It seems highly unlikely that anyone has the ethics, the courage, the commitment to serve The People that it apparently takes to hold any of the banks accountable, but it least it sounds like Eric Schneiderman, NY Attorney General MIGHT.
Out of control corporate corruption and the total failure of government to hold anyone accountable are the defining characteristics of this decade. And while it may take some time, eventually there will be very real consequences. Not just for them, but for all of us.
And make no mistake. No matter how favorable the real estate sales trends look today. No matter how positive the other economic trends look, eventually there will be consequences and blow back that we are not able to fully comprehend.
If only the judges and the courts and the power structures that are in place would understand this unavoidable fact. But they refuse, intoxicated by the mantra of,
WE MUST THROW FAMILIES OUT INTO THE STREET SO WE CAN SELL THEIR HOMES TO INVESTORS
WILL BANK OF AMERICA FACE A LAWSUIT OVER VIOLATING THE NATIONAL MORTGAGE SETTLEMENT? (doubtful, but we’ve got to keep some hope)
New York state Attorney General Eric Schneiderman plans to slap Bank of America and Wells Fargo with a lawsuit as early as next week for violating the $26 billion National Mortgage Settlement.
The AG fired a warning shot in May by announcing his intention to sue the banks for missing deadlines to process modifications that could prevent home foreclosures.
Staten Island resident Yenifer Olortiga’s 20-month battle with Bank of America to get a modification after falling behind on the loan due to a family illness is an example of the problem the AG’s office cited back in May.
But under the terms of the 2012 settlement deal, which has been widely criticized as a weak response to banks’ foreclosure crisis misdeeds, he was forced to wait several weeks, giving a national monitor first crack at addressing complaints.
Now the waiting period is almost up, and Schneiderman will respond to 210 documented violations by Wells Fargo, and 129 by Bank of America, with a lawsuit in federal court in Washington, DC, according to a source close to the AG’s office.
Schneiderman’s office had no comment on the suit.
THE NATIONAL MORTGAGE SETTLEMENT…A NEAR TOTAL SELLOUT OF AMERICANS…BUT VISIT THE WEBSITE FOR WELL PACKAGED PROPAGANDA….NICE PHOTOS…AND NONSENSE STATEMENTS….LIKE THIS:
Approximately $1.5 billion of the funds recovered in the national settlement are being used to compensate borrowers who lost their home to foreclosure during the period of January 1, 2008, to December 31, 2011. The deadline to submit a claim form has now passed. If you have submitted a claim form, the Settlement Administrator Rust Consulting, will contact you if any additional information is needed to complete your claim.
BANK OF AMERICA CALLS WHISTLEBLOWERS LIARS
Bank of America is fighting back in court against former employees who claim the bank encouraged them to push homeowners into foreclosure instead of the government’s mortgage-relief program.
In a court filing on Friday seeking to keep homeowners from teaming up to file a class-action lawsuit, Bank of America’s lawyers said that the whistleblowers had “wildly misrepresented their duties at the bank” and declared that the claims they made were “impossible.”
Last month, in support of the homeowners’ lawsuit, seven former bank employees filed sworn affidavits claiming that Bank of America had encouraged them to push delinquent mortgage borrowers looking for relief under the government’s Home Affordable Modification Program (HAMP) into foreclosures or in-house mortgage modifications instead, so the bank could make more money. Some of the whistleblowers said that they had seen the bank offer rewards to employees, including $500 cash bonuses and gift cards to Target and Bed Bath and Beyond, for excellence in making borrowers’ lives miserable.
Bank employees were encouraged to doctor bank records, delay HAMP application processing and lie to customers in order to make this happen, the whistleblowers claimed. Bank employees who complained about the system were fired, according to their affidavits.