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Robosigning Is Now History - US Announces $26 Billion Foreclosure Settlement

By: capt_nemo in ROUND | Recommend this post (0)
Thu, 09 Feb 12 8:08 PM | 51 view(s)
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Msg. 38778 of 45651
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Submitted by Tyler Durden on 02/09/2012 - 10:02 BAC Housing Bubble

As reported yesterday, the cost of terminal abrogation of contractual rights in the US is, drumroll, $26 billion. Bloomberg notes:

$26 BILLION FORECLOSURE SETTLEMENT ANNOUNCED IN WASHINGTON
FORECLOSURE ACCORD RESOLVES 16-MONTH ROBO-SIGNING INVESTIGATION
FORECLOSURE ACCORD IS SUBJECT TO APPROVAL BY FEDERAL JUDGE
FORECLOSURE DEAL PRESERVES U.S., STATE RIGHTS TO OTHER CLAIMS
FORECLOSURE ACCORD COULD CLIMB TO $40 BLN IF 14 SERVICERS JOIN

And a whole lot of corner offices for America's Attorneys General. As for what the market thinks of this "severe" settlement: BAC +1.2%, WFC +0.6%, JPM +0.4%, C -0.1%. For those who don't understand what just happened, US banks just funded Obama's re-election campaign to the tune of $26-$40 billion.

http://www.zerohedge.com/news/robosigning-now-history-us-announces-26-billion-foreclosure-settlement

Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.

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