$25 Billion Mortgage Bandaid: “Facts Do Not Cease to Exist Simply Because They Are Ignored”
February 9, 2012 § Leave a comment
This great quote is attributable to Aldous Huxley, the late great author of “A Brave New World,” among other classics, and personifies the announcement today of a “settlement” between U.S. Attorneys General on behalf of consumers harmed by mortgage fraud.
The “facts” are that the actions of California state agencies (and lack thereof) caused thousands of consumers to lose their homes. But the State Bar of California and California Department of Real Estate wants you to ignore these facts and place the blame on the banks to take the heat off them. That way they can evade their respective responsibility to make financial restitution for harms caused California consumers by their attorney and real estate members.
Who do you think profited from the California “mortgage crisis” anyway? They did. Why do you think the State Bar is going hog wild to promote the lie that they eliminated their entire backlog of consumer complaints? And why do you think Governor Jerry Brown wants to merge the California Department of Real Estate with Consumer Affairs?
THIS IS A BAILOUT FOR CALIFORNIA STATE AGENCIES; NOT AID TO CONSUMERS!!!!
The real fraud is this settlement. If you are foolish enough to believe that consumers harmed by mortgage fraud will actually see this money in a meaningful way – just ask the Central District Court of California how much of the December 22, 2011 $335 million Bank of America/Countrywide Consent Settlement has gone to those “minorities charged higher interest rates.”
Just wait and watch; stay tuned to this blog because as always we will give you the straight scoop.