The latest report (propaganda) was just issued from the Settlement (sellout) Czar. Later today Press all across this country will pick up on the report and blast headlines that perpetuate the delusions articulated in the report. The Press no longer looks into the numbers and the facts and they will not report on the fact that this whole thing is a farce and worse it represents the wholesale screwing of the Amerikan people…both homeowners and the investors who bought into the bullshit the banks were selling….
From The Report:
Under the Settlement, the Servicers have committed to providing
the following minimum Consumer Relief obligations:6
“¢ $200,000,000 for Ally
“¢ $8,574,200,000 for Bank of America
“¢ $4,212,400,000 for Chase
“¢ $1,789,000,000 for Citi
“¢ $4,337,000,000 for Wells
The Servicers have flexibility as to how they meet their overall
obligations among the various Consumer Relief activities within
certain parameters. For instance, at least 60 percent of each
Servicer’s obligation must be met by first and second lien principal
reduction modifications, and no more than 10 percent can be met
by deficiency waivers.7
Although the Settlement gives the Servicers some flexibility
within the Settlement framework regarding the mix of creditable
Consumer Relief activities they undertake, the Settlement
also values the various types of relief differently. Much of the
Consumer Relief is not credited on a dollar-for-dollar basis and
some of the activities are valued more than others. For instance,
some principal forgiveness on loans both owned and serviced by
a Servicer is credited on a dollar-for-dollar basis whereas certain
forbearance activities garner five-cents-on-the-dollar in credit.8
Because much of the credit awarded is valued at less than dollarfor-
dollar, the ultimate amount of gross Consumer Relief will be
more than $20 billion.
The Servicers will receive credit toward their commitments for
Consumer Relief activity provided to borrowers on or after March
1, 2012.9 To encourage the Servicers to make substantial progress
in the first year of the Settlement, the Settlement provides an
additional 25 percent credit for any first or second lien principal
reductions or credited refinancing activities that take place
within the first 12 months after March 1, 2012.10 If a Servicer’s
total commitment is not fully satisfied within three years, it will
be required to pay a penalty of 125 or 140 percent of its unmet
commitment amount, depending on the facts.
