US Banks are Sick and Tired of Being Served with Lawsuits

 (I couldn't help but laugh...it's called stop passing around the deeds like a bottle of whiskey at a frat party, it's called take your hand out of the cookie jar, it's called pick up the phone, stop giving people the run-around and do the right thing, stop robo-signing documents, stop lying, stop the cover ups. JUST STOP.)

 

US Banks Are Sick and Tired of Being Served with Lawsuits

Posted by 4closureFraud on October 17, 2012 · shared to the world my Michelle who would like to sit down amicably with a bank that has ignored her for 17 months and is now suffering from brain damage.

US Banks Are Sick and Tired of Being Served with Lawsuits

The nation’s top banks are tired of paying the price for crashing the economy, defrauding billions from retirement savings, and dispossessing tens of millions of people from their homes in fraudulent foreclosures across the nation. The banks are ready to move on already. Their officers and representatives are whining about the continued investigations, lawsuits, and damage to their reputation. If the banks are tired of fending off lawsuits, how must millions of Americans facing debt collection, foreclosure, or student loan collection lawsuits feel?

In February 2012, a foreclosure fraud settlement was reached between five of the top banks; Citi, Wells, BoA, Chase, and Ally/GMAC. The settlement, between these top five banks and forty-nine state attorneys general and federal housing and banking regulators, was the result of sixteen months of negotiations after the story about foreclosure fraud and robosigning (aka forgery and real estate fraud) broke in the mainstream media. What specific acts of wrongdoing were settled, thereby removing the threat of future demands, settlements, or government lawsuits? According to a FAQ document on the settlement published by HUD on March 12, 2012:

Q: What set of violations are servicers being released from?
A: The release of claims relinquishes particular state and federal claims on issues addressed by the settlement. These claims at the state level pertain to violations of servicer misconduct, such as robo-signing and other foreclosure misconduct. At the federal level, these claims include failure to abide by FHA servicing requirements and a limited origination claim release.
The release is narrowly tailored and is limited to mortgage servicing and origination claims. States and federal parties that sign on may still pursue other claims against the banks, such as securities and securitization claims. We also retain the ability to pursue financial institutions that are not part of the settlement.

Despite the banks’ grandstanding, the liability waived in the settlement does not absolve the five defendant banks from accountability for other fraudulent acts.