States To Offer Banks Legal Immunity Concerning Improper Foreclosures

RealEstateAuctionTo be fair, actually suing the banks for all they’ve done wrong would be unfeasible, because there’s so much of it. Reuters reports:

State attorneys general are negotiating to give major banks wide immunity over irregularities in handling foreclosures, even as evidence has emerged that banks are continuing to file questionable documents.

A coalition of all 50 states’ attorneys general has been negotiating settlements with five of the biggest U.S. banks that would include payment of up to $25 billion in penalties and [promises] to follow rules. In exchange, the banks would get immunity from civil lawsuits by the states, as well as similar guarantees by the Justice Department and Department of Housing and Urban Development.

State and federal officials declined to say if any form of immunity from criminal prosecution also is under discussion. The banks involved in the talks are Bank of America, Wells Fargo, CitiGroup, JPMorgan Chase and Ally Financial.

Reuters reported Monday that major banks and other loan servicers have continued to file questionable documents in foreclosure cases. These include false mortgage assignments, and promissory notes with suspect or missing “endorsements,” which prove ownership. The Reuters report also showed continued “robo-signing,” in which lenders’ employees or outside contractors churn out reams of documents without fully understanding their content. The report turned up several cases involving individuals who were publicly identified as robo-signers months ago.

Reuters found that such activity has continued even after 14 major mortgage lenders signed settlements with federal bank regulators promising to halt such practices and give remediation to some homeowners who were harmed.

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  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Man…you can really tell where the deep pockets have been doling out cash lately. It used to be a little subtler than this…but I guess they can’t even be bothered to hide how completely bought and sold our legal system is these days.

    And why should they…its not like we can arrest them for it…or even slap their wrists in any meaningful way. Go credit union if you can…but these bastards barely even need actual customers to survive anymore. Like some kind of hideous AI experiment…they’ve developed a life of their own far beyond what we can influence or even impact on.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Man…you can really tell where the deep pockets have been doling out cash lately. It used to be a little subtler than this…but I guess they can’t even be bothered to hide how completely bought and sold our legal system is these days.

    And why should they…its not like we can arrest them for it…or even slap their wrists in any meaningful way. Go credit union if you can…but these bastards barely even need actual customers to survive anymore. Like some kind of hideous AI experiment…they’ve developed a life of their own far beyond what we can influence or even impact on.

  • Anon

    I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson

  • Anonymous

    We are out of time for talk, we need to do something drastic fast or we will all be slaves to the banks, the citizens are no longer protected.

  • Anon

    I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson

  • Investinourftre

    We are out of time for talk, we need to do something drastic fast or we will all be slaves to the banks, the citizens are no longer protected.

    • Bigdickmegaherz

      After you….

  • Anonymous

    Nice quote, but it certainly ain’t Jefferson…

    http://www.snopes.com/quotes/jefferson/banks.asp

  • Bigdickmegaherz

    After you….

  • Tio Holtzman

    In unrelated news all 50 state attorneys have recently opened private bank accounts in the Canary Islands and Switzerland, received private jets, and sold their souls.

  • Tio Holtzman

    In unrelated news all 50 state attorneys have recently opened private bank accounts in the Canary Islands and Switzerland, received private jets, and sold their souls.

  • Tio Holtzman

    In unrelated news all 50 state attorneys have recently opened private bank accounts in the Canary Islands and Switzerland, received private jets, and sold their souls.

  • Tio Holtzman

    In unrelated news all 50 state attorneys have recently opened private bank accounts in the Canary Islands and Switzerland, received private jets, and sold their souls.

  • Tio Holtzman

    In unrelated news all 50 state attorneys have recently opened private bank accounts in the Canary Islands and Switzerland, received private jets, and sold their souls.

  • BuzzCoastin

    Thank god the banks are being immunized against breaking the law; maybe wee the people will be next. 

    Imagine an immunized Homeland of the Free: No more middle of the night Gestapo raids.  No more search and seizure checkpoints on the highways. No moral morality law prosecutions. It would be almost like a free country.

  • http://buzzcoastin.posterous.com BuzzCoastin

    Thank god the banks are being immunized against breaking the law; maybe wee the people will be next. 

    Imagine an immunized Homeland of the Free: No more middle of the night Gestapo raids.  No more search and seizure checkpoints on the highways. No moral morality law prosecutions. It would be almost like a free country.

  • Redacted

    Kill them. Kill the people making compromise, kill the people accepting compromise. Wipe out everyone related to either.

  • Anonymous

    Kill them. Kill the people making compromise, kill the people accepting compromise. Wipe out everyone related to either.

  • Curumim

    Dude, in these days the banks own the “standing armies”!!!

  • OdinMcHaggis

    Just let’em off, the case would be expensive and net nothing.

  • OdinMcHaggis

    Just let’em off, the case would be expensive and net nothing.

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