Thursday, April 11, 2013

banks received billions in welfare from US govt after breaking the law, homeowners likely to receive more in the $500 range @barackobama #p2 #tcot #fraudclosure

from http://news.firedoglake.com/2013/04/11/the-fraudclosure-settlement-is-even-worse-than-you-think-it-is/

Life, liberty, and property. These were in theory the founding principles of the republic. But as President Obama meets today with the the Big Banksters to plot his latest attacks on Social Security and Medicare, it seems property rights still only exist for roughly the same percentage they did in days of America under the British Empire, 1%. Or so one could reasonably deduce from the fraudclosure settlement.

The Office of Comptroller of the Currency (OCC), Wall Street's 5th column, released a report on the independent foreclosure review. The report lays out the pay outs for extensive fraud and corruption in the mortgage servicer industry.

That document is a summary of widespread and systemic error, malfeasance and reckless lack of care on the part of our nation's big banks. What the numbers show are banks foreclosing on military service members who were entitled to relief, and banks foreclosing on homeowners who had been approved for a loan modification. The numbers even show banks foreclosing on homeowners who were not behind in their payments and not in default.

In fact, amazingly, there are at least 53 documented cases of homeowners who were totally current on their payments being successfully foreclosed on. Not just having foreclosure proceedings initiated against them, but actually having their homes taken away from them for no reason.

Don't worry it wasn't the Bush or Obama family (though the people they sent to war were targeted).

According to the findings posted just Tuesday by a federal bank regulator as part of a settlement agreement with a number of major banks, between 2009 and 2010, foreclosure proceedings that were wrongful or in some way contained bank error commenced against nearly four million homeowners.

About 30% of those homeowners had to battle potentially wrongful efforts to seize their homes, and more than 244,000 eventually lost their homes…

Another 865,000 were in the process of foreclosure, even though they'd worked out a new payment plan.

A nice Wall Street brew of incompetence and corruption, spiked with cyanide, for the homeowners and taxpayers to drink. While the banks received hundreds of billions in welfare checks from the government after breaking the law, homeowners are likely to receive considerably less, more in the $500 range.

So we all get what happened here. The record has been well established on that. The banksters went wild, ripped off homeowners, and the Justice Department refused/refuses to bring Wall Street to justice. Now Wall Street, having been helped off the mat after tripping on its on foot, is back lobbying to deregulate itself. In essence, nothing has changed in Washington or on Wall Street. The Doomsday Machine grinds on, getting shakier and worn down with each turn, another gear prepares to loosen as all the bought beltway priests pray for eternal uninterrupted production and the swindling speculators think about fleeing to Hong Kong.

But that's not news. The real question is what have we learned?



rest at http://news.firedoglake.com/2013/04/11/the-fraudclosure-settlement-is-even-worse-than-you-think-it-is/

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