Part II in this series discusses credits the banks get towards meeting their multi-billion dollar settlement obligations. The federal government and state AGs want you to assume that means a set amount of principal reductions that the banks will grant. But in reality, the banks can employ a variety of non-modification strategies to receive credit toward the settlement, including a number of routine actions they would probably undertake whether or not there was a settlement in place.
|By: David Dayen Tuesday March 13, 2012 9:15 am|
|By: David Dayen Wednesday February 29, 2012 9:00 am|
It’s embarrassing that the most information we’ve yet received about the foreclosure fraud settlement comes from an annual report to stockholders by Wells Fargo. In other words, we had to wait for the banks to tell us what was in the settlement. Here are some of the details . . .