Big banks abusing 2012 settlement deal... Weak oversight means banks can get away with foreclosing on homeowners in middle of negotiations

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Big banks abusing 2012 settlement deal… Weak oversight means banks can get away with foreclosing on homeowners in middle of negotiations

Big banks abusing 2012 settlement deal… Weak oversight means banks can get away with foreclosing on homeowners in middle of negotiations

Politico-

The nation’s largest mortgage lenders are violating the terms of a punitive 2012 settlement that was meant to prevent unfair and unnecessary foreclosures that destroyed communities and pushed working families from their homes.

Interviews by POLITICO with more than 20 housing counselors, Legal Aid lawyers and government prosecutors in states hard hit by the real estate crisis that followed the 2007 financial meltdown reveal that the nation’s top lenders are violating the settlement and rules put in place last year by the Consumer Financial Protection Bureau. In some cases, the problems — repeated requests for the same documents, for example — stem from ongoing disorganization deep inside the loan servicing departments of the banks, but some homeowners and their representatives claim the issues are a deliberate attempt to use foreclosure to resolve cases that have lingered for years.

In 2012, as 49 state attorneys general and the Holder Justice Department announced the landmark $25 billion accord with five of the nation’s biggest lenders, North Carolina Attorney General Roy Cooper spoke for many when he declared: “If homeowners get the runaround for a modification, if homes are foreclosed before other options expire, the monitor and the courts can step in and make it right.”

Read more: http://www.politico.com/story/2015/09/foreclosures-mortgage-lenders-2012-settlement-banks-213322#ixzz3n2jUSQsQ

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2 Responses to “Big banks abusing 2012 settlement deal… Weak oversight means banks can get away with foreclosing on homeowners in middle of negotiations”

  1. crittermom says:

    When, oh when, is the govt going to admit what the majority of us already know (especially the banks)?
    That the fines imposed are only the cost of doing business to the banks, as the profits are so huge when you break the laws.
    Prison sentences & personal fines should be imposed upon those at the TOP, but as much as PR would like us to believe that’s going to happen, many of us are also aware the statute of limitations is running out for that to happen. I believe it’s nothing more than PR. The same as was given when Eric Holder gave 90 days for a review to be done on the banks, only to come back saying they could find nothing done wrong they could prosecute for.

    If these abuses are continuing the statute of limitations shouldn’t be a concern–if they prosecute before they run out, right?

    I’m glad one homeowner was able to get help from Legal Aid. My attempt to enlist their help in my area proved fruitless & downright degrading in the way I was treated. I was left feeling as abused as I had by the banks.

    Excellent article. The link to it in full provides more insight.
    However, I disagree with one statement give by the NC Atty Gen:
    “”While the 2012 settlement brought help to many homeowners who were wronged…”

    Umm…if that’s referring to the IFR, the pittance we received for having our homes stolen didn’t bring much help, did it?
    Yet it was the largest settlement in history. Uh…..hello?
    (It sure didn’t appease me)

  2. DeadlyClear says:

    Not only do banks breach modification dual tracking deal – they sell the property on auction.com DURING court proceeding to determine standing. If you think just because you are fighting these banksters in court your home is safe – think again.

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