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Baltimore Real Estate
March 24, 2012 at 4:50 pm
It would have been better if the federal government did not get involved. Basically the larger banks are receiving incentives for executing bad loans and the borrowers who could not afford to make the payments are getting a free pass to reduce their mortgage or get out of debt via a short sale.
While this does benefit banks, consumers and the national real estate recovery, the cycle will most likely repeat itself in the future.
Attorney Wendy Alison Nora
March 24, 2012 at 5:59 pm
The 5 banks have only agreed to stop breaking the law! And, they have not stopped breaking the law. Bank of America is producing forged original notes in Wisconsin courts.
Furthermore, this agreement to stop breaking the law only applies to the 5 banks involved. Fannie Mae is still using robo-signers and is failing to prove its standing in Wisconsin state courts and bankruptcy courts. To me, the most chilling part of the settlement is in Exhibit F, in which the US Trustees for bankruptcy courts have to stop all discovery of false claims filed in bankruptcy courts by the 5 banks prior to February 8, 2012. I do not believe that the false claims will be corrected by the law firms for the 5 banks and the termination of US Trustee investigations for false claims prior to February 8, 2012 essentially exonerates the 5 banks from bankruptcy crimes. Crimes cannot be prosecuted where there is no investigation.
The United States District Court for the District of Columbia should not approve this settlement.
bficker
March 24, 2012 at 7:14 pm
What I love is how there is all this money, but no one seems to know how to access it. The website they set up for Oregon says that it could take three years before they sort out who gets what. Doesn’t do much to help those who need it now.