Chase has paid billions in settlements to prevent former employee Alayne Fleischmann, Esq. from being summoned to the witness stand where she can reveal under oath the intentional theft of mortgage investors’ money through bad mortgage loans Chase made and sold without violating the gag clauses in her employment contract. With help from Attorney General Eric Holder, Chase enriched itself by millions of dollars and when it was caught with pants down, a small fine was imposed which was substantially funded by the American public via a tax write-off made available to the bank.
NJ shares in historic $25 billion fed-state mortgage fraud settlement
President Obama has responded to the injustices and fraud enacted by banks upon mortgage borrowers with the negotiation of a massive, wide-spread assistance program for one of America’s greatest ills – the home foreclosure crisis. Visit the website National Mortgage Settlement which is maintained by Attorney Generals from every state in the country (except Oklahoma) to learn more about the $25 billion dollar settlement that America’s five largest banks will pay over the next three years.
Fire Demarco for underwater mortgage relief and $1 billion in savings
The good people at Rebuild the Dream tell us,
DeMarco is the Bush appointee who has been dragging his heels and blocking Fannie Mae and Freddie Mac from engaging in targeted principal reductions (resetting home loans to fair market value) for struggling, underwater homeowners on the grounds that it would cost the taxpayers too much.
Today, two things happened. First, FHFA produced a study that said principal reductions would actually save taxpayers more than a billion dollars. And then DeMarco announced that he still wouldn’t allow any principal reductions!