Prosecutors Discuss Settlement of Lawsuit Over Bank Mortgage Abuses

Federal and State prosecutors are in the process of working out a settlement with the five largest loan companies in the United States over their mortgage abuses. The discussions are centered around a settlement of approximately 30 billion dollars. As part of the settlement, the financial institutions will have to provide detailed assurances that they will establish and comply with better banking practices in the future. Negotiators are meeting in August in Washington, D.C. to try to work out a settlement.

Is Prosecution More Appropriate Than Settlement?

There are many families and individuals who lost their homes due to the mortgage crisis which was created by bank abuses. Many of those affected feel that prosecution of individuals is the better route than settlement. The settlement will excuse all of the misconduct that financial institutions took part in. It is the government’s hope that the settlement will have an affirmative effect on the nation’s financial system and the economy. I believe this is wishful thinking!

The public interest requires a detailed investigation and the prosecution of those individuals involved with bank abuses and fraud. After the investigation and the convictions of those individuals, settlements involving significant civil penalties can be worked out. The settlement that the government is negotiating will sweep under the rug the widespread acts of fraud and abuse that the banks were engaged in, that has resulted in a foreclosure crisis in the United States and the downward spiral of our economy. Those individuals responsible for inappropriate activities should be appropriately dealt with.

Foreclosure Defense and Saving Homes

We can help save your home from being sold in foreclosure. The Law Offices of Schlissel DeCorpo have been representing individuals whose homes have been foreclosed upon for more than 20 years. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits, defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferences for the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. We look forward to seeing you again on our foreclosure blog.

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