Is The Immunity For Robosigning Story Real ??? - You Decide !!! - From The Financial Times

[WillyT]

Talks set out terms of US mortgage deal
By Shahien Nasiripour in Washington and Kara Scannell in New York - FinancialTimes
January 20, 2012 10:55 pm

<snip>

Banks and government negotiators have cleared a big hurdle in efforts to resolve allegations of widespread mortgage-related misdeeds, agreeing on terms for a settlement that are being circulated to the 50 US states for approval, state officials and a bank representative say. The proposed pact would potentially reduce mortgage balances and monthly payments by more than $25bn for distressed US homeowners, these five people said.

The tentative agreement still must be approved by all 50 state attorneys-general, and negotiators have previously missed proposed deadlines. Participants described the proposal terms as set, meaning the states will be asked either to agree to them or decline to participate.

The amount of potential aid is contingent on state participation and would decrease significantly if big states do not sign the agreement. New York and California are among several states that have voiced concerns about the terms of the proposed deal with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. New York and California are particularly concerned with the part of the deal that would absolve the banks of civil liability for allegedly illegal mortgage-related conduct. California borrowers would be eligible to receive more than $10bn in aid if the state were to agree to the terms, according to several people involved in the talks.

The US Department of Housing and Urban Development declined to comment. Members of the Obama administration and a small group of state officials who negotiated the settlement terms are set to pitch the deal to Democratic state attorneys-general on Monday in Chicago. A conference call with Republican state prosecutors is scheduled for Monday night.

More: http://www.ft.com/intl/cms/s/0/bc4e477a-438f-11e1-adda-00144feab49a.html#axzz1k85P1ZZl

[FreakinDJ]

1. Sold out yet again

[Trillo]

2. Run local and state finances into desperation zones.

Then, offer 10 bn (to California) to pretend the biggest criminals aren't criminals.

Maybe this is part what President Obama was talking about when he mentioned the left isn't going to like the budget.

[ZombieHorde]

3. I guess we will see. nt

[WillyT]

4. We Sure Will... One Way Or The Other...

[xchrom]

5. Du rec. Nt

[banned from Kos]

6. Its a good deal for homeowners. The state AG's are no match for the bank lawyers.

I watched the lawyers for Exxon beat the living daylights out of the harmed parties by the Valdez. Took it all the way to SCOTUS and exhausted their opposition.

I know some here want to see some mid-level banker hauled in for a trial. WON'T HAPPEN.

[Octafish]

7. No wonder Peter King luvs us.

Wall Street couldn't have asked for a better deal.

[loudsue]

8. This makes me SICK. Thinking of all those suicides, families thrown into the streets,

lives totally ruined, by the criminality of these banks. And their idea is to throw VERY LITTLE MONEY (compared to the problems caused) at this, in order to avoid the prison terms that they deserve.

What in the fuck is going on in this country???? Is THIS what the so called "moral majority" think is fucking MORAL? Two systems of justice is NOT what this country was founded on.

[99Forever]

9. I could take a pretty goood guess.

But won't. I've seen this game before.

[WillyT]

10. Kick !!!

[joshcryer]

11. I don't know why Obama insists on protecting the banks.

He'd doing good against mortgage fraud.

[bhikkhu]

12. "Immunity" is a part of the penalty deal

...as we have the "double jeopardy" thing where you can't be prosecuted for the same thing twice, and no bank would agree to be penalized for actions unless it included not being penalized again for the same actions.

So you can focus on "immunity", or you can focus on the levying of penalties, which will be applied to help homeowners in need fix their mortgages and keep their houses. It has been years now, and I don't see anything better coming from the work of the AG's in any state on this.

If I recall, the original controversy from months back as this was coming together wasn't that robo-signing would be made the centerpiece of the civil prosecution, or that the $20-25 billion was inadequate, but that the AG's (particularly Scheiderman) were worried that a whole package of immunities would be granted for everything not-robosigning. That doesn't seem to be the case, and all the potentials for criminal prosecution should remain open to them.

[girl gone mad]

13. This is why I won't give him a dime.

Evil.

[WillyT]

14. Morning Kick...