As predicted, banks "settle" foreclosure fraud with 50 state Attorneys General.

NO criminal charges for all that fraud.

‘Not Criminal’

The group isn’t pursuing a criminal investigation , Miller said. “Our focus is to reform the servicing process and that’s inherently civil, not criminal,” he said.

Headline:

State Foreclosure Settlements to Start With Biggest Banks, Iowa AG Says

The five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., may be the first to settle with the 50 state attorneys general probing foreclosure practices, Iowa Attorney General Tom Miller said.

No settlements have been reached yet, Miller said yesterday in a phone interview. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation.
The five have 59 percent of the U.S. market , Miller said.

“What we’re looking at is five separate agreements with the five largest servicers,” Miller said. “We’re still a ways away” from reaching agreements, he said. “We’re working very hard to figure out what should be in the settlement.”

http://www.bloomberg.com/news/2011-01-03/state-foreclosure-settlements-to-start-with-biggest-banks-iowa-ag-says.html

Does any law apply to banks?

it all feels so very sinful considering the huge picture of who gets the nod and who gets the shaft.

Recommended

The United States of American under Bush-Obama really has become a banana republic.

The corporatist plutocracy operates under a completely different legal theory than all the rest of us peasants.

Just where the hell is our Attorney General, Mr Holder?

getting real sick of all this under the table shit

Where do you think you live? This is America. WE'LL all be in jail before ONE of them is.

Because there is no reason to respect anybody else.

The massive lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually put a stop, not only to your foreclosure, but also to your house payments............
https://sites.google.com/site/sueyourlendernow/

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just wanted to give an update. We will see if Schneiderman has what it takes.

http://www.democratandchronicle.com/article/20110628/BUSINESS/106280312/AG-Eric-Schneiderman-opposes-foreclosure-deal

New York Attorney General Eric Schneiderman expects to lead opposition to what he called a "quick, cheap settlement" of a 50-state investigation into foreclosure practices. Schneiderman put the monetary settlement being discussed with the largest U.S. mortgage servicers at $20 billion to $25 billion and said he will take "the hardest line" against it.

The probe began in October. New York launched its own investigation two months ago and, Schneiderman said, has found the problem is much deeper. He said he was "stunned" to find the multi-state probe so lacking that no documents or witness depositions had been obtained.


Iowa Attorney General Tom Miller is helping lead the multi-state case. He and Schneiderman are part of the 14-member executive committee of attorneys general working with federal officials on the matter.

Miller has heard concerns raised by other attorneys general as well, spokesman Geoff Greenwood said. Not all states must sign off, he said, but New York "is a very significant state." He called the settlement "still a work in progress."