Friday, February 25, 2011
They are going about it the wrong way
The morning Huff Po has a post up about the various mortgage investigations underway around the country. They all seem to have one thing in common, they are all seeking a settlement.lawless exuberant underlings.
The Office of the Comptroller of the Currency, which oversees the nation's largest banks, intends to pursue its own settlement with lenders, a track distinct from the talks conducted by its federal counterparts, the sources said. The OCC, eager to protect major banks from expensive fines, is seeking to limit the terms to $5 billion, while also ensuring that lenders retain wide latitude in how to administer relief for homeowners, the sources said...The money would be nice and all, but it leaves the same bad actors in the same flawed structure to do the same evil all over again. What is needed is some jail time to wake up the others. Throw a Ken Lewis, Jaime Dimon or Angelo Mozillo into prison for a few years and the remaining executives might put a few more restraints on their more
Officials at the Federal Deposit Insurance Corporation, the Federal Housing Administration, and those now creating a fledgling consumer financial protection bureau are inclined to seek as much as $30 billion in fines, making those funds available to provide relief to borrowers at risk of losing their homes...
State attorneys general are intent on imposing larger fines on the nation's five largest mortgage companies, the sources said. Last year, attorneys general in all 50 states launched an investigation into claims that mortgage lenders improperly foreclosed on homeowners without proper documentation.
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