Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds

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Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds

Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds

Wall Street on Parade-

There is only one thing more Kafkaesque than the ongoing Wall Street frauds and that is watching a live United States Senate investigation of a diabolical settlement the banks themselves concocted to repay the victims of their own fraud. Such was the case yesterday when Senators Sherrod Brown, Jack Reed, and Elizabeth Warren grilled regulators from the Office of the Comptroller of the Currency and Federal Reserve along with outside consultants over allowing banks to hand pick the consultants to do their foreclosure reviews, negotiate confidentiality agreements with them and pay them directly.

Hundreds of millions of dollars in checks from the Foreclosure Review settlement will start going out today, eventually topping $3.6 billion in the cash portion of the settlement, and yet it was revealed during yesterday’s Senate hearing that it was the actual banks that engaged in the illegal foreclosure actions that tallied up and classified their wrongdoing under various degrees of harm; deciding themselves how many people would receive $300 and how many $125,000. The outside consultants that were hired to compute the harm were in the dark about this final, and most important, stage of the review process.

[WALL STREET ON PARADE]

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4 Responses to “Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds”

  1. Sarah says:

    Where’s Eric Holder? Whoops! Forgot. Justice can’t interfere with those that are Too Big to Fail for Doing a Failed Foreclosure Review, (TBTFFFR) or something like that.

  2. Millions of us unlawfully foreclosed on and the AG’s office tells me they had nothing to do with this settlement. An email from Wa AG office below. I guess twothousand should sound like a lot of money to peasants.
    From: “David Huey (ATG)”
    To: Shelleystotalbodyworks@comcast.net, “Bob Ferguson (ATG)”
    Sent: Monday, April 15, 2013 12:33:28 PM
    Subject: RE: independant foreclosure review CHECK for destroying your life!

    You are aware, are you not, that the AG’s are not involved in the independent foreclosure review? That settlement was with federal bank regulators, the Office of Comptroller of the Currency and the Federal Reserve Board.

    Of course, you are always free to return the check to them or throw it away and not cash it.

    dwh

    From: Shelleystotalbodyworks@comcast.net [mailto:Shelleystotalbodyworks@comcast.net]
    Sent: Monday, April 15, 2013 11:14
    To: Ferguson, Bob (ATG); Huey, David (ATG)
    Subject: Fwd: independant foreclosure review CHECK for destroying your life!

    We are not worth much to our AG’s are we?

    dwh

    From: Shelleystotalbodyworks@comcast.net [mailto:Shelleystotalbodyworks@comcast.net]
    Sent: Monday, April 15, 2013 11:14
    To: Ferguson, Bob (ATG); Huey, David (ATG)
    Subject: Fwd: independant foreclosure review CHECK for destroying your life!

    We are not worth much to our AG’s are we?

    From: Shelleystotalbodyworks@comcast.net
    To: “Shelleystotalbodyworks Ann Erickson”
    Cc: “Ha Dao”
    Sent: Monday, April 15, 2013 11:10:57 AM
    Subject: independant foreclosure review CHECK for destroying your life!

    Please see attachment.

  3. Oops got two emails in there somehow. The latter is about another email not sure how it got on to this one. Sorry. Does not have anything to do with the Assistant attorneys email.

  4. Sarah says:

    “Of course, you are always free to return the check to them or throw it away and not cash it. ” I wonder if that qualifies as legal advice?

    The AGs have collectively failed, largely because they are politicians first and second they wouldn’t dare piss off banks. Banksters are so powerful they would threaten to burn down finance. As far as the AGs are concerned the Banks, are free to abuse, commit fraud, take homes, sue, beat down and destroy their victims. The poor slobs in State Government are generally reading from scripts, or more usefully, don’t know much of anything to be able to help.

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