Banks settlement: "AG's put price tag on equality: $ 55/month."

Thursday, February 09, 2012

With a total disbursement $ 2,000.00 per homeowner over three years (about $ 55 a month), banks just got the greatest bailout deal possible on their civil liability for foreclosure fraud and wrongful foreclosure.
The "AG's deal", as known on the top bank circles, has become the cheapest imaginable way for banks to escape of collapse if were required to respond in full for damages to wrongful foreclosure homeowners.

President Barack Obama said the settlement is a good "first step", but affirmed to "hold those who broke the law fully accountable." The President continued, "I want to be clear: no amount of compensation, no amount of money, no measure of justice is enough to make it right for a family whose had their piece of the American dream wrongly taken from them."
Ally Financial Inc., Bank of America Corp. (BAC), Citigroup Inc. (C), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) are the five financial institutions benefited for "the Deal" and is expected that others will join the agreement in weeks to follow.
The practical benefits for homeowners are still to be determined, since banks will keep a strong power on modifying or not abusive mortgages.
Mr. Obama acknowledged the settlement won't entirely heal the housing market, and said his administration will continue an investigation into abusive mortgage practices and continue to push for ways to aid the housing market. "We've still got to stoke the fires of our economic recovery," Obama said.
The President requested Congress to pass a refinancing plan he unveiled last week.
The announcement was received with caution by homeowners in distress, already burnt on the practical tricks played by banks on the foreclosure arena.
"The Deal" doesn't include mortgages owned by Freddie Mac or Fannie Mae and will apply to foreclosures started between 2008 and 2011.

Reactions in SW Florida.

" The AG's just put a price tag on equality: fifty five bucks a month" affirmed real estate expert Fernando Pettineroli. The Realtor member of the Naples Area Board of Realtors vowed that the program, under the premise of helping homeowners in distress, has created a super-privileged entity: "...the banks, with a special umbrella of protection for civil liability in 49 States, for blank number of violations and to blank number of individuals, that nobody ever obtained in the entire history of this country." In a Skype forum with other experts, Pettineroli affirmed that "now banks have a virtual shield of immunity that violates the 14th Amendment of the Constitution and the core principles of equality clearly established by the Forefathers. Discouraging enough. granted by those supposed to prosecute them."
On the virtual meeting, Pettineroli said that "I' ve seen for years all those folks pushed out of their homes, their dreams, many of them loosing their families in the process... with just a bunch of fake documents... how can you tell them that all that suffering is worth two thousand bucks?"
The Realtor expressed hope that "the process of assistance announced by President Obama will be real and not just another covered bailout to the banks."

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