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Ten banks agree to pay more than $8.5B to settle foreclosure abuses, with $3.3B going to those...

Ten banks agree to pay more than $8.5B to settle foreclosure abuses, with $3.3B going to those who have already been foreclosed upon and $5.2B going to homeowners in danger of losing their homes. Compensation will range from hundreds of dollars up to $125K. Those involved include: BAC, C, JPM, MET, WFC, STI, PNC, USB.
Comments (6)
  • MexCom
    , contributor
    Comments (3050) | Send Message
     
    This could be the virtual end of all the mortgage related litigation. According to Bob P. CNBC, BAC wanted to get this behind them and it will have little effect on current earnings to be reported where much of the amount is already on the balance sheet as a set aside to settle these type claims. Stock hit a new high today.
    7 Jan 2013, 12:18 PM Reply Like
  • Lewis McClain
    , contributor
    Comment (1) | Send Message
     
    These Bankers (aka bookies) need to be taken to the woodshed. Seems they can play with other peoples money, and when it goes south they pan it off on the public. When it is good they keep the lions share, and thumb their nose at us. BAC should be out of bussiness period.
    7 Jan 2013, 01:30 PM Reply Like
  • jajulami
    , contributor
    Comments (2) | Send Message
     
    Foreclosure abuses are one issue and they should pay if occurred. Banks are a cash cow to states that need money. The litigation will not stop.
    Most people blame the banks for the mortgage melt down without discussing involvement of Fannie, Freddie, regulators, congress(Frank & Dodd congressmen) Federal Reserve that increased the ratio that banks could borrow. The banks didn't set the requirements to receive a mortgage re: down payment, verification of loan ratio to value (ltv). Banks could have or should have done a better job to make public how detrimental those loans were. Actually they said nothing about how bad there mortgages were because everyone was making money. There were a lot of people who warned about these type of mortgages but were ignored or not given a platform for their views.
    7 Jan 2013, 04:38 PM Reply Like
  • jajulami
    , contributor
    Comments (2) | Send Message
     
    I was in the private mortgaging lending business in the 60's through the 80's. We lent to borrowers who had commercial property to put up as collateral.
    7 Jan 2013, 04:39 PM Reply Like
  • gymer
    , contributor
    Comment (1) | Send Message
     
    Jajulami,

     

    I think, Jajulami, that it would be better were you to speak directly to the issue relating to banks and not deflect towards competing issues. In other words leave the politicians, the Congress, the Fed, the Regulators, and the Administration alone. God will give them their due. And if He doesn't we can do it later. Had our bankers fulfilled their duties and responsibilities America would have been spared the financial debacle, period.
    There are good and sufficient reasons for us to once again separate the retail/commercial banks from the investment bankers/brokers and to break up those banks considered too large to fail. Now!

     

    8 Jan 2013, 06:21 AM Reply Like
  • joseg
    , contributor
    Comments (2) | Send Message
     
    They should always do whats right for the business, the economy, the country, the world and people in general. Not just $$$$$, destroying everything in their way for greed. Greed is bad if it destroys rather than build, help and improve people's lives in the long run.
    Remember we all are vulnerable are will die taking with us nothing but hate if we do wrong and love if we do right...
    8 Jan 2013, 12:24 PM Reply Like
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