OurHouseForRent Blog

Investigations Found Evidence of Wrongful Foreclosure Activities of Banks

Author: karen

It seems that the Obama government has openly talked against itself   favouring the banks – something that may be interpreted to be quite   craven. The banks have won again in the weak settlement as regards   mortgages.
The settlement talks were the outcome of investigations started by   all the attorneys general of the state following the robo-signing   exposure. From the onset there were problems.
Some of the attorneys   general were idealistically opposed to the entire operation and teamed   up only in the eleventh hour most probably to sabotage it. However they   did not have to put in much effort since already many Quislings had   volunteered for the job and entered the fray masking their true   intentions.
Tom Miller the AG of Iowa was supposed to be their leader. He had   pledged to take criminal action in the beginning but then promptly   backtracked and struck up a close friendship with the Treasury because   he wanted to head the Consumer Financial Protection Bureau.
Some of the regulators like the OCC and the Federal Reserve were   always alert not to be sidetracked by the states that wanted to assert   their rights to be the leaders. In effect it meant taking the lead in   any “hasty retreat from anything that might inconvenience the banks”.   Thus Miller although apparently representing the states, was in reality   siding with the Treasury.
Some of the Republicans have rebelled – nothing to be surprised   about. So too have some aggressive Democrats like Eric Schneideman (New    York), Lisa Madigan (Illinois) as well as Catherine Masto (Nevada).
The first indication of the chameleons changing colour was the   submission of proposal running into 27 pages; it was weird. It referred   to a set of demands that were incomplete. This is never done while   negotiating; in such casesa complete offer is made to see how the   opposite camp counters it.
The proposals did not describe the type of release the banks would be   given. Would they get release from the allegations of robo-signing or   from wider areas touching on accountability? Nothing was said about   penalties although the figure $20 billion was widely and wildly quoted   by the press. Apart from this the proposals were nothing more than   reiteration of existing laws with only two clauses – stopping of   simultaneous dual talks (modification and foreclosure) and the setting   up of a single window of contact.

Article Source: http://www.articlealley.com/article_2192438_33.html