Mass. lawsuit shows that banks haven’t changed foreclosure ways

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Mass. lawsuit shows that banks haven’t changed foreclosure ways

Mass. lawsuit shows that banks haven’t changed foreclosure ways

Boston Globe-

Earlier this year, five of the country’s biggest banks agreed to cough up $25 billion because they’d routinely fleeced their own customers and wreaked tremendous economic havoc along the way. The nationwide foreclosure settlement was an extraordinary moment for JP Morgan, Bank of America, Citigroup, Wells Fargo, and GMAC because it brought the banks as close as they’ve ever come to taking ownership of the foreclosure fraud they’ve sewn throughout the housing market. But the foreclosure settlement’s second act, now playing out in a Boston courthouse, shows that the landmark settlement hasn’t actually changed the way the banks think about other people’s homes.

The banks might be $25 billion lighter, but in Boston, they’re still trying to shrug off the duty to follow foreclosure law.

The nationwide foreclosure settlement in February landed a heavy blow against the five banks. They walked in hoping to use the settlement as a tool for immunizing themselves against reprisals related to botched foreclosures, but instead of waiving away responsibility for the foreclosure crisis, the settlement forced the five banks to finally commit to ending it.

[BOSTON GLOBE]

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One Response to “Mass. lawsuit shows that banks haven’t changed foreclosure ways”

  1. Charles Reed says:

    Sure fire way to stop at least the illegal foreclosing of Active Duty Servicemember & Veteran is knowing that neither the Lender or MERS has the right to ever foreclose because the fact is that Ginnie Mae was handed over freely the Notes sign Blank that are now non-negotiable as the is no debt attached to the Notes.

    Once the lender has to pay back the false claim they will stop the illegal foreclosures because the 3 time the damage in Federal Court is a pretty big freaking deal!

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