$10 Billion Settlement Expected on Past Abuses in Home Loans

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$10 Billion Settlement Expected on Past Abuses in Home Loans

$10 Billion Settlement Expected on Past Abuses in Home Loans

I suppose shutting them down for fraud is too much to ask for since all the banks seems to be good at ponzi schemes?


NYT-

Banking regulators are close to a $10 billion settlement with 14 banks that would end the government’s efforts to hold lenders responsible for foreclosure abuses like faulty paperwork and excessive fees that may have led to evictions, according to people with knowledge of the discussions.

Under the settlement, a significant amount of the money, $3.75 billion, would go to people who have already lost their homes, making it potentially more generous to former homeowners than a broad-reaching pact in February between state attorneys general and five large banks. That set aside $1.5 billion in cash relief for Americans.

[NEW YORK TIMES]

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One Response to “$10 Billion Settlement Expected on Past Abuses in Home Loans”

  1. Sarah says:

    Ponzi schemin’ is TBTF. Settlements and bailouts are formalities amongst friends. Apalling objectivity from the NYT: “those who were harmed resulting in eviction might be receipt of small benevolent largress”. Financial, designed to fail “bombs” have exploded in households across the country but the Government provides a small token of appreciation for your troubles and patience. Orwell couldn’t have imagined this level of sophistication.

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