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Bank Of America has agreed on a $335 million dollar settlement after claims that it's Countrywide Financial unit gave higher interest rate loans to black and Latino borrowers regardless of their credit score. The Young Turks host Cenk Uygur breaks it down. www.nytimes.com Subscribe to The Young Turks: bit.ly Download the politics or entertainment hour of this TYT episode: goo.gl The Largest Online New Show in the World. Google+: www.gplus.to Facebook: www.facebook.com Twitter: twitter.com

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Debt Settlement

US Attorney General Eric Holder, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, Iowa Attorney General Tom Miller and Colorado Attorney General John W. Suthers announced today that the federal government and 49 state attorneys general have reached a landmark $25 billion agreement with the nation?s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The agreement provides substantial financial relief to homeowners and establishes significant new homeowner protections for the future. The unprecedented joint agreement is the largest federal-state civil settlement ever obtained and is the result of extensive investigations by federal agencies, including the Department of Justice, HUD and the HUD Office of the Inspector General (HUD-OIG), and state attorneys general and state banking regulators across the country. The joint federal-state group entered into the agreement with the nation?s five largest mortgage servicers: Bank of America Corporation, JPMorgan Chase Co., Wells Fargo Company, Citigroup Inc. and Ally Financial Inc. (formerly GMAC). About the agreement President Obama said "We have reached a landmark settlement with the nation?s largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake."

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December 21, 2011 PBS News Hour MOXNews.com

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The government announced a $26 billion settlement with banks over foreclosure abuse, while unveiling plans to use big banks over mortgage-related actions linked to the financial crisis. WSJ's David Reilly makes a stop on Mean Street to sort out the details.

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Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed. (June 29)

Bank of America-Mortgage Buybacks

full story: blog.alexanderhiggins.com 5 Banks Settle $25 Billion Home Fraud Lawsuit Five major US banks has been forced to pay $25 billion in settlements for fraudulent foreclosures affecting hundreds of thousands of homeowners. jpmorgan chase bank of america corp JP morgan government...

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Follow us @ twitter.com twitter.com Last month's proposed $25 billion mortgage settlement involving 49 states along with Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial is a step closer to being official, reports Reuters, as Federal representatives ask a judge to approve it. Supporters claim this deal attempts to prevent the mortgage crisis from happening again, with banks agreeing to revamp loan modification procedures and abandon abusive practices such as robo-signing. But critics argue this is a case of a trend we've seen far too many times before: a settlement that's a good deal for the banks, where they admit no guilt, but a lousy deal for homeowners. Yves Smith is author of the popular blog Naked Capitalism and the book Econned. She's a critic and has followed this deal closely throughout the entire process and breaks down why this is the case and how this deal ended up with "a lot of garbage in it." Smith says banks are paying much less than $25 billion, there is no element of damages or notion of punishment, and the cash payments for people who lost their homes wrongfully is so trivial it's insulting.

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Bank of America has agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers. (Dec. 21)

Bank of America-DOJ Settlement

A class-action lawsuit against Bank of America has brought them back to the courtroom. This class-action suit affected over 13 million customers who carry debit cards, but this time people were complaining about overdraft fees that they incurred from 2001 to 2011. The bank thought they were doing nothing wrong by charging $35 for each overdraft fee, calculations show that over the course of 10 years the bank brought in 4.5 billion dollars.

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The government is close to reaching a $25 billion settlement with 5 major banks in a foreclosure probe.

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Join Missourians Organizing for Reform and Empowerment (MORE), the St. Louis Instead of War Coalition (IOW), Show Me No Hate, Transhaven, Literacy for Social Justice Teachers, Catholic Action Network (CAN), and other social justice organizations for the Peoples Settlement, a series of creative and peaceful direct action events buttressed by a five-night downtown encampment, designed to put our economy where it belongs—in the hands of the people. The Settlement will build off the popular anger over the lack of change, rightly portraying corporations as the major source of the obstruction. Our goal is to combine political theatre, willful direct action, and popular education with community building, undergirded by the will to generate an inclusive progressive movement in Saint Louis. Direct Action Events Include: a Break Up with Your Bank day, an action at Bank of America demanding an end to unjust foreclosures, a Public Schools bake sale, guerrilla street theater to raise awareness about LGBTQ discrimination in the health insurance market, a Saint Louis labor history tour and many more. The encampment in downtown Saint Louis will rotate between different corners of the City Garden and other green spaces at 8th and Market, which is across the street from the Bank of America and the Peabody Energy Headquarters. Our core of 25-35 campers will hold our territory, recruit passersby to get involved, and participate in movement-building and direct action activities themselves. We <b>...</b>

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BY ZACH TOOMBS Five of the country's largest banks and an assortment of state attorneys general have agreed to a $26 billion settlement surrounding the mortgage meltdown. According to Bloomberg, the deal would provide relief for about two million current and former homeowners hurt when the housing bubble burst. "Here's what it would have. $17 billion in mortgage debt forgiveness and loan modifications. $3 billion for refinancing. $1.5 billion to be distributed between 750000 borrowers who've lost their homes to foreclosures." US Attorney General Eric Holder announced the settlement Thursday morning and cited big banks' mortgage malpractice as the reason behind the deal. "Our investigations revealed disturbing practices. For instance, we saw that, all too often, services pushed borrowers into foreclosure, even though federal regulations require servicers to try other alternatives first." CNN reports the settlement hinged on an agreement from a handful of large holdout states that finally came around Wednesday night. "California, New York, Florida — they are now on board. Almost all the states on board, so that's important. The attorneys general of these states didn't want to give up their investigations into the banking industry, and they won't have to." But The New York Times says the plan leaves many victims of banks' bad practices without aid. "Despite the billions earmarked in the accord, the aid will help a relatively small portion of the millions of borrowers who are <b>...</b>

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Recently, the federal government announced that they had reached a $25 billion dollar settlement with the nation's biggest banks to repay the victims of the mortgage industry's greed and corruption. These banks have swindled millions of Americans out of their homes, and until recently, had received little more than a slap on the wrist from federal regulators and investigators. But this new settlement isn't the cure-all for mortgage fraud, and Mike Papantonio spoke with attorney Peter Mougey recently about what this settlement actually means for the homeowners who were taken advantage of by our country's biggest banks.

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US States have finally reached a deal with the nation's biggest mortgage lenders over foreclosure abuses that occurred back in 2008. The $25 billion settlement would reduce loans for nearly 1 million households and would send checks of $2000 to about a quarter of a million Americans who were improperly foreclosed upon. The five major banks involved in the settlement include Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Ally Financial (NYSE:ALLY). The deal finally bookends the painful financial crisis that began back in 2008 when home values dropped and millions of homes were foreclosed upon, with many of the aforementioned companies processing the foreclosures without verifying documents. This was done through automated fake signatures known as robo-signing. Under the deal, all US states but Oklahoma will receive money and will not pursue civil charges against the lenders. However, homeowners can still bring up their own lawsuits as well as federal and state authorities pursing criminal charges.

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In the second-highest multi-state settlement in history, federal officials, attorneys general from 49 states, and the nation's five largest mortgage financiers have reached a settlement worth more than $25 billion for the American foreclosure crisis. The story: www.nytimes.com Add TDC to your circles on Google+ plus.google.com Join the conversation on Facebook www.facebook.com Follow The Daily Conversation on Twitter www.twitter.com

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New York Attorney General Eric Schniederman will oppose Bank of America's (NYSE:BAC) $8.5 billion settlement over repurchasing toxic mortgage loans. In June, the bank settled a dispute with outside investors, including PIMCO and Blackrock (NYSE:BLK) who purchased Countrywide Financial mortgage bonds. The settlement, which also included securities trustee Bank of New York Mellon (NYSE:BK), has to be approved by a New York court. Bank of America (NYSE:BAC) has a potential upside of 58.3% based on a current price of $8.83 and an average consensus analyst price target of $13.98.

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Jordan Estevao of National People's Action discusses the shortfalls of the foreclosure settlement announced on February 9, 2012, and what can be done to address the massive number of underwater mortgages and re-stabilize the housing market. For more information: npa-us.org

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For all things "The Stench of Truth" please check out my website: www.thestenchoftruth.com Links to my radio show at Inception Radio Network, my blogs, original material, listen to some archived radio right at the site as well as links to my Facebook and more. The Stench of Truth (534).mp4 How can I even describe the absolute ludicrous nature of the sick joke of a mortgage fraud settlement that is valued at 25 Billion dollars that does not even equal the amount of bailout money that Bank of America got. And that amount does not even take into consideration the FED loans they got for nothing. This is a disgusting sick joke. How about all the people out of a home? God help us from such insanity.

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March 15 (Bloomberg Law) -- The $25 billion mortgage settlement between lenders and state attorneys general won't help nearly as many people as its touted to, Neil Barofsky, the former Special US Treasury Department Inspector General for the Troubled Asset Relief Program (TARP), tells Bloomberg Law's Lee Pacchia. He's joined by Matthew Stoller, a fellow at the Roosevelt Insitute, who says the government and banks delayed filing details of the settlement to give investors less time to challenge the deal in court.

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With the recent $25 Billion settlement between 49 Attorney Generals and the 5 largest banks, Bank of America has announced they will streamline the short sale approval process and provide decisions within 20 days. Here is the link to the article regarding the $25 Billion bank settlement bit.ly You can also view more at www.WestCountyBlog.com by Marc Guzman Security Pacific Real Estate

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The proposed Obama Administration settlement for mortgage lenders that engaged in widespread foreclosure abuses is a weak slap on the wrist for banks according to consumer advocates and liberal activists. The Young Turks host Cenk Uygur explains. www.washingtonpost.com Feds Won't Prosecute Banks Despite Evidence Of Crimes: www.youtube.com Subscribe to The Young Turks: bit.ly Find out how to watch The Young Turks on Current by clicking here: www.current.com The Largest Online New Show in the World. Google+: www.gplus.to Facebook: www.facebook.com Twitter: twitter.com

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LA Times consumer columnist David Lazarus says the banks themselves may be the biggest winners when it comes to the $25-billion mortgage settlement.

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Welcome to CRWE Newswire News Update, Im Christina Collins --- Monday a federal judge approved a $410 million settlement in a class-action lawsuit affecting over 13 million Bank of America customers who had debit card overdrafts during the past 10 years --- Senior US District Judge James Lawrence King said the agreement was fair and reasonable --- The agreement drew criticism from some customers as they would only receive a fraction of what they paid in overdraft fees --- A lead attorney for the customer class said it is one of the largest settlements ever in a consumer case --- The settlement became final a week after Charlotte, NC-based Bank of America backed off a plan to charge a $5 monthly fee for debit-card purchases ---Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., also canceled trial tests of their own debit card fees --- The settlement will leave 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 receive some payment --- An attorney Barry Himmelstein, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent --- Thank you for joining me for and stay with us for all your latest in News for CRWENewswire Newsupate, I'm Christina Collins

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Kevin Cross of Cross and Associates Alaska provides a brief overview of the major points in the $25 Billion settlement between the United States Department of Justice and the big 5 mortgage companies.

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National mortgage settlement removes the foreclosure overhang, but is no panacea. Read More On Forbes: What's In Settlement?: onforb.es Impact On Banks: onforb.es MERS Lawsuit: onforb.es

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