1/08/2013 -- Bank of America is paying into the $20 billion settlement with Fannie Mae approximately half of the settlement monies. $10 Billion -- $10 Billion to Fannie Mae. Finally we have some headway in the foreclosure fight. According to Reuters on Tuesday morning, Bank of America is the largest payer of settlement monies to Fannie Mae.
You will have to pick up the paper edition of LA TIMES to get the scoop! Here is one recommended article for those that want a personal background of just one story. Borrowers feel relief with BOA settlement. I still have trouble calling it borrowing, knowing that everything was based on fraud - there is not meeting of the minds nor a contract with fraud. Further many trails show that the "loan" was sold immediately with excess that should have gone to the "loan." Basically you allegedly sold your signature and that signature is still floating out there somewhere as evidently the banks do not return notes according to the document requirements. But that is a side-trip.
LA Times outlined the BOA settlement breakdown and mentioned that BOA will SELL SERVICING RIGHTS of 2 million remaining mortgages. LA Times gave the scoop:
"The settlement includes a $3.6 billion payment to Fannie Mae. Bank of America will also buy back some of the loans sold to Fannie Mae for $6.75 billion."That doesn't mean homeowners will be paid back... it does mean that Fannie Mae will regain their money wrongfully spent. It also means that the remaining servicing transfers could result in another company wrongfully foreclosing in the future. We have no assurances (from the new reports) that the servicing transfers will be done in accordance to contract laws. The banks allegedly often broke the laws by foreclosing first and doing the legal paperwork second.
Now I am thrilled that the government is getting its blood and truthfully that money should go right back to restoring those defrauded by this bank. But seriously I do have a few issues with this settlement. Today's headline by Reuters hits my response it dead on: "Bank of America, other banks move closer to ending mortgage mess | Reuters." - why FINALLY?
For those thinking this will end the mortgage mess, think again. Read the reports and not the headlines.
First: What about all the people EVICTED from their homes that did not have Fannie Mae loans. We and several of our friends will be okay because our loans were Fannie Mae. W don't know what will happen after the buyback... perhaps nothing. Perhaps no money will be returned... but there is this:
I believe THE BANKS BY SETTLING ARE INDICATING THAT THEY DID AMERICA WRONG!!! It doesn't matter if they deny wrongdoing - as they have over the past 4 years but it is sure that they did do wrong. - former homeowner
Second: Why aren't they throwing the banksters in jail for FRAUDING this country for years. This housing crisis caused by them has impacted our ECONOMIC stability. Which means that it wasn't just homeowners that were impacted.
Third: Is 20 Bllion enough? They should just pay off every loan in America, restore the recorded land records to reflect true ownership, and pay damages to those who were victims of fraud.
I do feel sort of sorry that BOA took over Countrywide (the largest lender) and now has the shaft. BUT the logical side of me says --- A) they knew what they were taking on B) They did not correct the wrong and continued wrong doing. C) The committed FRAUD
Now CHASE and WELLS FARGO and all the other entities can go rot in jail with BOA, as far as I am concerned. They did MORE than their fair share of wrongdoing.
Of course this is not the first time that Bank of America has admitted wrongdoing; two years ago in 2010, a headline grabbed our attention:
A pattern of fraud seems to have developed with banks that are too big to fail. But finally after years of hearing people say that there is no problem; I am glad that there is some sense of knowing that the wrongdoing is finally admitted to and seen by others. The way reports read you would think media was responsible for blowing the whistle on the banks corruption.
I'll leave you with this: Google Search:
In Deal, Bank of America Extends Retreat From MortgagesNew York Times-12 hours agoBank of America puts to bed claims from housing crisis, while ...Washington Post-12 hours agoBank of America, other banks move closer to ending mortgage messIn-Depth
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