Rumors are that regulators are floating a $20 million settlement with all the servicers. That’s an obscenely low number and there’s still much to fight about, but some version of this insanity will pass. It’s inevitable. The banks own us and they are going to get away with murder. Our courts are lost. Critics and those who speak out are targets of campaigns of suppression…(I can speak quite directly and personally about that)…..In short, the fix is most definitely in. Those wizards who are crafting this doom don’t seem to mind that in writing off all the wrong that was done, we miss the opportunity to start heading in the direction of repair and reclaiming our country…..more below from reuters:
Banking regulators and a coalition of state attorneys general are trying to forge a settlement with the largest U.S. banks, which have been accused of foreclosing on borrowers without having the necessary paperwork in place.
A settlement would relieve a potentially large legal liability and reputational black eye for the banks, as they could face a myriad of lawsuits and fines without a universal agreement.
Sources familiar with the talks say the various groups disagree on the parameters of a settlement, with bank regulators pushing to outline a settlement plan as soon as mid-March.
Analysts said the discussions highlight the difficulties of reaching a universal settlement as disparate groups are involved in the negotiations.
“It is herding cats, there’s no question about it, and they are not always the most agreeably tempered cats,” said Karen Shaw Petrou, managing partner at Federal Financial Analytics, a firm that advises on regulatory policy.
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