Monday, March 5, 2012

Review Of Bankster Annual Stockholder Report Necessary To Glean Some Substantive Terms Of National Foreclosure Fraud Settlement

Blogger David Dayen writes in Firedoglake:

  • It’s embarrassing that the most information we’ve yet received about the foreclosure fraud settlement comes from an annual report to stockholders by Wells Fargo. In other words, we had to wait for the banks to tell us what was in the settlement, I guess because the regulatory officials who negotiated it weren’t entirely proud of their work.

  • The Wells Fargo notice (it begins on page 74) isn’t legal language, and it states clearly that “the terms… do not become final until approval of the settlement agreement by the U.S. District Court and execution of a consent order.”

  • But it provides more detailed information than the broad sketch that has been released. For example, we have the first breakdown that I’ve seen of the credit system for principal reductions.

For more, see Wells Fargo Shareholder Report Reveals Information on Foreclosure Fraud Settlement.

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