Published On: May 28, 2013
May 19, 2013: banks have paid less than half the $5.7 billion in the 30 different settlements negotiated by various agencies through the Nation.
“Heads I win, tails you lose” is a fraudulent coin toss. Wells Fargo did no better.”
According to the Business Section of the Washington Post, May 19, 2013.
Some of these funds are owed to homeowners who were victims of discrimination and shoddy lending practices; including assigning higher rates to minorities even when they qualified for lower rates or robo-signing (foreclosure documents sign without reading, but testifying that the signer was personally aware of the loan situation).
In 2011, Wells Fargo agreed to compensate up to 10,000 borrowers after the Federal Reserve found the bank was steering them into subprime loans even though they qualified for better mortgages
NO BORROWERS HAVE RECEIVED MONEY YET.
Last year, Bank of America agreed to pay some borrowers between $1,000 and $5,000 for what the Justice Department called lending discrimination. The agency said the bank illegally asked some would-be home buyers who relied on disability income to provide a doctor’s letter verifying the severity of their ailment. There is no list of these victims so no telling how many, if any, will ever receive any monies.
The excuse from the banking industry is that the settlements are too complicated to navigate “quickly” because there are too many agencies, people, lawyers and third parties involved. Meanwhile the homeowner is still trying to save their home or rebuild their lives after their home was taken.
Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.
We have several videos on our web site.
Below are a few that might be of interest:
- “Lender’s Foreclosure Rights in Arizona”
- “Should I keep my home or let it go into foreclosure?”
- “Meet Ms. Drain and Suggestions on How to Hire an Attorney”
MUSINGS BY DIANE: “Like Sisyphus (see the drawing) the Justice Department (Sisyphus) is not strong enough to roll the rock (the lenders) uphill and accomplish their goal of getting money back to the defrauded homeowners.”
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
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