Gretchen Morgenson: Surprise, Surprise: The Banks Win

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Gretchen Morgenson: Surprise, Surprise: The Banks Win

Gretchen Morgenson: Surprise, Surprise: The Banks Win

NYT-

IF you were hoping that things might be different in 2013 — you know, that bankers would be held responsible for bad behavior or that the government might actually assist troubled homeowners — you can forget it. A settlement reportedly in the works with big banks will soon end a review into foreclosure abuses, and it means more of the same: no accountability for financial institutions and little help for borrowers.

Last week, The New York Times reported that regulators were close to settling with 14 banks whose foreclosure practices had ridden roughshod over borrowers and the rule of law. Although the deal has not been made official and its terms are as yet unknown, the initial report said borrowers who had lost their homes because of improprieties would receive a total of $3.75 billion in cash. An additional $6.25 billion would be put toward principal reduction for homeowners in distress.

[NEW YORK TIMES]

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3 Responses to “Gretchen Morgenson: Surprise, Surprise: The Banks Win”

  1. joe says:

    THE united states government, ,us courts and judge’s ,Congress and the FBI remind me of an old girlfriend she loved to get abused and smacked around

  2. joe says:

    The usa loves to get pushed around by the banks and servicers. Little wimps

  3. Joni Brit says:

    People who don’t know better will think the Banks are giving something up, but had the Attorneys negotiated for $10 billion dollars worth of returned house with Titles inact of which we still have yet to see, I would have believed an apology is in the air. But this smells of get away, we have lots of empty houses to move .
    Somehow the root of this problem has still not been addressed.
    My prediction: Unless you have a degree in high finance, 2013 is gonna be a rough ride. Grab those Kleenex.

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