Elizabeth Warren’s Foreclosure Settlement Bombshell:

[Ichingcarpenter]

Banks Determined the Number of Victims of Their Own Foreclosure Frauds


There is only one thing more Kafkaesque than the ongoing Wall Street frauds and that is watching a live United States Senate investigation of a diabolical settlement the banks themselves concocted to repay the victims of their own fraud. Such was the case yesterday when Senators Sherrod Brown, Jack Reed, and Elizabeth Warren grilled regulators from the Office of the Comptroller of the Currency and Federal Reserve along with outside consultants over allowing banks to hand pick the consultants to do their foreclosure reviews, negotiate confidentiality agreements with them and pay them directly.

Hundreds of millions of dollars in checks from the Foreclosure Review settlement will start going out today, eventually topping $3.6 billion in the cash portion of the settlement, and yet it was revealed during yesterday’s Senate hearing that it was the actual banks that engaged in the illegal foreclosure actions that tallied up and classified their wrongdoing under various degrees of harm; deciding themselves how many people would receive $300 and how many $125,000. The outside consultants that were hired to compute the harm were in the dark about this final, and most important, stage of the review process.

While two previous reports by the General Accountability Office (GAO) hinted at a sham settlement, questioning by Senator Warren of three of the highest paid outside consultants left no room for doubt:


http://wallstreetonparade.com/2013/04/elizabeth-warren’s-foreclosure-settlement-bombshell-banks-determined-the-number-of-victims-of-their-own-foreclosure-frauds/

[Kolesar]

1. Americans had no power over the banks before and after "the banking collapse"

Had no choice other than to turn the economy over to them or else they would blow up everything.

[xchrom]

2. du rec. nt

[sarchasm]

3. the irony is mind boggling.

Even in their prosecution there is fraud.

[The Wizard]

4. Pick one and

string him up on Wall Street. They now own the system and are free to loot the Treasury and the citizens of all their wealth and property.

[Volaris]

6. they're lucky the Government they bought is loyal as hell for the pittance WallSt. paid them...

otherwise that Golden Bull sitting on Wall Street would have been replaced already by a working Guillotine.

The GALL of these fuckers to think that it will all be ok if they are allowed to investigate THEMSELVES regarding their own illegal practices is stunning. You know what's WORSE?

If it were not for ONE SENATOR, (Warren) they would have walked away from it CLEAN. NOBODY would have been the wiser.

[dsc]

13. try two Senators

Brown has been all over this.

[Volaris]

14. I stand corrected, and thanks for the info.=)

[fasttense]

5. Our whole system starting with the economy is corrupt.

We need a new system.

[cantbeserious]

7. Right You Are - Occupy Wall Street Got It Right

eom

[ananda]

8. So, to solve all our social and economic problems ...

... doj and law enforcement goes after medical marijuana, occupy protesters,
and seniors.

Right ee ooo.

[timdog44]

9. It is good to see

at least some of our elected representatives doing what they are elected to do. Their jobs. May these guys provide a shining light and an example to at least some of the others. And maybe even to BHO.

[Javaman]

10. This is probably one of the most important investigations going on which most of America knows

zero about.

[timdog44]

12. Nail on the head.

I know people who lost homes because of criminal banks. And have let them know this going on. I don't know how these people can go to bed and sleep at night.

[G_j]

11. K&R

[cbrer]

16. Is a check ok?

I can't keep cash in the homeless shelter...

Bastards

[woo me with science]

17. K&R

[Mnemosyne]

18. K&R nt

[AnotherMcIntosh]

19. No one uses the word CORRUPTION?

"In April 2011, the Office of the Comptroller of the Currency (OCC), the top regulator of national banks in the U.S., signed consent orders with 14 of the largest banks and mortgage servicers requiring that they hire “independent” consultants to review 2009 and 2010 foreclosure actions to determine financial injury to borrowers and provide financial compensation for that injury.
...
"The first detail you need to know by way of background is that during the relevant foreclosure period of 2009 and 2010, a former bank lobbyist, John Dugan, sat at the helm of the OCC. Dugan has now returned to his former law firm, Covington & Burling LLP, to head its Financial Institutions Group, providing legal counsel to the same banks he previously supervised.

"The second detail you need to know is that Dugan’s former law partners at Covington & Burling LLP, Eric Holder and Lanny Breuer, hold the top spots at the U.S. Department of Justice; Holder as U.S. Attorney General and Breuer as head of the Criminal Division.

http://wallstreetonparade.com/2013/01/stench-rises-on-rumored-10-billion-settlement-to-end-wall-street-foreclosure-fraud-investigation/

Lanny Breuer, as the head of the Criminal Division at the DOJ who did not prosecute the banksters and allowed the statute of limitations to nearly run, has returned to Covington & Burling.

This was covered by DU:
Lanny Breuer Cashes in After Not Prosecuting Wall Street Execs-- Approximate Salary of 4 million $
http://www.democraticunderground.com/10022582265

A $4 million dollar salary is not a bad start. How soon will Holder return to Covington & Burling? And will he make as much?

[BelgianMadCow]

21. It's incredible, isn't it? Just minor conflicts of interest...

It's really baffling. Breuer on The Untouchables and then his 4 million salary back defending those he had to prosecute...

[Mnpaul]

20. If this keeps up

people might actually figure out that it was the banks that caused the crash and not poor people.