How incredibly frustrating this article is to those homeowners in New York State suffering foreclosure! The Feds make the “deal” with the major banks getting “off the hook” for criminal liability for a mere $25 Billion split between the major banks. And then they don’t even step up and follow the “mandate” to assist folks, and it must be pretty flagrant for New York Attorney General Eric Schneiderman to file suit on them.
After all of the “inside job” information about the Set Up, the Get Away, and the White Wash of the all the wrong doing that has come out over the past few years. Regarding how those running the Mortgage Securitization food chain feasted at the expense of everyday American homeowners. This “update” to the story is so telling of just what everybody is up against.
“Schneiderman said that, since last October, his office had documented 339 violations of standards – 210 by Wells Fargo and 129 by Bank of America – dictating the timeline for banks to process mortgage modification applications.”
“Schneiderman said he would seek injunctive relief and an order requiring the two banks to comply with the settlement. His statement did not say he was seeking damages or penalties.”
And the article goes on to make the most important point of all;
“The action draws further attention to the continuing plight of borrowers facing foreclosures some five years after the start of the housing crisis. Some borrowers say they wait months for word from their bank on a request to modify a loan, only to be told their paperwork has been lost.”
When does enough become enough?