Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds

via Wall Street on Parade

elizabeth warren

There is only one thing more Kafkaesque than the ongoing Wall Street frauds and that is watching a live United States Senate investigation of a diabolical settlement the banks themselves concocted to repay the victims of their own fraud. Such was the case yesterday when Senators Sherrod Brown, Jack Reed, and Elizabeth Warren grilled regulators from the Office of the Comptroller of the Currency and Federal Reserve along with outside consultants over allowing banks to hand pick the consultants to do their foreclosure reviews, negotiate confidentiality agreements with them and pay them directly.

Hundreds of millions of dollars in checks from the Foreclosure Review settlement will start going out today, eventually topping $3.6 billion in the cash portion of the settlement, and yet it was revealed during yesterday’s Senate hearing that it was the actual banks that engaged in the illegal foreclosure actions that tallied up and classified their wrongdoing under various degrees of harm; deciding themselves how many people would receive $300 and how many $125,000. The outside consultants that were hired to compute the harm were in the dark about this final, and most important, stage of the review process.

While two previous reports by the General Accountability Office (GAO) hinted at a sham settlement, questioning by Senator Warren of three of the highest paid outside consultants left no room for doubt:

continued at Wall Street on Parade

10 Comments on "Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds"

  1. WTFMFWOMG | Apr 16, 2013 at 11:59 am |

    Money is created by banks out of thin air and loaned at interest. Fraud is at the heart of the money system. The banks use this system to acquire real property like houses, businesses, and farms. It isn’t the bank “regulators” fault this happens. It is the fact that we allow private banks to control issuance of money.

    This is worth 45 minutes of your time: https://www.youtube.com/watch?v=jqvKjsIxT_8
    Money is debt.

    “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
    – Henry Ford

  2. Anarchy Pony | Apr 16, 2013 at 12:20 pm |

    The plutocrats are finally getting back to the good old days of the Gilded Age. And the best part is that they’ve convinced the rest of the country that that’s a good thing.

  3. YOU DON’T SAY?!? i mortally refu#e allowance concerting anyone this ‘surprises’. i’m sick of this Pinocchio gone Jack-in-the-box Joker card domino that tried to fall backwards class-action bullshit. the state of lawlessness is disgusting. the state of ethics is apparently favoring those who are not ethical. i know it’s another cycle, Ishtar, blah blah, but can we just F an’ dump the clutch on education or what? jail the guilty and un-jail those prepared for parole! *stark raving mad* make it the DEATH PENALTY for these POS

    • BuzzCoastin | Apr 17, 2013 at 4:16 am |

      she’s elite pron
      dangle a little reeformadness in front of the semiconscious sheeple
      they all cum at the thought of justice
      not realizing that justice is not only blind
      she’s illegal too

  4. BuzzCoastin | Apr 17, 2013 at 4:18 am |

    Is this the straw that finally breaks the camel’s back?
    not even in the neighborhood

  5. Apathesis | Apr 17, 2013 at 7:00 am |

    Elizabeth Warren: Yet another hypocritical partisan hack from my own Massoftwoshits, who won’t listen to her constituents and instead will further her own Democratic agenda (whatever that is). Oh, and her voice is grating.

Comments are closed.