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The government is expected to announce on Thursday a roughly $26 billion deal with some of the nation's largest banks to settle charges of systemic and widespread mortgage fraud, according to multiple sources close to the negotiations.
The deal would be the largest payout to date from banks in the wake of the financial crisis.
The settlement, 16 months in the making, could bring significant relief to those in danger of losing their homes and also much needed stability to the long-suffering housing market.
when did we become a country that rewarded dumb/criminal behavior-by banks, by wall street, by people who couldn't afford homes, and by government officials?
it seems like just another screwing over of working americans yet again.
when the banks come up short again, who is going to bail them out?
our country is getting seriously messed up with all the bribing that our politicians are trying to do in an election year--and making all of us pay for it, as well.
for an extra kick in the pants, one of the banks forced into paying out is the "general motors bank", ally financial.
As of December 2010, 73.8% of Ally was owned by the United States Treasury, with the remainder divided between Cerberus Capital Management, General Motors, and other investors.
On Novermber 9, 2011, the bank announced it was considering filing for bankruptcy-protection for its ResCap mortgage unit, after the unit's loan write-downs of around half a billion dollars brought it close to the legally required net asset value threshold of $250 million.[15][16]
As of January, 2012, TARP had about $12 billion invested in Ally..
Last edited by floridasandy; 02-09-2012 at 08:23 PM..
You folks are going to find it tougher and tougher to cast that particular "stone" at other countries when yours is displaying the very markers of a socialistic regime.
You folks are going to find it tougher and tougher to cast that particular "stone" at other countries when yours is displaying the very markers of a socialistic regime.
Banks committed fraud and now they agreed to pay, you call that socialism??
This is not a settlement for the financial crisis, this is a settlement for the robo signiging
scandal the banks are still on the hook for everything that happened pre-crisis, and can still be sued
by states and individuals.
Did you see anything in this pile of Pelosi that mentioned Fannie Mae or Freddie Mac? I didn't and they were the biggest of the bundlers and got by with it completely. I wonder why they got by with all of their part in that melt down.
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