David Dayen: The foreclosure fraud settlement was a big dud

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David Dayen: The foreclosure fraud settlement was a big dud

David Dayen: The foreclosure fraud settlement was a big dud

New evidence reveals big banks still illegally foreclosing on thousands of homes – and weak settlement allows it

Salon-

The absolute least Americans can hope for from a major government settlement with a large industry over well-documented crimes is that the industry wouldn’t, after signing the settlement, just continue to commit the same crimes day after day. After all, following the tobacco industry settlement, cigarette makers did manage to stop advertising to teenagers that their product had no medical side effects.

But new evidence reveals the nation’s largest banks have apparently continued to fabricate documents, rip off customers and illegally kick people out of their homes, even after inking a series of settlements over the same abuses. And the worst part of it all is that the main settlement over foreclosure fraud was so weakly written that it actually allows such criminal conduct to occur, at least up to a certain threshold. Potentially hundreds of thousands of homes could be effectively stolen by the big banks without any sanctions.

[SALON]

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