The bank settlement negotiations and deal are not figments of progressives' imaginations.

[Luminous Animal]

A revised negotiated deal was presented as of a few days ago.

California attorney general rejects foreclosure settlement
Published: Thursday, Jan. 26, 2012

Lawyers in the (California) AG's office have reviewed the settlement offer during the past several days and found that the proposal prevents the state from pursuing substantial legal actions against lenders.

"Our state has been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners, and meaningful enforcement that ensures accountability," said Preston.

The state's rejection came a day after President Barack Obama in his State of the Union speech called for the creation of a special investigative unit to delve into abusive lending practices that helped trigger the foreclosure crisis.

Read more here: http://www.sacbee.com/2012/01/26/4216052/california-attorney-general-rejects.html#storylink=cpy

Calif. AG Rejects Mortgage Settlement
Posted 1/26/2012 10:55 AM by Kirk Haverkamp

A settlement that could produce up to $25 billion in mortgage relief for homeowners is in doubt after it was rejected by the California attorney general, who said the proposed deal doesn't go far enough.

"We've reviewed the details of the latest settlement proposal from the banks, and we believe it is inadequate for California," said Shum Preston, a spokesman for Attorney General Kamala Harris.

Harris' office had withdrawn from negotiations over the settlement last fall, saying the proposed deal at that time did not go far enough in holding mortgage servicers accountable for past misdeeds or in providing mortgage relief to homeowners. Preston said yesterday that the newest version of the deal still did not measure up in those areas.

Read more: http://community.nasdaq.com/News/2012-01/calif-ag-rejects-mortgage-settlement.aspx?storyid=116859#ixzz1kb7r30Ic

[xchrom]

1. Du rec. Nt

[riderinthestorm]

2. Yes but on the other thread, we're just "breathless" and "monkeys" for discussing this

Thanks for making this an OP....

[Luminous Animal]

4. The name calling is dispicable. Its driving me away from DU.

[SammyWinstonJack]

15. Yes, it is.

[redqueen]

10. I can't believe that "monkeys" post was allowed to stand.

That's just wrong.

[riderinthestorm]

12. "Little trained monkeys", I just ran out of room to post the entire insult. I agree, unbelievable.nt

[MisterP]

3. they said NDAA, SOPA, Abu Ghraib, and Guatemala 1954 were "figments of left-wingers' imaginations"

and that Timothy Geithner and Liz Fowler working for this or that company has no connection to them creating policies benefiting those companies at the 99%'s expense

maybe we should just be ingoring anyone who drags up those tropes--they clearly show that they're not only not paying attention, but are wilfully covering their sense-holes

[99Forever]

5. K&R

[Robb]

6. The deal you linked to is strictly about foreclosure procedures.

Very small part of the picture. Nothing there about immunity for servicing or origination issues, or securitization.

Plenty of hooks for the banks to be on still. Plenty of red meat for the President's task force.

[Luminous Animal]

7. People can, on one hand, criticize this deal and on the other praise the creation

of the task force.

[Robb]

8. Perhaps, but this is not the "deal" that has been represented before.

There has been, forgive me, breathless speculation about how far immunity for banks might go.

That the current deal proposal focuses strictly on foreclosure procedures should shock you and everyone else on DU. That's nothing compared to what's out there. And frankly the tiny amount of "immunity" being offered is completely on par with the relatively tiny sum being bandied about as settlement money.

[Luminous Animal]

11. Link please to the latest deal presented to the AGs.

You should provide the details and directly refute the "breathless" (LOL) speculation point by point.

[Robb]

13. Your links, right up there. "Improper foreclosure procedures."

Tiny piece of the pie. Awful and criminal behavior, but a fraction of what's available to go after banks with.

[Luminous Animal]

14. What are you talking about? The latest deal that the CA AG is rejecting is

the same deal that progressives were supposedly all "breathless" (LOL) over a few days ago.

[sabrina 1]

22. 'Improper Foreclosures' included 'robo-signing, forged notarized documents and so much

more. Why is the link in this article different to what was posted recently as the deal that was being proposed? That deal definitely was proposing stopping any lawsuits by victims of those practices with a settlement with the banks. I am not sure if it would have prevented criminal prosecutions.

But no one was dreaming, and this was not the first such proposal. The problem they are having getting these proposals agreed upon, is that the people, many of them victims, will not accept letting the banks off the hook again.

And secondly, because of States Attorneys such as CA and NY who have refused to go along with them. And the protests that have targeted the banks. So had not all these factors been present, there is little doubt that a proposal to let the banks off the hook with a slap on the wrist, which is what that money is to them, would have happened by now.

The pressure that was put on the States Attorneys nearly worked, but they were pressured by the people in their states not to even think about it. Last week the number of States Attorneys refusing to join such an agreement grew to 13.

Had it not been for the 'breathless' dissenters, none of what is now happening would have happened. So thank you all, breathless dissenters, we need more, not fewer of them.

[T S Justly]

9. That's a clearly illustrated example of the difference between Obama's words and his actions. K&R nt

[sabrina 1]

23. I hope not. I sincerely hope that the investigations will proceed as he stated. The country

needs this.

[ProSense]

16. The

"The bank settlement negotiations and deal are not figments of progressives' imaginations."

...settlement was alway out there, never finalized. The rumor wasn't the settlement, it was that Obama was going to announce a deal had been reached and sellout homeowners. Neither has happened.

The deal is still being negotiated by AG Miller, this is no different from when it was rejected the last time.

As for the President, he made no mention of the settlement, but came out strong by announcing the appointment of Schneiderman to investigate mortgage fraud.

In fact, Schneiderman is still rejecting the settlement.

<...>

Schneiderman was appointed Tuesday by President Obama as co-chairman of a new investigative effort that will try to coordinate existing federal and state probes into mortgage practices before the financial crisis. Schneiderman promised Wednesday to move aggressively.

A spokesman for Schneiderman said in a statement that the New York attorney general would not sign onto a foreclosure settlement that would limit his ability to carry out investigations of the mortgage crisis.

http://www.latimes.com/business/money/la-fi-mo-mortgage-settlement-20120125,0,7414913.story

Banks square in mortgage fraud crosshairs again
http://www.democraticunderground.com/1002225832

[Luminous Animal]

17. The Obama admin made the announcement that they were weeks away from announcing a settlement.

After HUD Secretary Shaun Donovan announced last Wednesday that the state attorneys general settlement with the nation’s largest servicers is just weeks away – with a spokesperson for Iowa Attorney General Tom Miller’s office corroborating the claim – news today is a settlement draft is now in the hands of the state attorneys general for review.

http://www.dsnews.com/articles/state-ags-reviewing-settlement-draft-2012-01-23

Progressives and progressive news and blogs accurately reported what Obama's admin announced.

[Luminous Animal]

18. Hmmmm.

[ProSense]

19. Hmmmm?

"The Obama admin made the announcement that they were weeks away from announcing a settlement."

How does a report that they're nearing a deal in three weeks equate to Obama is going to announce (allegedly in the SOTU) a deal selling out homeowners?

He did the exact opposite: He announce an investigation headed by the AG who is the most vocal critics of the banks.

[Luminous Animal]

20. His

own admin stated that they were weeks away from making an announcement. Thus, the "breathless" (LOL) promotion came from the horse's mouth not by "breathless (LOL) progressives. The links provided by the "poof" OP (http://www.democraticunderground.com/1002224852) do not support the claim that Obama was going to announce the deal during SOTU no matter how much people want to pretend otherwise.

By the way, the negotiations still continue despite Obama's SOTU address.

So, no. He did not do the "exact opposite."

[Luminous Animal]

21. H

mmmmmm.

[bvar22]

24. DURec.

The only "trained monkeys" I have observed are those who attempting to muddy the waters and divert attention from this issue.
The time to speak out is NOW,
not after the fact.