Monday, December 31, 2012

Attorneys General National Mortgage Settlement, Independent Foreclosure Review a Failure to Victims

By Carlos Marroquin
December 31, 2012

Remember the 50 State Attorney General Mortgage Fraud Settlement?  Well, as we all know it did nothing for the victims.  Here in California, the hardest hit State received a record $18 Billion settlement.  We are still asking, "Where is the money for the victims?".  Homeowners who lost their homes are receiving letters with a $840.00 offer.  NOT KIDDING! This is an insult to the victims who lost their homes.

In April 2011, the Office of the Comptroller of the Currency moved forward with the so called "Independent Foreclosure Review", a process of reviewing thousands of foreclosure cases for errors and to compensate victims for the fraud committed by their banks.  Sounds good so far, right?  The program has been a bucket of questions about the process fairness, transparency and integrity. 

We are now learning that banks may be pulling out of the Review. The OCC, Federal Reserve and banks are talking about a possible $10 Billion settlement. 

We know that the National A.G. $26 Billion settlement and now the Independent Foreclosure Review are a big failure and cover up for the banks.  Tens of investigations have been conducted by different groups, both Government and public and they all come with the same results, major fraud by the banks.  Just one example, in San Francisco California, the County Assessor examined files of properties subject to foreclosures sales from 2008 to 2011.  In the report,  it appeared that 84%  of the files had violations of the law and fully two thirds had at least four violations or irregularities.

If the OCC and the Federal Reserve decides to settle with the banks, it will go down as another cover up and slap in the wrist for those who committed the "Crime of the Century".  The IFR is another fraudulent scam to try to make the American people think that the overseers of the banks are doing something about the fraud.  IT IS NOTHING BUT A JOKE!  Once again, the banks are controlling the Gov. and their Agencies.

 “We think if the reviews were done right, the payouts would have been significantly higher than they appear to be under this settlement,” said Alys Cohen, staff attorney at the National Consumer Law Center. “The regulators will have abdicated their responsibility if the banks end up getting off the hook easily and cheaply.”

Homeowners  (the victims) will  continue to wait and hope that someone out there has the ....... to stand up to the banksters and stop the financial terrorism against our families.  "Like victims of violent crimes, we will not have closure until the criminals are brought to justice".

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