Click here to learn about the $25 billion Multi-State Settlement between the Attorneys General and the five major banks.
The settlement is signed and in effect, but the banks’ compliance is not there. It appears all who signed the agreement think Joe Smith is going to oversee the compliance by banks, but he is not. It appears he is going to let the banks report to him how about how well they did and he will then decide if they are ok or not. This is even on the website FAQs. Instead of name and contact information for the committee members that he was to have in place 15 days after the agreement was signed, there is no contact information for any of them on this website. If you want to complain, the complaint goes to a different agency, and there is no information if Joe Smith gets a copy of the complaint or not. We don’t let kids do their own report cards, so why would we let banks do their report cards? Foreclosures are still happening in almost all states, even through this is prohibited by Exhibit A of the agreement. What I must be missing is the reason with 49 Attorneys General locked arm in arm that they won’t demand the banks follow the agreement instead of passing the buck to Joe Smith. Do they really not know he is not going to do anything about their lack of compliance? How can they have signed this unpopular document and then sit back and not at least get the foreclosure sales stopped. As of the effective date of the court document, April 4, 2012, that in effect is like AB 284, with no more sales allowed without the proper paperwork and YOU know they do not have it.
I send out a report with the top 5 items that needed to be addressed and sent it to everyone who signed the agreement. I got lots of letters telling me that Joe Smith was to handle the compliance. Boy, are they being ignorant! This passing the buck is bringing more harm to the America people, so what is it they are so afraid of? They have the document, but are not making the banks comply. So disappointing to see the 49 AGs cowering in the country. (from coward of the county) Sam
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