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Massive multi-million dollar mortgage settlement reached

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Mortgage Professional America | 26 Jan 2016, 06:30 AM Agree 0
A number of big banks have settled with one state to settle allegations of misrepresenting mortgage securities
  • SBHarkness | | 26 Jan 2016, 02:50 PM Agree 0
    This is absolutely ridiculous! This is chump change to these big banks. The entire settlement from all of the above mentioned banks is less than the compensation package paid to anyone of their CFO's and this is touted as some kind of punishment? PLEASE...the average rank and file American may be fooled by those numbers but that so called multi-million dollar mortgage settlement is nothing more than the cost of doing business for the "2 Big To Fail Banks" that instead of being busted up when they almost wiped out the American economy were allowed to become even bigger because the banks had their key people inside Congress. They had contributed to the right Congressman's campaign so they knew the anti trust legislation being talked about would never get off the floor in the form of a bill. They did something in Nov of 2014 when most in Congress had gone home for the Thanksgiving Holiday they had an earmark slipped in a key bill that had to pass to keep Government funded. What did the earmark say. In layman's terms it said that the American taxpayer were once again on the hook if the 2 Big To Fail Banks lost their shirts again in their speculative and risky investments. Those of you who believe Congress works for the American people are either naive or misinformed because they do not give a damn about anybody but their overlords...the Megabanks. Who controls the Megabanks? The Federal Reserve who is a privately owned group traded on Wall Street except you or I are not allowed to buy shares.
  • Doris | | 26 Jan 2016, 08:44 PM Agree 0
    The thing that should have happened was some of these big shots should have served some time for what they did to our economy and the people. Being an real estate agent, I can tell you that they had you by the balls when negotiating. They definitely knew what they were doing and all they get is a small fine for doing this. Shameful
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