Something is happening behind the scene and in the back rooms of the government in trying to work out a deal for the banks to be protected against the people for all the illegal fraud of foreclosures.
Zerohedge has this article up today.
Bank of America Proposes To Cut Outstanding Mortgages In Exchange For Broad Legal Settlement Deal
From how it reads, there looks to be a deal being worked out where Bank of America will lower the principle on all the mortgages it services and it has directly.
The spin from the government and MSM will no doubt be "This is great for the people" in any deal worked out. But don't be fooled. It will be "Great for the banks" it will be protecting the banks from the people who have been exposing the fraud and standing up to the fraud in courts.
It is amazing how the government is working to protect the banks in anyway they can, even when the banks have stolen property, committed crimes and have out right defrauded people. If you or I ever defrauded anyone else we would be thrown in jail without the government working to make our fraud legal.
Portion of the article:
The bank is "discussing the proposal with state and federal officials who are prodding the country's biggest banks toward a multibillion-dollar deal to atone for foreclosure errors…As the discussions dragged on past the mid-June target set by U.S. officials, Bank of America began pressing officials for a speedy resolution, and it put forward its principal reduction proposal in one-on-one talks with state and federal officials. Meanwhile, negotiations continue with the banks as a group…Bank of America has told officials it wants protection against future litigation relating to mortgage servicing, said people familiar with the situation. In exchange it is willing to agree to a program in which troubled borrowers would have to prove financial distress to qualify for a writedown of the principal owed on their mortgage…The principal amount would have to be $1 million or less in certain geographic areas, one of these people said, and a reduction would apply to the bank's own mortgages and those its services for private investorsAll you have to do, is read between the lines in this article. Bank of America is pushing for a resolution, due to many many more people waking up to the fact of their fraud and educating themselves. They want a stop to it immediately. The courts have been siding with the people in many cases and some states even stopped any Bank of America foreclosures at various times. Bank of America wants to be protected from "the people" who have become educated to their fraud and know all foreclosures by them are completely Fraud and Illegal.
No matter how much I have tried, I do understand "We the People" are not at all listened to, "We the People's Voice" is not heard and has been silenced by the elected officials. They have their masters who they hear and do the bidding of. So, We the People have to keep trying in intellectual ways of stopping the fraud and holding banks accountable.
I hope more and more people begin court proceedings against the Fraud of the banks around the country before it becomes sanctified by the government.
How will the government sanctify the fraud? That is the question. How are they going to rewrite the fact the banks committed fraud upon their investors and the people with the fraud mortgages?
So as I read this, people who have not YET been helped will get the principle reduction. What about those who lost their homes? What about those who fought for years and had to enlist the help of their senators to even be answered by B of A? Then they were charged back fees, and would not lower the principle but dropped the interest for a few years, and still had to carry a greatly inflated mortgage over what the market will ever be again on those homes, after all the fighting for a resolution so as not to wind up on the streets, because "Bank of America does not do principle reduction"? I think they owe everyone who has gone to them for help a principle reduction, and some kind of recompense to those who they fraudulently foreclosed on, and THEN need to address those NOW coming to them with a different attitude than they had with us.Bank of America is not poor, and has made more money than we can imagine on all the processes of those foreclosures, and "loan mods". Time to pay us back the bail out money and what they made fraudulently on the rest of us.
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