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There are indications that the Federal Reserve fines on eight financial entities, not involved in the February settlement, who are continuing with dubitable foreclosure operations of robo-signing. The Feds had tried to include them in the February settlement but they remained out of it.
Miller and other attorneys general (minus some dissenting figures) are going ahead with a settlement with the banks in the issue of foreclosure fraud – giving banks broad reprieve. But this will not stop some of the attorneys generally independently digging for skeletons in the cupboards and bringing criminal charges against the banks.
Since foreclosures may run up to four years in some states, the lenders are now encouraging short-sale and even offering handsome cash offerings to the homeowners to finalize the deal. But ironically for various reasons the borrowers are not that eager anymore and hence the cash carrot that may even touch $30,000.
The foreclosure settlement is also attracting its share of criticism – the banks have not been punished in proportion to their wrongs, the amount of cash they will give is just a sneeze, the principal reduction is nothing compared to the staggering pan American loss of equity and there is solid ground to fear that the market will not improve by it.
The report released by the assessor of San Francisco County shows that massive fraud was perpetuated by the banks during the boom years. The proof is piling up showing that the entire system had cracked. It was not just incompetence or carelessness but intentional felony on an astronomical scale. The government officials are hedging the issue for fear of it boomeranging on them.
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