Matt Taibbi: Is Mortgage Fraud Deal 'A Victory For The Public?'

Rolling Stone:

So there was big news yesterday on the foreclosure settlement front. We still have to wait and see what the final deal looks like, but there are reports out that the long-awaited settlement is a far, far better deal for the public than expected. If these reports are true, it looks like New York Attorney General Eric Schneiderman and California AG Kamala Harris have scored an enormous victory in narrowing the scope of the settlement to the point where it really only covers robosigning abuses.

Read the whole story: Rolling Stone

Comments

[mashtoe]

02:22 AM on 01/31/2012

It's a scam. The banks got immunity.

[gschear]

06:23 PM on 01/30/2012

Matt Taibbi will never post an endorsement of anything that any Administration accomplishes without a question mark. That is just how it should be. If an observer of his caliber makes note of a possible positive development for the little guy then look closely because he doesn't find many of those because there aren't many of those. And that is why he will always report warily and if he finds the lie we will know about it. We're listening Matt. Cautiously.

[BonnieDoon]

05:18 PM on 01/30/2012

Why is this article at the bottom of the page here?

It deserves more prominence.

It delivers important information on fraudclosure and the banksters.


Give him a stronger spot in the lineup today!

[T2]

04:53 PM on 01/30/2012

I'm a fan of Taibbi's reporting, and share his view of taking a wait and see attitude to get a better perspective on this deal -- Schneiderman going along doesn't hurt.. I think those who say 25 Billion may be low have an argument when B O A alone was looking at agreeing to an 8.5 settlement with others.. I think the robo-signing agreement is a way for banks to get things moving along business-wize while it doesn't let them off the hook for what may well be other fraudulent activity..
The robo-signing was fraud and caused a mess there just may be no good way out of.
I am convinced that fines and regulations will never do as much good as holding People responsible.

http://www.truth-out.org/why-all-robo-signing-shining-light-shadow-banking-system/1327502824

[lindabear]

03:59 PM on 01/30/2012

Matt Tabbi ROCKS - I always love his reporting so on target.

[Olderandwiser55]

12:55 PM on 01/30/2012

Good job Matt. It's not easy to look with fresh eyes. I continue to be amazed at the accomplishments of this administration in spite of major obstructionism.

[dukeitout]

12:17 PM on 01/30/2012

Robo-signing is forgery gone wild. Forgery is a crime. Crime was committed on a massive basis. Criminal charges, not fines, should result. Don't let them get away with this.

[inkfink]

11:57 AM on 01/30/2012

This may, or may not, have just been released by Wikileaks -

Bullwinkle J Moose
Frostbite Falls, Mn

Dear Bullwinkle:

This is to inform you that President Obama has selected you & your sidekick, Mr Rocket "Rocky" J Squirrel, to be part of his new mortgage task force. He said so using his William Conrad voice, so we know he's not kidding.

Your acquaintances, moon men Gidney & Lloyd, were originally selected to join you, but they & their scrooch guns have since been reassigned to the Gingrich moon colony. Some say that this was due to their inability to learn the Wall Street song, "we will double, single and triple cross our very closest friends".

Payment for your services will be the usual monogrammed jelly beans. What everyone else gets is still to be determined. One never knows how things will turn out if Wrongway Peachfuzz gets to steer the boat.

Meantime, stay out of the spotlight & the moonlight. No credit card receipts for a moose with a nice rack.

This notice was sent to you directly because we have been unsuccessful in our three year attempt to lure the squirrel down from the opening bell diving platform. Please bring the landing bucket.

[OldTulsan]

11:15 AM on 01/30/2012

Will the agreement unwind the MERS Mess ?...

http://www.huffingtonpost.com/l-randall-wray/why-mortgagebacked-securi_b_802600.html
L. Randall Wray: Why Mortgage-Backed Securities Aren't (Backed by Securities): How MERS Toasted the Banks

"In a series of pieces I have argued that MERS, a creation of the mortgage banking industry, has effectively destroyed the institution of private property in America. Ironically, MERS was created to facilitate quick and easy and cheap securitization of mortgages -- what are called mortgage-backed securities. In fact, what it did was to eliminate any backing of the securities by mortgages. Of the total securitized asset universe, something like $7 trillion are (supposedly) backed by residential mortgages. However, MERS helped to delink the securities from the mortgages. At best, they are unsecured debt -- there is no property backing the securities. What this means is that foreclosure is not permitted. As I have said before, it is likely that most or even all foreclosures occurring in the US are illegal seizures of property -- home thefts. We are talking about 100,000 completed home thefts per month, with another 250,000 new foreclosures started to steal homes every month. Projections are that 13 million homes will have been "foreclosed" (read: stolen) by 2012.

Worse, from the perspective of the banks, they've got to take back all the fraudulent MBSs, most of which are toxic..."

[yeswecanjane]

07:05 PM on 01/30/2012

Thank You for the mind blowing post! It's posters like you help bring the discussion to a new level:) I can wait to find out more information!

[OldTulsan]

07:42 PM on 01/30/2012

You're welcome.

This is from the National Association of Land Title Examiners and Abstractors:

http://www.naltea.org/pdf/2a2d76ce-4497-466b-965b-47e0e93aa36c.pdf
Restoring Integrity to the Land Title Records – A Commentary on MERS

[frank day]

11:06 AM on 01/30/2012

I agree with a poster from the RS thread.

Take the money and use it to fund deeper investigations.

[Olderandwiser55]

01:00 PM on 01/30/2012

That is what they do. The repub House won't release funds so the fines go back into investigations. Smart administration.

[Matt12]

10:52 AM on 01/30/2012

It's really fascinating that the cable networks don't invite Matt Taibi to participate as one of their "consultants", even though he's one of the few people who are actually reporting the facts. The paid "consultants" currently on display on the cable networks are all part of the "circling the wagons" syndrome to protect the NYC establishment that crashed, burned and pilfered the economy!

[SpeakupNation]

05:12 PM on 01/30/2012

Olbermann has him on semi-regularly.

[Collapsing House Price]

09:59 AM on 01/30/2012

The best borrowers can hope for is that prosecutors don't go after them for providing false info on their mortgage app.

[frank day]

11:05 AM on 01/30/2012

Folks!!!

This poster works for the banks. REALLY

[iam99]

11:14 AM on 01/30/2012

No. It seems reasonable to think that the banks multiple frauds engaged-in so that the deals would/will get written would make any of these millions of deals terminable with the buyers released from liability of payback and lowered credit scores.

[Collapsing House Price]

11:30 AM on 01/30/2012

Sure does. But the banks don't want the houses back. They want to keep the paying debtors in them.

[jtabs]

09:38 AM on 01/30/2012

If:
Criminal liability.
Tax liability
Fair lending, fair housing, or any other civil rights claim.
Federal Housing Finance Agency or the GSEs [Fannie Mae and Freddie Mac]
CFPB claims for the period after they came into existence in July 2011
SEC claims
National Credit Union Association Claims
FDIC claims
Federal Reserve Board claims
MERS claims

Then banks would never agree as they get nothing for 25B, so if banks are still in then they are in because there is a big upside for them and conversely a huge downside for us.

[missprissanna]

09:27 AM on 01/30/2012

None of theses "deals" are or will be designed to help real people, only to benefit the banks.

[Olderandwiser55]

01:02 PM on 01/30/2012

You should read the article, at least take a minute to watch the short video, if you are indeed concerned about the people.