The Top Twelve Reasons Why You Should Hate the Mortgage Settlement « naked ca... - 0 views
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Gary Edwards on 10 Feb 12Must read stuff. The Obama Foreclosure Settlement Act is a clever exit strategy for criminal Banksters having committed the most egregious fraud. A $9 Trillion dollar problem, rife with criminal activities, is settled for a mere $25 Billion, much of which will come out of the taxpayers hide thanks to Fannie and Freddie guarantees. This deal stinks of typical Obama crony banksterism. Now we need to watch for how many millions the Banksters pour into the newly authorized Obama Super PACS. Should be interesting. excerpt: As we've said before, this settlement is yet another raw demonstration of who wields power in America, and it isn't you and me. It's bad enough to see these negotiations come to their predictable, sorry outcome. It adds insult to injury to see some try to depict it as a win for long suffering, still abused homeowners. 1. We've now set a price for forgeries and fabricating documents. It's $2000 per loan. This is a rounding error compared to the chain of title problem these systematic practices were designed to circumvent. The cost is also trivial in comparison to the average loan, which is roughly $180k, so the settlement represents about 1% of loan balances. It is less than the price of the title insurance that banks failed to get when they transferred the loans to the trust. It is a fraction of the cost of the legal expenses when foreclosures are challenged. It's a great deal for the banks because no one is at any of the servicers going to jail for forgery and the banks have set the upper bound of the cost of riding roughshod over 300 years of real estate law....... 12. We'll now have to listen to banks and their sycophant defenders declaring victory despite being wrong on the law and the facts. They will proceed to marginalize and write off criticisms of the servicing practices that hurt homeowners and investors and are devastating communities. But the problems will fester and the housing market will continue to suffer. Inv