Banks Are Off the Hook Again

This is an interesting article that looks at the abuses of banks in concern with filing false court documents which have affected many home owners who have already lost 6.7 million homes and it is predicted that another 3.3 million will be lost in 2012. A draft agreement that was published by the American Banker suggests the punishment will not be severe and they exclude efforts to try and hold the banks accountable in the future, meaning they are unlikely to help the foreclosure crisis. The banks must follow existing law and current contracts and must hire independent consultants to check a sample of recent foreclosures for evidence of improper eviction and impermissible fees. The catch is that the consultants will be chosen by the banks, allowing the bank to decide what is appropriate.