Our elected state officials (49 State Attorneys General) and appointed banking regulators (FDIC, Fed, OCC, Treasury) have already sold out the American people with a farcical, weak, and insulting settlement with Chase, Wells, Citi, BoA, and Ally/GMAC. Now those same farcical, weak, and insulting terms seem to be under consideration with more financial institutions.
We’ve seen how the first five banks are using the settlement to get billions in credits for doing short sales that don’t actually offer much relief to families struggling to save their homes. That’s essentially free credit to pay down the $25 billion in penalities for the biggest consumer fraud ever to be perpetrated on the American people. Since that’s working out so well for those five banks which already signed settlement agreements, bring on the next set of criminals who are reported to be resisting even this slap on the wrist deal.
Read more of the article titled “Four banks including PNC preseed to settle charges over botched foreclosures” by Bloomberg News here. The newest list of financial institutions who are attempting to moon walk away from the scene of their crimes is U.S. Bankcorp, PNC Financial Services Group Inc., Suntrust Banks, Inc., and HSBC Holdings.
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