Tuesday, November 20, 2012

Picture Becoming Clearer On How Banksters Are Skating Out Of Paying Foreclosure Fraud Settlement From Their Own Pockets

David Dayen writes in Firedoglake:

  • This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money.

    HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. But it was clearly set up by the terms of the settlement. Banks would get credit under the settlement for modifying loans in private label mortgage backed securities, which means the investors take the hit.

No comments: