“The investigators have yet to gather many documents, conduct depositions or assemble tallies of aggrieved homeowners. They don’t yet have a good handle on the number of wrongful foreclosures, the amount of fraudulent documents filed in local courts or the volume of legal instruments processed by so-called “robo-signers,” the agents that lenders employed to process foreclosure filings en masse without examining the underlying paperwork.”
You call that an investigation?
Why on earth would the AGs settle if they have not done any serious sort of workm into the underlying crimes ?
To start getting towards that answer, have a go at tonight’s must read muckraking via Shahien Nasiripour, who writes:
State and federal prosecutors are pressing to complete a proposed settlement with the nation’s five largest home loan companies over alleged mortgage abuses, even though they’ve only initiated a limited investigation that hasn’t examined the full extent of the alleged wrongdoing, according to interviews with more than two dozen officials and others familiar with the state and federal probes.
The deal with the mortgage companies would broadly absolve the firms of wrongdoing in exchange for penalties reaching $30 billion and assurances that the firms will adhere to better practices going forward, these sources told The Huffington Post. Negotiators met in Washington last week to hash out the settlement.”
Its a sad situation, and it appears that whatever hopes we may have had that the Attorneys General were not like the whores in Congress appear to be starting to fade. (At least NY and California AGs are showing some spine).
As Government Nears Accord With Banks, Questions Swirl Over Scope Of Investigation
The Huffington Post, July 2011
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