Big Banks Told Not To 'Fix' A Fraud

[bluerum]

Big Banks Told Not To 'Fix' A Fraud

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In two letters released Friday, Attorney General Richard Cordray criticized a number of banks and loan-servicing companies, including Wells Fargo & Co.; Ally Financial Inc.'s GMAC Mortgage; Bank of America Corp.; and J.P. Morgan Chase & Co. Mr. Cordray said the banks are trying to paper over fraud committed in foreclosures with temporary fixes that don't address underlying problems in the banks' practices.

"It is not acceptable for a party who believes they submitted false court documents to merely replace those documents. Wells Fargo and any other banks are not simply allowed a 'do-over,' " he wrote in the letter to Wells. The other letter was sent to Ohio judges, who were asked to notify Mr. Cordray when banks file substitute affidavits.

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So that is what the banks meant by 'fixing the problem'. It looks like the banks are learning that they are in deeper doo-doo than they thought. It appears that their internal business cultures are not the same as the at-large legal system, and that not enough judges are on their payroll - yet.

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Mr. Cordray's letters come as several banks say they have reviewed their foreclosure procedures and are resuming evictions. But his insistence that they go beyond replacing affidavits by employees who have been labeled "robo-signers"—who didn't adequately review underlying foreclosure documentation—threatens to upend banks' efforts to resolve their foreclosure problems.

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Banks are trying to 'paper' over the depths of the fraud they committed and continue to perpetrate on the public.

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"The banks are committing fraud on the court, essentially perjury, and then saying 'Whoops! You caught me! Here's some different evidence and use that instead,' " Mr. Cordray said in an interview Friday. "I know a lot of judges are not going to take kindly to that."

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What!? You mean we can't taxpayer money, jobs AND their homes? What good is court system that doesn't rubber stamp organized crime activities?


Big Banks Told Not To 'Fix' A Fraud

[JackRiddler]

1. Thanks! K, R and Reposted...

http://www.rigorousintuition.ca/board2/viewtopic.php?f=8&t=21495&p=363005#p363005

[xchrom]

2. recommend