Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement

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Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement

Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement

Just when you’ve thought you’ve seen, read it all.


David Dayen-

I think my disgust over federal housing policy is just about complete. As you know, we’re still waiting for the actual terms of the foreclosure fraud settlement, more than one month after the announcement. But more information has dribbled out, not much of it to the good. Michael Hiltzik rounded up some of the more troubling issues. He mentions that OCC penalties will get folded into the settlement, basically charging $0 for their violations. The Federal Reserve did the same thing. He mentions the Ted Gayer study showing that only 500,000 borrowers will even be eligible for the principal reduction in the settlement, half of what HUD and other regulators promised. And he adds that the Treasury Department restored all HAMP incentive payments for servicers who failed to meet their obligations under the programs. As Hiltzik writes, “If the banks had shown as much forbearance toward their struggling borrowers as these three agencies have shown toward the banks, the foreclosure settlement wouldn’t have been necessary in the first place.”

But it gets worse.

[FIRE DOG LAKE]

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One Response to “Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement”

  1. nydeemarie says:

    So, the fraud and economic collapse will continue???

    5,000 representing 47 million..

    http://dailycaller.com/2012/02/14/bbc-5000-unemployed-americans-living-in-tent-city-obamavilles/

    5,000 representing 14 million..

    http://www.nydailynews.com/new-york/pink-slip-waving-protesters-decry-unemployment-article-1.1033838

    What a sin…

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