EDITOR’S COMMENT: Money makes its own morality. Here again the FED and the SEC are planning to slap the wrist of criminals with fines amounting to rounding errors on the scope of theft these people committed. Martha Stewart went to jail and paid a $30,000 fine for an alleged infraction worth $46,000. Nobody has gone to jail yet for what is clearly criminal fraud. At this point in the savings and loan scandal in the 1980′s more than 800 people from high up to down low, were spending their time counting the days in prison. The system has been hijacked by the rule of men instead of the rule of law. And the men who rule answer to only one higher power: MONEY.
Fed to Announce Monetary Penalties for Robo-Signing and Unsafe Practices ; Another Whitewashing Move by the SEC
Federal Reserve Governor Sarah Bloom Raskin on Saturday said the Fed must impose monetary penalties on banks who entered into an April agreement with regulators over how to fix problems in their mortgage servicing businesses.“The Federal Reserve and other federal regulators must impose penalties for deficiencies that resulted in unsafe and unsound practices or violations of federal law,” Raskin said in remarks prepared for delivery to the Association of American Law Schools. “The Federal Reserve believes monetary sanctions in these cases are appropriate and plans to announce monetary penalties.”In April, 14 mortgage servicers, including Bank of America and JPMorgan Chase entered into a settlement with the Fed, the Office of the Comptroller of the Currency and the now defunct Office of Thrift Supervision on steps that have to be taken to correct and improve their servicing practices, such as providing borrowers with a single point of contact for questions.As part of the agreement, these mortgage servicers have hired consultants to review foreclosures that took place in 2009 and 2010 to see if any were improper.Regulators have said these reviews will help determine the size of any penalties the servicers will have to pay.
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: | bankruptcy, borrower, countrywide, disclosure, Federal reserve, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, robosigning, SEC, securitization, TILA audit, trustee, WEISBAND