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Feb-14-2012 14:32printcomments


$25 billion deal is largest settlement involving a single industry, since a multi-state tobacco deal in 1998.


(CLEVELAND) - A landmark $25 billion deal was reached Thursday between the U.S. government and the nation's biggest mortgage lenders, over foreclosure abuses that took place after the burst of the housing bubble.

Five of the largest banks had to reduce loans for around a million households in order to meet the deal.

As part of the package, the lenders will mail %2,000 checks to about 750,000 Americans, taxpayers whose properties were foreclosed upon improperly.

Now these institutions will have three years to fulfill their end of this arrangement. reports that this is the single largest settlement that involves a single industry, since a tobacco deal in 1998 that involved several U.S. states.

In this settlement, it was announced by both federal and state officials, that 49 states were taking part in the settlement. Oklahoma was the stand out, that state struck its own deal with the five banking institutions.


Jubilant! Well, at first sight or so it seems,
$26 Billion in a settlement is not a dream,
However, it is nothing more than smoke,
Over a Trillion made, yes it’s still a joke.

With all the underwater misuse so well known,
Exactly how could the fraud still have grown?
The White House, Congress, Officials Elected,
Why so long with their constituents neglected?

Citigroup Inc., BOA. and Wells Fargo to end,
A foreclosure fiasco that did not have to begin,
With all the billions accumulated, then again,
Yachts, mansions, private jets & a huge grin.

Was the same with Midland Funding, LLC.,
$5.2 Million, 3rd party collection companies,
38 Attorney Generals were against that sum,
A billion in revenue & the deal was still done.

Between both payouts consumers get screwed,
Although the government pretends it’s big news,
$2,000 a pop form mortgage lenders as the fine,
For credit card debt less than 10% of one dime.

No more affidavits years after the Supreme Court,
Evidence from false affidavits they’d still report,
Now U.S. Ohio District Court Judge David Katz,
Put the gavel down saying, “enough of that crap.”

Okay, why wait for an election year to get a deal done?
As millions of homeowners were affected not just one,
Foreclosed & sent away in shame like pawns in Chess?
Not until re-election time do citizens receive the best?

Yes, simply just another case of too little too late,
Lost homes, garnished wages, bankruptcy’s fate,
Another day, with another billion stolen you say?
Don’t look now; “Robo-Signing” crime does pay.

By Luke Easter

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