Obama Administration And Banks Near Deal On Mortgage Fraud Legal Liability
Posted: 1/27/12 12:19 PM ET | Updated: 1/27/12 07:04 PM ET

WASHINGTON — The Obama administration, state attorneys general, and, perhaps, the nation’s largest banks are close to a final settlement on the years-long struggle over allegations of massive foreclosure fraud, according to several sources familiar with the talks. And the final details of the arrangement, according to the source who revealed them, will apparently not preclude prosecutors and regulators from taking legal action against many of the common abuses during the house bubble. It remains to be seen whether all parties will ultimately sign off on the language.

The settlement is worth $25 billion, a sum which will be distributed to homeowners who were wrongfully foreclosed on as well as those who remain underwater. In addition, banks could still face future legal action over 12 specific violations.

According to someone intimate with the negotiations, there will be no legal release of the banks with respect to:

  • Criminal liability.
  • Tax liability
  • Fair lending, fair housing, or any other civil rights claim.

Read more.



One Comment to “Banks might NOT get immunity from Obama/Schneiderman deal”

  • Jim Sinclair has a statement on a Credit Event that is about to take place this week involving Greek Debt, the EU, Derivatives in the form of Credit Default Swaps impacting the five largest US banks holding 97% of all derivatives. The determination will be made by the ISDA, the International Swaps and Derivatives Association.

    audio from:
    http://www.jsmineset.com/2012/01/30/the-impending-undeclared-default-of-5-major-us-banks/

    The Impending Undeclared Default Of 5 Major US Banks
    January 30, 2012, at 10:05 pm
    by Jim Sinclair

    Dear CIGAs,

    The following interview with Ellis Martin of http://www.EllisMartinReport.com covers in detail the impending undeclared default of 5 major US banks this week by the International Swaps and Derivatives Association.

    This even has the potential to cause a second financial crisis that would require significant financial intervention. If you have time to spare, listen to this interview. If you don’t have time to spare, listen to it anyway.

    …………….

    an earlier post by Jim Sinclair:

    http://www.jsmineset.com/2012/01/30/the-impending-undeclared-default-of-5-major-us-banks/

    The Most Powerful Body In Finance And What They Mean To You

    January 30, 2012, at 7:37 pm

    by Jim Sinclair
    in the category Ellis Martin Report

    My Dear Friends,

    I was interviewed today concerning the most powerful body in the financial world that now holds in its hands the near future of all markets, from currencies to commodities, based on a single edict to be given.

    The interview is being processed and should be posted here later this evening.

    This organization supersedes all governments and central banks today in terms of the financial power they edict. This organization can have a greater impact on your pocketbook than the FASB did when they killed “true value” accounting.

    This body is made up of the key players of the five largest banks in the USA and other countries. This body by their actions this week will guarantee QE to infinity.

    This is relevant to all your assets, yes all. If you have the time listen to it please. If you don’t have the time listen to it please. If you don’t listen to it do not blame me when all hell breaks loose six months from now.

    Not one word about this body was on the airwaves today, yet this group by a simple decision rules the financial plant. They will be making this edict in just a few days. They have to do it again this year. It is then that you know what will hit the fan.

    I feel this is it for jsmineset.com tonight. I do not want to write another word and detract from the revelations you will hear.

    Your financial future, even if you have never heard of them, is in this organization’s hands. Check in later for the interview. If you don’t check in your finances might just check out.

    Please remember you have been informed of this impending edict as a service to the community.

    Respectfully,
    Jim

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