WAMU's Settlement is troubling because in the past they have said they did nothing wrong. I have seen dozen and dozens of alleged robo-signature documents that allow a non judicial sale of the home. Without oversight of documents being recorded in the county courthouse - I feel the the county is cupable - knowing that robo signing is an issue and that foreclosure fraud has been challenged for 3 years , well the state is responsible to protect its residents against fraud. FILING false documents into a recorders office is a felony for everyone except a banker or banker's lawyer.
The WAMU settlement is not near as large as the 8.5 billion settlement between Bank of America (oxymoron) and it's investors, and the 5.5 billion dollar settlement the second quarter to The WAMU settlement is for 208.5 MILLION not billion. WAMU is now CHASE. According to Reuters the settlement is for "concealing from investors poor loan underwriting and inflated appraisals that juiced earnings. That inflated the company's stock price"
I have often wondered what would happen if all homeowners frauded by WAMU would click on the website's report fraud button. Of course, CHASE is not admitting or denying wrongdoing with the WAMU settlement.
In their statements the fraud is admitted. Its a done deal. It has garnered money for the states in claims, money for investors but nothing for the victimized homeowners.
Bloggers and citizen journalists have called it like they see it for Bank of America. Check those sites for WAMU articles soon.
Bank of America nears $8.5 billion settlement with investors: homeowners jealous
The Second Bank of America/Countrywide $8.5 Billion Bailout Is Bad For Americans….