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In reply to the discussion: Bank Bailout 2: Obama Lets Mortgage Abusers Off the Hook Leave No One Accountable [View all]MrCoffee
(24,159 posts)28. They are absolutely NOT forking over anywhere near that
The biggest hunk of the settlement is the $ 20 billion write-down/refi credits to the banks...the banks get to issue new securitized loans on the mortgages...that money is coming from institutional investors and taxpayers through Fannie/Freddie.
The banks are NOT forking that money over.
The kicker is that the $20 billion could actually be an overpayment of what the banks would have done anyway. ProSense linked to this Emphasis is mine
Dean Baker, co-director at the Center for Economic and Policy Research:
Im not thrilled with the settlement, since it doesnt accomplish much, but at least it doesnt preclude further civil or criminal suits. In terms of the commitment of payments in the form of write-downs, we dont have a clear counterfactual that allows us to gage how much would have been written down anyhow. We also have the peculiar situation where the banks get to pay the penalty with write-downs of debts to MBS investors.
As for MERS, I think Schneiderman sold us out by signing off on this monstrosity in order to preserve his pet lawsuit. Can't prove anything of the sort, but it's the feeling I get.
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Bank Bailout 2: Obama Lets Mortgage Abusers Off the Hook Leave No One Accountable [View all]
Better Believe It
Feb 2012
OP
Was any actual law broken by the banks or is this just one of those things that are frowned upon?
FarLeftFist
Feb 2012
#8
Almost bringing down the entire world economy into a new depression might be considered an "abuse".
Better Believe It
Feb 2012
#14
Will anyone either on the right or the left ever give President Obama credit for doing anything?
nanabugg
Feb 2012
#53
I heard over and over on this board that the settlement would not let them off the hook
Mojorabbit
Feb 2012
#80
No, they only have to pay about $2,000 For each foreclosure fraud and homeowners can not sue.
Dragonfli
Feb 2012
#86
Civil courts can't "land people in jail." They've been given only civil immunity on robo-signing.
Robb
Feb 2012
#22
It's not clear in the article, that the immunity from charges re robo-signing
sabrina 1
Feb 2012
#40
And we seem to be going in the opposite direction on that issue also. There is
sabrina 1
Feb 2012
#46
So post information on all of the other lawsuits that are being litigated. They must be big ones!
Better Believe It
Feb 2012
#50
That's some misplaced smugness, considering one of them is already mentioned in this thread.
Robb
Feb 2012
#69
And there are so many things wrong with that one issue it's hard to keep track of them all
MrCoffee
Feb 2012
#23
So that's the really big ground braking lawsuit we need to watch and should ignore this settlement?
Better Believe It
Feb 2012
#74
Very dishonest, not at all what I said. You said "this was the lawsuit. It's now a done deal."
Robb
Feb 2012
#75
BBI didn't analyze anything. Links were posted. You have no space to talk about unreliability
DisgustipatedinCA
Feb 2012
#31
He or she chose the articles to post. I find those sources to be unreliable.
MineralMan
Feb 2012
#34
Now we don't just micromanage the President, we micromanage federal prosecutors
treestar
Feb 2012
#38
Your argument is "We can't possibly hope to understand this, so it must be good"?
MrCoffee
Feb 2012
#41
MSNBC: Mortgage settlement leaves most homeowners to fend for themselves
Better Believe It
Feb 2012
#57
The talking point is: Don't worry there are a lot more lawsuits pending!
Better Believe It
Feb 2012
#92
Right. Wall Street has lost and the people who have been thrown out of their homes have won!
Better Believe It
Feb 2012
#102
I understand your economic desperation. But you would be far better off with a settlement that's .
Better Believe It
Feb 2012
#106
AG Settlement Ends Robo-Signing and Provides a Model for Preventing Foreclosures
Swede
Feb 2012
#105