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‘Dem Banks was Bitch Slapped Today!

Damn – I’ll sleep better tonight knowing that this is done! The motion to fine 5 major banks was filed today in Federal Court. Its safe to let your kids out again! You’ll recall that fine was a staggering $25 billion!

Can we all get on with our lives now knowing that all those buyers who were swindled into buying a house are now gonna get an average of about $350-1500.00 bucks BUT NOT the house. That’s gone. But, here’s an election year little gift for ya!

And, I’m gonna take an informal poll. Please email with the names of anyone you knew who got swindled by one of the banks mentioned below. I’ve bought hundreds of houses – so tell me, how do two people walk into a Realtors office, pick out a house, fall in love – then get swindled into signing 50 pages of fine ink, like some slight of hand by David Copperfield the banker! No one reads the fine ink….but your supposed to.

The Bitch-slapped banks include: Bank of America Corp., JPMorgan Chase & Co., CitiCorp, Well Fargo & bringing up (or taking it up the rear) is Ally Financial.

Here’s where it gets juicy: The banks will provide principal relief and borrower assistance totaling $17 billion. In addition, roughly $5 billion of the settlement will be paid in fines, while $3 billion will be used to help refinancing for homeowners who owe more than their homes are worth. The deal also includes new mortgage-servicing standards.

Instead of studying opera, I should have chosen law. Obama and and all his lawyers are splitting $5 billion large. I should have paid more attention Dr. Gordon’s music class.

Finally, does anyone think the Fed Gov is done? Really? Ever heard of big tobacco? Yeah, they got slapped and even though they’re looking like Courtney Love after a rough night, you can bet those lawyers out trollin’ will be coming back for sloppy seconds.

Bloomberg: “Foreclosure Settlement With Banks Filed in Federal Court”
WSJ: “Foreclosure Pact Alleges a Pattern of Malfeasance”
Courant: “Giant Mortgage Settlement Filed in Court”
New York Times: “What Homeowners Need Now” 

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