Robo-signing Settlement Delays - Short Sale Fundamentals
 
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06
Feb

Robo-signing Settlement Delays

I know I reported last week that the deadline for joining the robo-signing settlement would be Friday. But as it turns out the deadline was pushed to today. I’m not sure who exactly the attorneys general were holding out on but let’s see if there are any surprises today.

Just to remind you this lawsuit could include penalties as high as $25 billion on the nation’s largest mortgage servicers. This is their “Get Out Of Jail Free” card to excuse them from “errors” that put people out of their homes.

Oregon, which was hit pretty hard by the scandal, signed on and stands to receive around $200 million. Connecticut has also joined in as well as many others. And they all seem to say the same thing: they could fight a legal battle for years and probably not get as much as they’ll get now.

So that’s essentially how our legal system works, folks. It’s not worth it to fight out the battle and see who’s right and who’s wrong. Just take the easy way out and take the cash.

And even California, who could make out pretty nicely in the deal, isn’t holding out on principle. They just think they can make more in a legal battle. Well, more power to them. The entire system runs on money and it’s just a question of who can grab the most.

I for one think it’s worth making an honest buck and helping people out along the way. But hey, that’s just me. How about you?

  • Occie1

    Who profit. from there. delay. They just want to have. there cake and eat it too.

  • Occie1

    They. should be all. Finedor put in Jail gready Basters.

  • http://www.facebook.com/rissakc Rissa Collins

    Our entire legal system is so screwed up I’m not sure if it could ever be fixed. There is no right/wrong or common sense, just whose side has the best actors…oops, attorneys.    In our county, a precedent was set by the courts so that if a renter wanted to improve the rental they were living in, they could add a roof, patio, pool, whatever, without owner’s permission, & the owner has to pay for it. 

  • Carriejay1978

    The AGs that are holding out are doing so bc the “Big Banks” are essentially getting a free pass on all future wrongdoings if the AGs sign. Not surprisingly, particularly hard-hit states like Nevada, California and New York are not willing to sign away all their options when they do not yet even know the extent of the damage. There’s no reason for the lenders to sign anything if all 50 AGs are not on board, and nothing is going to happen today in any meaningful sense any more than it has any other time this deal has been rumored to be done.



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