The banks committed fraud when they originated loans that were defective and did not meet the specific underwriting requirements. They did this to make additional money.
After they originated the loans, they failed to service or collect the payments properly. They did this to make additional money.
When the loans went into default, they failed to do the loss mitigation that homeowners had paid for as part of the mortgage contract….i.e. face to face meetings for HUD loans. They did this to make additional money.
When they pushed homes into foreclosure they lied, they cheated, they committed fraud, they committed forgery, they committed perjury in state and federal courtrooms all across this country. They did this in order to fabricate their cases and make additional money.
When the banks were caught, they agreed to pittance settlement terms that include payouts that come not from the banks that engaged in the wrongdoing, but from the investors who invested in their faulty products. They spent their investor’s money on the fines so that they could hoard additional money.
The fines the banks agreed to pay as part of the settlements were supposed to “help” homeowners. In Florida, the money is being used to “help” the banks, by providing funding so courts can establish rocket dockets in state courts all over again. Courtrooms where the presumption is the bank is entitled to judgment and a homeowner defending is just a needless irritation. But the courts of this state are responding to bribery from the legislators, “We will give you funding, but you must clear the docket of foreclosure cases.”
“Foreclosure Trials” and hearings are being set with a fury once again…..perfunctory exercises that exist only to grant banks the right to take back homes….so they can deliver the homes to Fannie/Freddie, foreign investors and ultimately to the consolidated foreign interests and governments that actually own the debt.
It is sick and disturbing that the outcome of the settlement of state and federal investigation of crimes committed against consumers results in reward to the criminal organizations that were the target of investigations…..but the co-conspirators in this conspiracy wanted the additional money the banks had to plug budget holes and to curry favor with the power brokers and sources of campaign cash that will fund future campaigns…..
Consumers cannot count on the government to help them. The government at all levels serves the corporate interest. There is only mercenary force left for consumers….those mercenaries are the consumer defense attorneys who dare to stand up and fight for the rights of consumers, the rule of law and the larger public good.