Tag Archives: settlements

Steal bread, go to jail, steal a billion $, get bailed out

*Bank of America Bombshell: Whistleblowers Reveal Orchestrated Coverup and Massive Borrower Harm

Obama promised justice to abused American homeowners. Have they gotten it?

By Yves Smith

Editor’s Note:  In his 2012 State of The Union address, President Obama spoke of American homeowners abused by unscrupulous banks and financial institutions. Have they gotten justice? What follows is the first in a new series examining foreclosure settlements and the disturbing patterns of incomptency, malfeasance, and conflicts of interest which have marked their execution. Yves Smith of Naked Capitalism takes a deep dive into the mire of America’s mortage industry and investigates the continued suffering of the public at the hands of greedy predators.

On January 7, 2013, ten servicers entered into an $8.5 billion settlement with the Office of the Comptroller of the Currency and the Federal Reserve, terminating a foreclosure review process which was set forth in consent orders issued in April 2010. Borrowers who had had foreclosures that were pending or had completed foreclosure sales in 2009 and 2010 could request an investigation by independent reviewers, selected and paid for by the servicers but subject to approval by the OCC.

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Israeli hardliners have started a massive campaign to undermine Obama’s stand that peace can only come with a truly independent Palestinian state

Obama Sees ’67 Borders as Starting Point for Peace Deal

By MARK LANDLER and STEVEN LEE MYERS

WASHINGTON — President Obama, seeking to capture a moment of epochal change in the Arab world, began a new effort on Thursday to break the stalemate in the Israeli-Palestinian conflict, setting out a new starting point for negotiations on the region’s most intractable problem.

A day before the arrival in Washington of Prime Minister Benjamin Netanyahu of Israel, Mr. Obama declared that the prevailing borders before the 1967 Arab-Israeli war — adjusted to some degree to account for Israeli settlements in the West Bank — should be the basis of a deal. While the 1967 borders have long been viewed as the foundation for a peace agreement, Mr. Obama’s formula of land swaps to compensate for disputed territory created a new benchmark for a diplomatic solution.

Mr. Obama’s statement represented a subtle, but significant shift, in American policy. And it thrust him back into the region’s most nettlesome dispute at a time when conditions would seem to make reaching a deal especially difficult.

The Israeli government immediately protested, saying that for Israel to return to its pre-1967 borders would leave it “indefensible.” Mr. Netanyahu held an angry phone conversation with Secretary of State Hillary Rodham Clinton on Thursday before the speech, officials said, in which he demanded that the president’s reference to 1967 borders be cut.

Israeli officials continued to lobby the administration until right before Mr. Obama arrived at the State Department for the address. White House officials said he did not alter anything under Israeli pressure ….

Read more : The New York Times