Foreclosure Fraud Price Tag: $20 Billion


Foreclosure Fraud Price Tag: $20 Billion

Foreclosure Fraud Price Tag: $20 Billion


The nation’s largest mortgage companies are operating on the assumption that they will have to pay as much as $20 billion to resolve claims of widespread foreclosure abuse, an amount four times what they had originally proposed, the top federal official overseeing the discussions told state officials Monday, according to people who participated in the conversation.

Associate U.S. Attorney General Tom Perrelli told a bipartisan group of state attorneys general during a conference call that he believes the banks have accepted the realization that a wide-ranging settlement to the months-long probes will cost them much more than the $5 billion offer they floated last month, according to officials with direct knowledge of the call. Perrelli said he’s basing his belief on his recent conversations with representatives of the five targeted firms: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

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One Response to “Foreclosure Fraud Price Tag: $20 Billion”

  1. There will be no justice in American if all 50 attorney generals do not fully investigate the crimes done by these ganster banksters. It is a crime against humanity. This land has become lawless, and it will not recover and become a land of law by the people and not bankers law or law for the elite, it this isn’t nipped in the butt now. These crimes jepordize our freedom and our rights to due process and our democracy. The lengthy time it has taken to get to this point, allowing the banking criminals to control their destiny has bankrupted America and thousands of innocent victims are suffering around the globe, not just the homeowners, all Americans have been touched by this and global families. It’s heart breaking, for people with conscious caring minds not to mention frustrating and stressful beyond measure. The banksters have to be prosecuted or they will have the incentive to continue their crimes and America will never again be the American we knew once. This is the line drawn between saving America and destroying America. American has not done so good in the control of bankster law. The banks have brought us to despair, destruction, ruined families, taken the homes they gloated they were making every effort to get families into, stolen from the wealthy investors that keep our country in jobs and make the money to keep our country in good financial shape. Obviously money in the hands of the greedy elite, does not make a healthy American economy, and takes our freedoms and the American way as we knew it away. The banks have bankrupted the government. How much does it take to put them in prison? The banks have pilfered and destroyed the entire globe.


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