President Obama’s financial regulators are reportedly negotiating a secret settlement with 14 banks to end an investigation into predatory loans and foreclosures because federal investigators are having trouble finding the evidence they need for a successful end to the probe.
Fourteen banks — such as JP Morgan Chase, Citigroup, and Bank of America — would pay $10 billion, under the settlement, that would be used for relief for homeowners and families that have lost their homes.
What do the banks get? “The proposed settlement would also halt a separate sweeping review of more than four million loan files that the comptroller’s office and the Federal Reserve required the banks undertake as part of a consent order in April 2011,” The New York Times reports.
4 comments:
SO wtf else do you need to have proof that they are just taking our money?
For a bank to need help because it is going under and won't survive, they sure are giving A LOT of money AWAY to these FUNDS...
How can you be going broke yet have billions to pay into more than one fund?
This is a low dollar slap on the wrist that protects bank profits and keeps executive out of jail.
Banks have been getting bailouts for the last 4 years.1/4% interest to pay for money is a bailout.
Now they are donating our "printed money" to pay up to 15k toward down payments to get folks to buy these foreclosed houses/ SORRY FOR THE ALLCAPS, BUT ISN'T THIS WHAT GOT US IN TO THIS SUB PRIME MORTGAGE CRASH IN THE FIRST PLACE??????????? I have nothing to say right now; it would go very badly.
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