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maddezmom

(135,060 posts)
Mon Jan 23, 2012, 05:51 PM Jan 2012

$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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$25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears (Original Post) maddezmom Jan 2012 OP
Unacceptable. truebrit71 Jan 2012 #1
Totally Unacceptable FreakinDJ Jan 2012 #11
They paid out $144 billion in bonuses and that's all they have to pay for fraud? SharonAnn Jan 2012 #16
Huh? abelenkpe Jan 2012 #2
too big to fail, the rat bastards.... mike_c Jan 2012 #3
I agree Laurian Jan 2012 #9
Shit, it sure pays to be criminal. No settlement unless fines exceed profits from fraud and nineteen50 Jan 2012 #4
I would go even further by making the banks agree to not lobby any government cstanleytech Jan 2012 #15
Obama is a one percenter. what can you expect? This is abominable. roguevalley Jan 2012 #5
No go if victims can't get their homes back or a replacement. nt nanabugg Jan 2012 #6
jail, personal fines, that is the only fair thing Angry Dragon Jan 2012 #7
Gee, why don't they all just buy brand new homes in gated communities with that $1,800 "settlement"? leveymg Jan 2012 #8
SSDD. Nt xchrom Jan 2012 #10
Sweet jesus. Homeowners lose their houses due to deceptive practices and all they'll neverforget Jan 2012 #12
And will probably have to declare it on fed. taxes. Wouldn't surprise me. SammyWinstonJack Jan 2012 #13
They say the best way to rob a bank is to own one. Guess it's true. SharonAnn Jan 2012 #17
For them, $25 billion is pocket change. It's just another sociopath dog and pony show. L0oniX Jan 2012 #14
I thought my gasping days were over NJCher Jan 2012 #18
Wonder if this is why... doodadem Jan 2012 #19
Disgusting. No matter what the banksters do, they will be let off the hook. EFerrari Jan 2012 #20
 

FreakinDJ

(17,644 posts)
11. Totally Unacceptable
Mon Jan 23, 2012, 08:00 PM
Jan 2012

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.

SharonAnn

(13,776 posts)
16. They paid out $144 billion in bonuses and that's all they have to pay for fraud?
Tue Jan 24, 2012, 12:14 AM
Jan 2012

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

mike_c

(36,281 posts)
3. too big to fail, the rat bastards....
Mon Jan 23, 2012, 05:57 PM
Jan 2012

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.

Laurian

(2,593 posts)
9. I agree
Mon Jan 23, 2012, 06:10 PM
Jan 2012

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

nineteen50

(1,187 posts)
4. Shit, it sure pays to be criminal. No settlement unless fines exceed profits from fraud and
Mon Jan 23, 2012, 05:58 PM
Jan 2012

regulations are in place and real regulators seated.

cstanleytech

(26,293 posts)
15. I would go even further by making the banks agree to not lobby any government
Mon Jan 23, 2012, 09:00 PM
Jan 2012

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.

leveymg

(36,418 posts)
8. Gee, why don't they all just buy brand new homes in gated communities with that $1,800 "settlement"?
Mon Jan 23, 2012, 06:09 PM
Jan 2012

If not something like this:

Maybe, a gated community like this?

neverforget

(9,436 posts)
12. Sweet jesus. Homeowners lose their houses due to deceptive practices and all they'll
Mon Jan 23, 2012, 08:07 PM
Jan 2012

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

NJCher

(35,684 posts)
18. I thought my gasping days were over
Tue Jan 24, 2012, 02:49 AM
Jan 2012

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.

doodadem

(1,091 posts)
19. Wonder if this is why...
Tue Jan 24, 2012, 01:55 PM
Jan 2012

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.

EFerrari

(163,986 posts)
20. Disgusting. No matter what the banksters do, they will be let off the hook.
Tue Jan 24, 2012, 02:44 PM
Jan 2012

That is the message. While working people are bankrupted.

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