Friday, July 1, 2011

Zing - Homeowners ripped off as Banks settle with investors: WAMU, BOA

Today the news of WAMU settlements slammed into homeowners email boxes.  With a near riot response, some are absolutely furious that the obvious settlements reinforce the claims of BANK FRAUD over and over.   While no one has a beef against the investors recooping their losses, those losses came on the backs of homeowners who have lost not just an investment but their HOME, FAMILY , CREDIT SCORE, FAMILY PETS and sometimes JOBS.   Make no mistake, people have been thrown out on the street due to these toxic loans, toxic assets, fraudelent sales and refusal by banks to own up to the wrongdoing.   Judges across the country have voted to save their pensions (tied to investements) and uphold the banks right to kick people to the curb.

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….

Bank of America Settles Claims Stemming From Mortgage Crisis


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