Skip to comments.States negotiating immunity for banks over foreclosures
Posted on 07/20/2011 9:11:31 PM PDT by Kartographer
State attorneys general are negotiating to give major banks wide immunity over irregularities in handling foreclosures, even as evidence has emerged that banks are continuing to file questionable documents. A coalition of all 50 states' attorneys general has been negotiating settlements with five of the biggest U.S. banks that would include payment of up to $25 billion in penalties and commitments to follow new rules. In exchange, the banks would get immunity from civil lawsuits by the states, as well as similar guarantees by the Justice Department and Department of Housing and Urban Development, which have participated in the talks.
(Excerpt) Read more at news.yahoo.com ...
Those clueless lefties who think that government is needed to protect the little people from the evil corporations should try, just try, to get their heads around this story.
If our resident mortgage experts are so right that its merely so minor (Though I don’t see were dong something thousand and thousands of times can be minor) paperwork errors why do the banks need immunity?
The BATFE sometimes brings felony charges against gun dealers who have typos on their 4473s.
Wait until you se what Obama has up his sleve. Mass principal wriedowns, maybe this is the settlement,
The Consumer Financial Protection Bureau just opened, might as well close it.
Many of the foreclosed properties will go to local governments by way of NGOs that buy them cheap. Many counties are actually advertising for those in their meetings and documents. Local governments have been stocking up on quite a few different items: vehicles, alternative energy power plants, etc.
Gun dealers don't get the wholesale discount when buying legislators like banks do.
This is absurd. When buyers of RMBS find in the future that they have imperfect collateral behind some of their positions, they should be able to pursue the banks for some recovery.
Articles like this explain why I don’t get too enraged when I hear about people walking away from “underwater” homes.
It is just hard to feel upset about it.
Bingo. Nobody else does the right thing, why should the homeowner? The word for someone who follows the rules when nobody else does is “sucker”.
What this really means is that the law is for sale.
Pay enough “fine” and the law no longer applies?
Sounds more like a bribe than a fine.
A true fine does not make you immune from future violations of the law.