House panel asks to see foreclosure settlement
A House oversight panel wants to review a proposed settlement between 14 banks and federal regulators over improper foreclosure practices.
The Committee on Oversight and Government Reform, which has conducted hearings on foreclosure abuses, wrote a letter Friday to Fed Chairman Ben Bernanke and the Office of the Comptroller of the Currency asking to see any proposed settlement before it is agreed to.
In the letter, the committee asks for more information about how the settlement amount is to be determined. A comptroller spokesman declined to comment, and a Federal Reserve spokesman did not return a message.
The settlement had been expected as early as this weekend and total $10 billion. The agreement is designed to hold mortgage lenders responsible for widespread abuses such as processing foreclosures without verifying documents.
The Committee on Oversight and Government Reform, which has conducted hearings on foreclosure abuses, wrote a letter Friday to Fed Chairman Ben Bernanke and the Office of the Comptroller of the Currency asking to see any proposed settlement before it is agreed to.
In the letter, the committee asks for more information about how the settlement amount is to be determined. A comptroller spokesman declined to comment, and a Federal Reserve spokesman did not return a message.
The settlement had been expected as early as this weekend and total $10 billion. The agreement is designed to hold mortgage lenders responsible for widespread abuses such as processing foreclosures without verifying documents.
how about making the banks pay dollar for dollar what they owe, plus damages. After retiring from the military, I was greeted into the civilian world by losing my home to the HAMP program. I like million of homeowners were told that i needed to quit making payments in order to qualify for the HAMP to show a hardship. I didn't fall behind due to an income loss, it was by bank direction. Yet, 2 yeas later now, I am losing my home regardless. Credit destroyed for following their directions, broke, and getting ready to move. I have lost my faith in my countries government,not my country. It now sickens me that I spent 20 years of my life, defending nothing more than what appears to be my own personal delusion of what it meant to be an American. My family may be on the street in as few as 8 weeks. And yes my banks name has 5 letters in it.
Ok so they are going to fine the bankers for 10 billion. Who gets that money? Does it go towards helping those who houses they stole? Will it help those they suckered into taking loans that were over inflated? It is great that they hold these bankers feet to the fire, but it does not answer any questions as to what will happen to those they hurt.
I say take all their money they stole from homeowners, distribute it fairly among their victims and lock them banksters up in a dark, wet hole - and then forget to feed them.