10 Banks Agree To Pay Billions For Wrongful Foreclosures

[ProSense]

10 Banks Agree To Pay Billions For Wrongful Foreclosures

Ten major banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, have agreed to pay $8.5 billion to homeowners who were wrongfully foreclosed on.

From the announcement from the Office of the Comptroller of the Currency and the Federal Reserve:

The sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments. The payments involve mortgage servicers operating under enforcement actions issued in April 2011 by the OCC, the Federal Reserve, and the Office of Thrift Supervision. The agreement ensures that more than 3.8 million borrowers whose homes were in foreclosure in 2009 and 2010 with the participating servicers will receive cash compensation in a timely manner.

Eligible borrowers are expected to receive compensation ranging from hundreds of dollars up to $125,000, depending on the type of possible servicer error.

http://livewire.talkingpointsmemo.com/entry/10-banks-agree-to-pay-billions-for-wrongful

Another announced settlement between Bank of America and Fannie Mae:

Bank of America to Pay $10 Billion in Settlement With Fannie Mae
http://www.democraticunderground.com/10022147398

More details:

Fannie Mae And Bank Of America Are Friends Again
http://dealbreaker.com/2013/01/fannie-mae-and-bank-of-america-are-friends-again/

[lpbk2713]

1. I suspect it won't be much more than a token reimbursement for PR purposes.

Many lost a lot of personal possessions when they were thrown out in the street by contractors hired to clean out the homes that were eventually determined to be wrongfully foreclosed on. Families lived in their cars because they had no resources. They will never be compensated enough for the pain and suffering these families had to endure.

[Motown_Johnny]

16. My paperwork says "at least $840.00" but that is based on

100% of all eligible borrowers submitting claim forms.

So, yes. It is just a token Even if I get ten times that amount it is still a token when compared to losing my home.



FYI the filing deadline is 1/18/2013

[whatchamacallit]

2. Excited and proud about this are we?

Joke.

[ProSense]

3. Who is "we"? n/t

[whatchamacallit]

4. You.

[ProSense]

6. So you've determined that I'm "excited"?

Get over yourself. You're irrelevant.

[whatchamacallit]

8. I think irrelevance is

your nightmare. Why else spend every waking moment vainly spamming this board with propaganda?

[ProSense]

10. To piss you off, evidently.

I mean, why exactly are you so preoccupied with what I'm posting?

Are you trying to shut me up? I will not be silent!

[whatchamacallit]

12. No, no, no

I respect your right to your opinion(s), and would never try to shut you up. I just *wish* you'd shut up

[ProSense]

13. "I just *wish* you'd shut up"

Oh, please don't hold your breath.

[Fire Walk With Me]

5. Since the first time in Feb. of last year, I suspect these deals are to insulate themselves

from larger actions against them. "Look, see, we did this and this for them..." when as it says, some will receive hundreds of dollars...perhaps having lost their homes in the process. Pennies on the dollar.

[TheKentuckian]

7. Pure cost of business stuff, nowhere near enough to require modification of practices

or to be considered punishment relative to the take.

Further, if the past is any guide, it will largely be on paper and they won't pay out.

See past modification schemes; see BP.

[No Compromise]

9. Fannie and BofA friends again? The CEO of Fannie was BofA's lawyer

Fannie, whose CEO Tim Mayopoulous was BofA's former General Counsel
http://www.zerohedge.com/news/2013-01-07/bofa-settles-fannie-mae-over-reps-and-warranties-10-billion-incur-27-billion-pretax-



They have been working together every step of the way

and the money they have to pay....they are forced to buy 7 billion in foreclosed properties at a discount prices- wow poor babies

Under the terms of the pact, Bank of America will pay Fannie Mae $3.6 billion, and will also spend $6.75 billion to buy back mortgages from the housing finance giant at a discount to their original value....The bank had settled its fight with Freddie Mac, the other government-owned mortgage giant, in 2011.

[No Compromise]

11. and now this!

Do you have a Bank of America mortgage? Better read this:
http://www.democraticunderground.com/10022148224

[No Compromise]

14. kick for important info

nt

[99Forever]

15. The Banksters get away with fucking over We the People...

... with a VERY light slap on the wrist...


... and looky who is bragging about it.


I'm shocked!

Just fucking SHOCKED, I tell ya!

[Romulox]

17. A "criminal fine" is suppose to be punitive. This is just a cut of the profits. nt

[Rex]

18. Good.

It is a start.