All fifty states have agreed to a nationwide settlement with five of the nation's largest mortgage banks over the egregious robosigning fraud scandal. California and New York have been the main hold-outs in the deal – but last night news broke that they’re on board with the nearly $26 billion settlement that forces the banks to change their foreclosure practices and help struggling homeowner refinance their mortgages to stay in their homes.
In exchange – banksters on Wall Street get to walk free after committing one of the biggest frauds in the history of our nation – forcing millions of Americans out of their homes by forging foreclosure documents. And those people who already lost their homes thanks to fraud – this settlement only gives them an average $1,800 each in compensation. And the banksters get to keep their hundreds of billions of dollars in bonuses, and even the robo-signers who did the fraud get to keep their payments. ALL Americans should be outraged by this.
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Get the tar and feathers ready. The Man ain't gonna do the job that needs to be done. Any victim of these bastards ought to have a free pass on just about anything short of killing. Or maybe this is where capital punishment is the answer. Punishing the abuses of power is ok with me, and if the state will not do its job, I will not get in the way to protect any bankster. Too many people have suffered far too much, including death at their hands.
To add insult to injury, I've seen articles reporting that a number of states aren't even going to use the settlement money for its original intention, but instead just filling budget shortfalls.