From: Charles Cox [mailto:charles@bayliving.com]
Sent: Thursday, March 01, 2012 1:30 PM
To: Charles Cox
Subject: Mortgage Settlement or Mortgage Shakedown?
WSJ article by David Skeel attached. Comments of note:
“The biggest loser is the rule of law.”
Government plaintiffs allege the “banks” “robo-signed” by executives who never checked document details; also “added unnecessary fees such as overpriced insurance.”
Realize, this is NOT related to litigation but rather amounts to LEGISLATION essentially ruling out the “chief objectives of the judicial process [which] are in fact finding and redress.”
As indicated in the article and I agree, the AGs have NOT done any meaningful investigations into these issues. Phil Ting in San Francisco; Jeff Thigpen in North Carolina and John O’Brien as “merely” registrars of deeds found out more on their own than 49 State Attorneys General did in 18 months of supposed investigation and still don’t seem to not know the difference between a servicer and real party in interest.
This whole settlement appears to be yet another entitlement and “stimulus” without having to go to Congress with little money going to homeowners and large sums potentially going to the States themselves. A question seldom asked…where is the money coming from?
I still contend it is a buy-your-way-out-of-jail-free card.
Charles
Charles Wayne Cox – Oregon State Director for the National Homeowners Cooperative
Email: mailto:Charles
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