Neil M. Barofsky | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "Neil M. Barofsky"

Foreclosure Deal Credits Banks for Routine Efforts – NYT

Foreclosure Deal Credits Banks for Routine Efforts – NYT


NYT-

In February, JPMorgan Chase donated a home to an Iraq war veteran in Bucoda, Wash., and Bank of America waived the $140,000 debt that a Florida man still owed after the sale of his foreclosed home. Over the last year, Wells Fargo has demolished about a dozen houses in Cleveland.

Banks do things like this — real estate transactions that do nothing to prevent foreclosure — all the time. But beginning this month, they can count such activities as part of their new commitment to help people stay in their homes.

 That commitment comes under the landmark $25 billion foreclosure abuse settlement between the government and five major banks announced last month. The settlement promises that of the $25 billion, the banks will give $17 billion “in assistance to borrowers who have the intent and ability to stay in their homes,” according to a summary of the settlement. But more than half of that money can be used in ways that will not stop foreclosures, including some activities that are already standard bank practices.

For example, the banks can wipe out more than $2 billion of their obligation by donating or demolishing abandoned houses. Almost $1 billion can be used to help families that have already defaulted move out.

[NEW YORK TIMES]

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[VIDEO] Fannie Mae, Freddie Mac Execs Accused of Fraud

[VIDEO] Fannie Mae, Freddie Mac Execs Accused of Fraud


U.S. government investigates mortgage bosses for financial recklessness but are not looking into any jail time.

 

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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READ | Chief Inspector Neil Barofsky of TARP Resignation Letter

READ | Chief Inspector Neil Barofsky of TARP Resignation Letter


Trouble Asset Relief Program (TARP) chief watchdog Neil M. Barofsky announced his resignation today in a letter addressed to President Obama.

Read his letter below…

[ipaper docId=48841604 access_key=key-1anf106x725vk4y6z93w height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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