers would have to prove they were wronged in the process, and the attorney's general would allocate the funds. In other words, the AGs would be the administrators. The amount of said fund is still undetermined, and likely still in negotiation. Each bank could settle on its own amount, or there could be a joint agreement.
Finally, there would be some kind of agreement to third party mediation for review of all the cases in the first part of the agreement where borrowers are seeking compensation from the AG fund.
There has also been talk of principal write down as part of settlements, perhaps with some banks and not others. "It's been on the table," says one source.
So, the banks are making agreements with the Attorney Generals! Jeez How Nice! We already know how that works out - ALWAYS IN THE BANKS FAVOR!
I hope everyone looks at the next post!! INTERNATIONAL BANK RUN - BREAK THE BANKS DAY DECEMBER 7TH 2010! TAKE YOUR MONEY OUT OF THE BANKS! THAT IS THE WAY OF TAKING THEM DOWN! IT IS YOUR MONEY!
I hope everyone looks at the next post!! INTERNATIONAL BANK RUN - BREAK THE BANKS DAY DECEMBER 7TH 2010! TAKE YOUR MONEY OUT OF THE BANKS! THAT IS THE WAY OF TAKING THEM DOWN! IT IS YOUR MONEY!
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