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It is interesting that at the same time that BONY Mellon has its name attached to foreclosures it is claiming exactly what the borrowers are claiming — misrepresentations about the loans themselves as well as misrepresentations about the mortgage backed securities allegedly issued by trusts in the name of BONY Mellon as Trustee.
The problem here is that while there are tantalizing hints about what was wrong with what Chase did, they don’t go so far as to say anything that would actually help borrowers (homeowners). Several commentators have singled out this pattern of non disclosure even in lawsuits and settlements. Elizabeth Warren brought it to light when she questioned investigators who found fatal defects in many if not most foreclosures. Matt Taibbi in Rolling Stone last week found that the settlements with the banks were really PR stunts to appease the public and confuse the judiciary.
The point is that all these cases are being settled for what appears to be big money. But if the allegations are true, then the settlements are actually fractions of a penny on the dollar. But everyone is afraid that if they blow the whistle on everything the repercussions will be vast — affecting the credibility of the Federal Reserve, the Department of Justice, and other regulators and officers of law enforcement. The fact that the effect has already been unimaginably vast — with 6+ million foreclosures and over 15 million displaced by crooked deals apparently is of no concern to the players, the government or even the insurers and investors.
Investors fail to realize that they can offset their losses by dealing directly with homeowners through servicers that actually represent their interests and that the investors are not bound by the pooling and servicing agreements because the loans never made it into the trust.