======================
Q: What's the difference between an American bank and an American peasant?
A: An American peasant doesn't have enough money to buy the prosecutor.
The massive effort, more than a year in the making, is the most recent government attempt to boost the limping housing market and help people whose homes lost significant value in the housing crash.
But even such a sizable settlement pales against the scope of the housing problem. According to Federal Reserve Chairman Ben S. Bernanke, for instance, U.S. homeowners owe about $700 billion more than their homes are worth.
It would seem a relatively easy task to get to the bottom of this. Then at least any action would be based on truth, reality, and getting to the root cause of the collapse, then massive fines, incarceration, financial collapse, and rebuild. Get out of jail free or states attorney generals bidding for certain select homeowners, insuring perhaps there reelection would be the last resort anyone would sign on too.
When it comes to taxpayer cash, which is anything in the hands of government, they are not to be trusted. It will be poorly spent as far as the people are concerned, but will always benefit “government”.
Simply papers over the real problem in this FRAUD. Yes it is FRAUD.
The real problem will be an ongoing inability to transfer clear title to some properties that were involved in the MERS mortgage mess. That is the reason they “forged” documents.
Shades of Tony Hayward.
Oh, but they learned their lesson. This settlement will surely serve as a real deterrent in the fewture.
It’s the nature of white-collar crime. On the criminal side, if you have enough money to buy your way out jail, then that’s what you do. On the prosecution side, it’s bad form to put your country club buddies in prison.
Gee...dummy me just re-financed the old-fashioned way.
Seriously...there are enough “tools” out there now to refinance. Big brutha doesn’t need to be involved any more than they already are. Heck...they shouldn’t be involved at all!
if any single thing is capable of bringing the Tea Party and Occupy Wall Street together to start sticking the elites with the pitchforks, this is it.
Where do I go?
Oh that's right, I am paying higher fees and interest rates on my loan to make up for those who don't pay their mortgages. Got it.
Communism is great...
This is funny stuff.
Ya see, this is all designed so the banks/mortgage bosses help themselves, as they generally only help those who might leave the them, the banks, holding the bag.
Very slick, but nothing new. I give it a 3+ on the con-man scale.