BREAKING: The OCC defends its $8.5B foreclosure settlement with banks, claiming it drove a "hard bargain."


BREAKING: The OCC defends its $8.5B foreclosure settlement with banks, claiming it drove a “hard bargain.”

BREAKING: The OCC defends its $8.5B foreclosure settlement with banks, claiming it drove a “hard bargain.”

American Banker-

The abrupt and embarrassing end of the independent foreclosure review raised many questions that policymakers didn’t bother to answer.

Until now.

In an interview Tuesday, Morris Morgan, the federal government’s point man for the painstaking review of 3.8 million mortgage loans, provided new details about the $8.5 billion deal regulators cut with 10 servicers last week.


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7 Responses to “BREAKING: The OCC defends its $8.5B foreclosure settlement with banks, claiming it drove a “hard bargain.””

  1. Sarah says:

    Suppression of evidence and incompetence must have been hard to pull off. Which must be what Morris Morgan interprets as a hard bargain.
    Great job!

  2. keepon says:

    “Throughout this time period our banks made more errors than they should have made.”

    “Do I think there were a significant number of people who were foreclosed on where the banks did not have a legal right to foreclose on them? …a very few number….”

    HOW is intentionally signing/notarizing a document, falsely applying your oath, simply: “an error?!”

    Hundreds of thousands of documents were robosigned, but THIS should NOT be mistaken as taking ‘il-legal right?!’ …and, the tarmac was hosed before he took a hard count of those harmed, but he knows it was “…a very few number…?”

    Anybody else having a hard time with crediting that tally, and why the evidence got shit-canned AGAIN!? …or crediting this guy’s argument that he “…drove a hard bargain?”

    Where’s the “hard” in the bargain? Servicers/banks/mills who signed up LPS/MERS/Faked Trusts ARE STILL IN CHARGE of the final decision. Is THAT the promised INDEPENDENT FORECLOSURE REVIEW of HARM? Does this guy not see that 500,000 people ‘signed up for this, but, instead got that?’ More bum’s rush: ‘nothin’ to see here folks. Move along.’ More ‘they thought it was a mortgage, but whoosh- it’s a security.’ You thought you had a mod?, sorry; it’s a foreclosure. Why? ‘Cause WE GOT the POWER and you don’t!

    How about, more like we’re hearing from the analysts:
    there was so much harm, the OCC had to keep changing the criteria?
    So much harm the OCC just had to pull-the-plug.
    So much harm there wasn’t enough money to pay the price.

    Screw the people brazen enough to have brought the facts. We’ll(OCC) just water down the $ and send it out through our (faulty) mailing list and divvy the 10 billion (which is really 3.3) between everybody (keeping the change for blah,blah,blah….)

  3. Charles Reed says:

    You got Lorraine Brown of Docx that just admitted last month that she had her staff preform 1 million forged assignment but this guy is saying there was actual not that much in errors done. Right there was straight out fraud being done!

  4. keepon says:

    CRIMinal fraud at that! Bet she’s pist to hear this guy (OCC) say it’s just an “error” she’s doing time for.

  5. joe says:

    The united states government really thinks this Foreclosure fraud stuff is a joke.Any money recovered from the banks was used to line their pockets. I really think we need another country to intervene here so they can really see the abuse we are getting from these banks ,servicers and the united states government. Every settlement they get they just keep on taking it for themselves.Then we have these judges that received campaign funds from these banks just like Obama did. Plus they are throwing families on the street with forged documents this is chaos. Let’s talk about the settlements again I think there we’re three a $26 billion dollar settlement then there was a money settlement with the occ now another $8.5 billion settlement not one cent to any Foreclosure victims including me. Every settlement is used to line their pockets. Wow we can’t even trust our great government .

  6. keepon says:

    Yes! Another country- that’s THIS country that allows ITS LAWS ON THE BOOKs TO APPLY. That’s the country we want to intervene here, not this sham nation that puts the thieves in charge. Whose DOJ can’t find trace of prosecutable criminality in fraudclosure, drug money laundering cartels, Libor rigging, Black Whale, Corzine…. Isn’t THAT strange that OUR DOJ, not in one instance, but in ALL INSTANCEs of the Greatest Crimes in History canNOT find a prosecutable criminal, or criminality? Bizzare, no?

    Strange that Iceland can take the SAME fact patterns, prosecute, and send their “evil-doers” to jail, to right THEIR Nation’s People and economy.

    Instead, WE lead more lambs to slaughter. Every time a “Deadbeat” (Obama Fave) steps forward to “act responsibly” (Obama Fave), and submit facts in hand to an Obama tribunal, he gets cut off at the knees!

    “Shock and awe inspiring” to the Little Guy, no? If he steps out on a street corner Martin Luther King style to speak freely and “overcome” his oppressors, he gets hit in the head with a cannister, or THE PATRIOT gets pepper-sprayed by Homeland Security Squads of crisply suited Black Knights.

    WHO is this man? WHO and WHAT does he represent? Prepare for more Obama-speak about (false) HOPE, fair, playing by the same rules on inauguration day.

    This Nation as ‘leader of the free world’ has been supplanted by ‘the UGLY American.’

  7. JohnR says:

    I wonder why someone doesn’t file a qui tam suit against the employee’s of the OCC? They obviously stole their paychecks from the Govt. Afterall… NOT doing the job they had sworn to do is, if not outright treason, employee theft and therefore theft from our Govt.


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