"Shock and Awe" I can get behind - Punish Banks And End Foreclosuregate

[krawhitham]

http://www.businessinsider.com/obama-admins-shock-and-awe-plan-to-punish-banks-2011-3

We already knew the Obama administration wants to push through a massive settlement over mortgage-servicing breakdowns.

The talk had been that the government wanted to force the nation's biggest banks to shell out more than $20 billion in fines, or to at least fund the same amount in loan modifications for troubled borrowers.

Now that number is looking closer to $30 billion, Huffpo reports, and it's apparently being called a "shock and awe" campaign behind closed doors.

The administration wants to force Bank of America, JP Morgan, Citi, Wells Fargo and Ally Financial (which handle three out of every five home loans) "to reduce monthly payments for as many as three million distressed homeowners in as little as six months," Huffpo reports.

more at link

http://www.businessinsider.com/obama-admins-shock-and-awe-plan-to-punish-banks-2011-3

[krawhitham]

1. I was too late, go here

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x630687

[TygrBright]

2. Self-delete.

[flpoljunkie]

4. No problem. The more this gets out the better. K&R.

[leveymg]

3. Why now, after millions of foreclosures? I'll believe it when I see it.