More about the big foreclosure settlement

April 29, 2013 | By | Reply More

From Matt Taibbi:

In advance of that notorious settlement, the government ordered banks to hire “independent” consultants to examine their loan files to see just exactly how corrupt they were.

Now it comes out that not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks.

In other words, the government not only ordered the banks to hire consultants who may have gamed the foreclosure settlement in favor of the banks, but the regulators themselves are hiding the information from the public in order to shield the banks from further lawsuits.”

You owe it to yourself to click the link to Rolling Stone. Taibbi’s article features Senator Warren grilling the corrupt government agencies who are protecting the corrupt banks. This is unbelievable stuff, except that it’s real.

Share

Category: Corporatocracy, Politics

About the Author ()

Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich lives in the Shaw Neighborhood of St. Louis, Missouri, where he lives half-time with his two extraordinary daughters.

Leave a Reply