Skip to comments.U.S. bank regulators roll fines into mortgage pact
Posted on 02/09/2012 1:14:03 PM PST by Oldeconomybuyer
(Reuters) - The Federal Reserve announced on Thursday it has reached an agreement with five U.S. banks on penalties totaling $766.5 million over problems in their mortgage servicing businesses as part of a larger $25 billion foreclosure deal struck between the banks and state and federal agencies.
Under the agreement the banks would not pay their fines to the Fed and would instead make them as part of the programs that comprise the broader state-federal deal.
Under the Fed agreement the breakdown of what each bank has agreed to pay is $175.5 million for Bank of America, $22 million for Citigroup, $275 million for JPMorgan Chase, $87 million for Wells Fargo and $207 million for Ally.
(Excerpt) Read more at reuters.com ...
I’ve not followed this issue closely but I keep reading the complaint of using ‘robo-signers.’ Is that a euphemism for some other behavior?
Whether I sign a document, hire someone to sign a document, set up a robo-signer to sign a document, or get an NEA grant to find an artist to sign on my behalf using artist grade urine, I am still liable and bound by documents that were signed under my direction.
If the foreclosures are in error that should be spoken of, not the manner in which they were signed. What is the real issue referred to by ‘robo signing?’
The banks will not pay jack spit. All fines, etc. will be passed on to customers via lower interest rates on savings, higher interest rates on loans and other fees.
IMHO, the bank's hot shot management that screwed up should have to pay some of these fines from their pockets. What a deal! I can screw up really badly but have no personal responsibility.
Just another cover-up to get the banks out from under any civil or criminal liability for mortgage fraud. No one gets made whole. They give out bonus’s larger than this.
a penny in alms for the slaves.
This will amount to around 2k per home fraud.
This only goes to the upside down.
If you have equity but were cheated you are screwed ...AGAIN.
they litereally used a robotic device to sign the documents.
It is the same pen signer as mass mailings.
The banks even made up names of the persons doing the “signing”.
(the machine uses a ball point pen to create a signature. The banks created fake “originals”)
These numbers are a joke.
Since the taxpayers bailed out the banks, we’re getting the bill anyway.
I wonder which of the Officers of the 5 banks that committed these multi-billion $$ frauds are going to jail?
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