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Banks Reach Settlements
on Mortgages

New York Times, by Jessica Silver-Greenberg

Original Article

Posted By:JoniTx, 1/7/2013 1:32:30 PM

Bank of America agreed on Monday to pay more than $10 billion to Fannie Mae to settle claims over troubled mortgages that soured during the housing crash, mostly loans issued by the bank’s Countrywide Financial subsidiary. Separately, federal regulators reached an $8.5 billion settlement on Monday to resolve claims of foreclosure abuses that included flawed paperwork used in foreclosures and bungled loan modifications by 10 major lenders, including JPMorgan Chase, Bank of America and Citibank. About $3.3 billion of that settlement amount will go toward Americans who went through foreclosure in 2009 and 2010, while $5.2 billion will

      


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Reply 1 - Posted by: heartlandconservative, 1/7/2013 1:42:33 PM     (No. 9103403)

Smoke, mirrors and smelly fertilizer.

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Reply 2 - Posted by: Redneck In NY, 1/7/2013 1:50:46 PM     (No. 9103416)

Something smells here....the Gov forced banks to make risky loans (CRA), then when the bubble bursts, the Gov blamed the banks. The media and low info peoples went along with it, making the banks out to be evil robber barons. NOW, the banks are settling to stave of Gov prosecution?

Something smells here...

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: bubby, 1/7/2013 2:07:11 PM     (No. 9103447)

So these people who bought homes with no money down and then defaulted will get paid for what - the humiliation, the inconvenience, for being ignorant, for being unable to balance a checkbook or manage their own finances? Just another form of redistribution of wealth to idiots.

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Reply 4 - Posted by: JimJr, 1/7/2013 2:19:09 PM     (No. 9103471)

Extortion. The "regulators" haven´t found any "smoking guns" and really don´t want to finish going through the mountains of mortgage documents. The bank really doesn´t want them there either (think audit on steroids). So the government says, give us back $10B that we gave you and we´ll go away. And like every "settlement" the details are kept secret. So yes, #2, this stinks.

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Reply 5 - Posted by: horacer, 1/7/2013 2:44:22 PM     (No. 9103512)

Linda Green was unavailable for comment, all 22 of her.

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Reply 6 - Posted by: lakerman1, 1/7/2013 3:00:50 PM     (No. 9103535)

It is much easier to pay the tribute to the federal government than to fight them in court.So the deadbeats who didn´t pay their mortgages, many of whom extracted maximum equity by remortgaging, are rewarded? And those of us who paid our mortgages are laughed at?

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Reply 7 - Posted by: whyyeseyec, 1/7/2013 3:47:00 PM     (No. 9103609)

Meanwhile, Bernanke continues to print money, give it to the banks at 0% interest, then the banks in turn lend that money right back to the govn at 3%. Lending back to the govn is mush less risky than lending to the general public, so the working taxpayers are paying for the govn to rip them off.

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Reply 8 - Posted by: volksford, 1/7/2013 7:00:32 PM     (No. 9103870)

BOA..? no sweat, they will pay it off with our money

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Reply 9 - Posted by: Heil Liberals, 1/7/2013 9:01:26 PM     (No. 9103988)

Just a new tax on the 1%.

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Reply 10 - Posted by: ColonialAmerican1623, 1/8/2013 12:17:21 AM     (No. 9104228)

The comments after the article were very interesting, espcially one that said people are trained to think your neighbors are deadbeats. Truth is many that lost their homes had fixed mortgages and a good downpayment, they just lost their income, then their savings.
Funny that this revelation should come after December 31 and anyone who´s mortgage is writen off will get a 1099 and hefty tax bill.

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B-G1


 
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R_DBL_B
  


 
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