Yet More Mortgage Settlement Lies: Release Looks Broad, Not Narrow; Other States Screwed to Bribe California to Join « naked capitalism

Yet More Mortgage Settlement Lies: Release Looks Broad, Not Narrow; Other States Screwed to Bribe California to Join « naked capitalism
Roy Cooper
Attorney General
State of North Carolina

Mr. Attorney General,

I'm writing once again to express my opposition any settlement of mortgage fraud by the banking industry. Banks made billions selling trillions of dollars in loans and subsequent fraudulent transfers.

Liability for fraud isn't limited to how much money was made, but by the damage that was caused by the fraud. Millions of dollars in title transfer fees are still owed to counties by for land transfers made using the Mortgage Electronic Registration Systems (MERS).

Rushing to settle with the banking industry takes away the individual borrowers ability to defend against ongoing fraudulent foreclosure practices including document forgery and "robosigning".

Industry experts are closely watching these proceedings and have serious concerns about the banking industry getting a cash for release deal.

Please read this article written by Yves Smith in New York about this deal, and please monitor her website to get the other side of the story.

http://www.nakedcapitalism.com/2012/02/yet-more-mortgage-settlement-lies-release-looks-broad-not-narrow-other-states-screwed-to-bribe-california-to-join.html


Yours truly,

[Name Withheld]
Raleigh, NC