Far too many consumers have been going it alone, resolving to try and work out their foreclosure case with the banks directly, hoping that government investigations and interventions would provide them with some relief. But this was clearly delusional thinking, as the latest fraudclosure settlement terms are revealed. The bankers meet in private with lapdog government officials and sign onto a settlement agreement that involves them paying back just some small percentage of the money already gifted to them from taxpayers. Not even close to any penalty or punishment for wrongdoing, and consumers are left out in the cold….in many cases quite literally.
And what will be the impact of this settlement? Just like after they announced the 49 State Attorney General Sellout, once this one gets inked, the gloves are coming off for the following servicers and they are going to be pursuing their cases with a fury:
America’s Servicing Co.
Aurora Loan Services
BAC Home Loans Servicing
Bank of America
Beneficial
Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
EverBank/EverHome Mortgage Company
Financial Freedom
GMAC Mortgage
HFC
HSBC
IndyMac Mortgage Services
MetLife Bank
National City Mortgage
PNC Mortgage
Sovereign Bank
SunTrust Mortgage
U.S. Bank
Wachovia
Washington Mutual
Wells Fargo
Wilshire Credit Corporation
CNN STORY ON FRAUDCLOSURE SETTLEMENT