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  • Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC[View news story]
    Even if you want to put all of the blame on the borrowers (which I wholeheartedly disagree), why were the bad loans the responsibility of the taxpayers to cover? The banks have been lending out money for generations, they knew exactly what they were doing. And had they not had the guarantee from the government to buy the loans off of them, no questions asked, they never would have made them in the first place. And that's not even addressing all of the robo signing and falsified paperwork..... You and I would serve prison time for much less!
    Apr 9, 2013. 01:33 PM | 1 Like Like |Link to Comment
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