Foreclosure Settlement Talks With Big Banks

Flooded by foreclosures, America’s biggest banks were imperfect in their processing of mortgage defaults.

To punish the banks and to accumulate a nice slushfund to bribe voters, Democrat politicians want to extract about $20 billion from the banks.

As a result, bank stocks remain in the toilet.

Bank of America co-operated with the US inquiry, said Dan Frahm, a company spokesman.
“Any suggestion otherwise is both inaccurate and inconsistent with how we work with all regulators,” he said.
In addition to the 50-state probe, New York Attorney General Eric Schneiderman has opened a new inquiry tied to the packaging and sale of loans to investors, according to a person familiar with the matter. Bank of America is included in that probe along with other banks and bond insurers such as MBIA Inc.
Schneiderman’s office has sought information from additional financial institutions, two people familiar with the matter said.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (, he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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