Get the popcorn ready!

Before you solidly pitch your tent over this, there's a good chance (I'd say an excellent chance) that this is just "bazooka" flashing; a bluff to get the banks to fork out some heavy fine money in order to avoid the possibility that the AG actually goes through with it...

When the sentence is handed down and someone is escorted out in handcuffs; then I will be smiling...for now...I'm a skeptic...

Sadly, I agree with Debtpie about this.

Yup. Gonna be a theatrical money grab all the way. When execs are perp-walking, then I'll buy in.

This could very well be a vehicle to carry out a pre-negotiated settlement.

Lawsuit. Not arrest warrants.

Show me handcuffs and arraingments and I'll be interested. Until then, I agree with the consensus here. It's just more theater.

Cue the settlement with no admission of wrongdoing in 5....4...3.....2....

******************************************

Hope springs eternal...

I'll start to believe the rule of law is back if the AG wins...

I'll be optimistic if criminal charges are brought for fraud...

And I'll sing the Hallelujah Chorus when they are in jail...

Ms Cloakey may just have a stiffy for the banks. You see, they bankrolled Scott Brown's senatorial campaign against her rather richly. So, she might just take a pretty good whack at em. As they say, payback's a bitch.

Lawsuits can be settled with money. And that's what you gonna have.

And the money (probably nothing compared to the fraud they've committed) will come from the FED or taxpayers.

Martha Coakley is trying to diversify into banker donors. She's already got healthcare owning her, why not sell some stock in herself to Goldman?

http://washingtonexaminer.com/blogs/belt....
http://washingtonexaminer.com/blogs/belt....

how many times are you going to fall for this kind of crap?

this is just pandering to the unwashed (voters)

pg 11 “the Bank Defendants falsely identified themselves as the present holder of certain mortgages”
[LOTS OF EXAMPLES]
pg 30 “Each of the Bank Defendants through their employees and/or agents, filed or caused to be filed with registries of deeds and courts, documents that were false…”
pg 31 “The Bank Defendants have generated significant servicing income from the acquisition of mortgage servicing rights.
Against this backdrop, each of the Bank Defendants has engaged in deceptive practices with respect to the terms and requirements of its loan modification programs, the implementation of loan modifications, and the status of foreclosure proceedings. This deception has resulted in significant borrower harm by way of increased defaults, re-defaults, and foreclosures.”
pg. 34 The Bank Defendants frequently represent to borrowers and the public that they are actively assisting distressed borrowers…….
Instead however, upon information and belief, each of the Bank Defendants has deceived Massachusetts borrowers….”
http://www.mass.gov/ago/docs/press/ag-co....

etc, etc [59 pages]

If I were running a state (AG, Governor, whoever) I'd be after every bank to pay EVERY recording/filing fee that they had skipped before I would begin to give them anything close to resembling a chance of a fair trial.

I'd get a judgement against them and if they didn't pay get the judges to find them in contempt of court. Then, if they show up to defend themselves from a lawsuit I'd jail them for contempt and make them pay before they could mount a defense.

In other words, I'd show them what its like to have to deal with an ******* with power. I've always had to pay the fees when I did a real estate transaction, I'd make damn sure they did as well.

Flap

kabuki theater
no penality, no law
The banks will simply pay the fine with 'our' money in the end.

Smoke and mirrors. I'd add that based on most of the previous posters in this threads opinions...it just goes to show US government has zero credibility in upholding the law regarding banksters.

Re.: Smoke and mirrors

J6P doesn't need X-ray vision to know that he has been scammed.
This time around, (EU melt down), because its not the USA, the Main stream medias are all milking it.
I've even seen the subject brought up on "Harry's Law" sitcom.

If you can't educate them in the class room then I guess a sitcom is better than nothing.

jal

I cant wait for each and every county to start SHAKING THE BANKER TREE. Its to late now no more federal settlements. Most counties have final say in all property issues on pubic property. As I understand it.
It looks to me that the counties are letting the AGs have a piece first. I would like to see the AGs claw back all the front end money from the mbs side first. Then let the counties run um thru a wood chipper. Judge Roy Beam style!

The AGs should be able to rip a big chunk out of them. Maybe even open the trusts. No notes but lots of CDS? Then the counties could really rip um one.

Sorry day dreaming again.

Godspeed... Classic! Onward and upward I say!

I'll believe we have rule of law when the Fed AG starts prosecuting anybody for anything and even then I wont be sure!

The smart state AGs are doing this because they know they will get better bribes from the banks for quashing it later. America is nothing more than Mexico in a suit.

Well said all. The AGs want a bigger cash payout. I'll believe in "change" when there are prosecutions or handcuffs. Corzine is being subpoenaed by CONgress, a show for the masses, nothing more.

...and the banks say, right back at'cha Good luck with this, GMAC...

http://www.zerohedge.com/news/gmac-boyco....
GMAC Boycotts Massachusetts, Will Halt State Mortgages In Retaliation For Lawsuit

Following yesterday's announcement that the state of Massachusetts would sue 5 mortgage lenders among which the bailed out subprime failure formerly known as GMAC and now known by the much more idiot-friendly name "Ally", the latter has decided to take matters into its own crazy hands and escalate matters by confronting the entire state of Massachusetts in a move that will generate even greater anger among the broader population, aimed squarely and rightfully at the banks all over again. In an email sent out today, GMAC Bank said it would "no longer accept new locks for properties located in the Commonwealth of Massachusetts." The reason given: "This change is necessary due to the complexity of transacting business in an increasingly difficult legal environment in Massachusetts." By complexity GMAC of course means being confronted with Attorneys General who refuse to be pushed over or jump when the banking cartel says so. In essence, GMAC (with other lenders likely to follow suit) has decided to boycott states that dare to break away from the settlement talks and to pursue unilateral action. Alas, since pretty soon every state will be suing the banks now that the Nash Equilibrium of the settlement negotiations has collapsed and it is every state for itself, GMAC better figure out a way to make money doing something besides lending as very soon the "legal environment" in every state is about to get "increasingly difficult."



Naturally, MA AG Martha Oakley had some choice words for GMAC in the aftermath of this idiotic announcement. From the WSJ:

Ms. Coakley, responding in a statement to GMAC's move, said in order to do business in the state GMAC has to follow the law before foreclosing on homeowners. She said she was looking to hold the lenders accountable for actions and enforce the strict foreclosure laws in the state. "With today's action, it appears GMAC has acknowledged it has a problem following those laws and being held accountable for doing so," Ms. Coakley said. A spokeswoman for Ally wasn't immediately available to respond to Ms. Coakley's comment.

As a reminder...

The Massachusetts civil suit, filed in Superior Court in the state's Suffolk County, alleges that the banks' foreclosure practices were unlawful and deceptive. The suit, which doesn't specify damages, contends the banks—Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally—charted a "destructive path by cutting corners and rushing to foreclose on homeowners without following the rule of law."



The banks have in the past acknowledged problems with their foreclosure processes, but said they haven't found anyone who was wrongly foreclosed upon.The robo-signing practice involves people who allegedly signed many foreclosure documents without properly reviewing them.

Yet mortgage lending is merely a small portion of GMAC's book, which prides itself in lending out subprime loans to GM car buyers.

The mortgage business, a much smaller portion of Ally's total revenues than auto lending, forced a $471 million write-down in the third quarter because of historically low interest rates

We can't wait to discover how long it takes before comparable robosigning practices are discovered when it comes to car loans for GM's NINJA customers, and the 74%-government owned lender is forced to stop transacting in any lending venue.Which of course would mean that every car sale by GM would end up on some dealer's showroom as channel stuffing moves to represent 100% of GM's monthly "sales."

As for GMAC's decision, it is more than clear that the second any lender is challenged on their MO, they will high tail it instead of risk suffering further liabilities.

"It also sends a signal to Massachusetts and other states that if you make it difficult for lenders to act they will take their business elsewhere," Mr. Cecala said of GMAC's decision.

And that in a nutshell is how US banks operate: break the law until for some crazy reason you can no longer break the law.

Then just high tail it out of Dodge post haste.

Quote:

"With today's action, it appears GMAC has acknowledged it has a problem following those laws and being held accountable for doing so," Ms. Coakley said.

I have to admit, that was well played.

If they want to leave let um right after they drop all the titles and paperwork off at the AGs office. And please have all fees paid and recorded at the proper county recorders. Dont forget to hand over the passport. While we check out your MBS portfolio. Shake the banker tree! The fruit is ripe.