The bank settlement is in.

#52
#52
volinbham said:
What industry to they target next for state operating income?
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I agree.

There should have been lawsuits where there was fraud occurring in lending, which did happen, but this whole case was kind of a sham. If it were fully paid out, it would have been a band-aid at best to people who genuinely were screwed over, but instead AG's and Guvs are going to wind up using over half of it to balance the books.

Stupid, stupid, stupid.
 
#53
#53
Everyone who is interested at all in this topic should read all of the following, not really all that lengthy.

10 Things That Every American Should Know About The Federal Reserve

According to the results of the limited Fed audit mentioned above, a total of $16.1 trillion in secret loans were made by the Federal Reserve between December 1, 2007 and July 21, 2010.

The following is a list of loan recipients that was taken directly from page 131 of the audit report....

Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Merrill Lynch - $1.949 trillion
Bank of America - $1.344 trillion
Barclays PLC - $868 billion
Bear Sterns - $853 billion
Goldman Sachs - $814 billion
Royal Bank of Scotland - $541 billion
JP Morgan Chase - $391 billion
Deutsche Bank - $354 billion
UBS - $287 billion
Credit Suisse - $262 billion
Lehman Brothers - $183 billion
Bank of Scotland - $181 billion
BNP Paribas - $175 billion
Wells Fargo - $159 billion
Dexia - $159 billion
Wachovia - $142 billion
Dresdner Bank - $135 billion
Societe Generale - $124 billion
"All Other Borrowers" - $2.639 trillion

So why haven't we heard more about this?
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#54
#54
Mortgage Settlement Will Plunge Real Estate Values | Greg Hunter

It is official. State and federal governments have condoned forgery, perjury and fraud in what’s been called the “robo-signing” foreclosure debacle. Last week, the five biggest banks in America signed on to a $26 billion deal that, basically, lets them off with a slap on the wrist for fraudulently foreclosing on homes in the last few years. I am not going to go on and on about how unfair and unjust this deal was or how the rule of law has been thrown down the stairs. I am going to focus on the fallout of this morally corrupt deal.

There is $700 billion in negative home equity with nearly half (11 million) of all houses underwater. Meaning, more is owed on the mortgage than the home is worth. This settlement may help a few folks, but it is a drop in an ocean of debt. Now that the deal is done, look for the pace of foreclosures to pick up speed and home values to take another cliff dive. If you thought the negative equity problem was at the bottom–forget it. The plunge in real estate prices is far from over, and it’s not going to turn positive anytime soon. Consider the latest Case-Shiller report where year-over-year declines in home values averaged 3.7% nationwide. This is despite 30-year mortgage rates at or below 4% and a big slowdown in foreclosures because federal and state governments were negotiating a deal for the past 16 months.
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Housing prices are headed down. Most people cannot fathom year after year of declining prices. But, that’s what’s coming, and I see nothing that will stop the slide. Not only does this deal hammer home prices but pension funds and mutual funds that invested in mortgage-backed securities. Small investors and homeowners everywhere are stuck on the same bus staring down a steep hill, and this so-called “robo-signing” settlement just cut the brake lines.
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#55
#55
Interesting findings from california:

http://www.nytimes.com/2012/02/16/business/california-audit-finds-broad-irregularities-in-foreclosures.html

Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.
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#56
#56
Replaced the mobile link with a normal one. It won't hyperlink, but you can copy and paste.

Seems fraudulent foreclosures might be much more pervasive than previously thought.
 
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