Re: BOA internal email exposes where OWS is hurting them

Sadly, the Occupy movement is not hurting Bank of America nearly enough. The Federal government and all state attorneys general just completely ignored the movement and gave the banks, including particularly Bank of America the biggest free handout ever known to man:

"The payoff amount only covers 10% of the nation’s homes that are underwater and then only to a small degree. The negative equity in all the homes that are underwater in the U.S. is about $700 billion. So, this settlement is not going to do much for the housing market, but the real question of justice I’m concerned about is whether or not it even rights the banks’ wrongs:

"The settlement even gives the banks more than twelve months to pay out the money while giving incentives for faster payment. Incentives? Why should evildoers get incentives to correct their wrongful actions? Everything throughout this Great Recession has been so structured around bailing out banks that even their settlements for known illegal activity are built around making sure the payoffs don’t hurt the banks, rather than giving homeowners who were harmed immediate relief. Pitty the poor fat bankers who have brought such catastrophe upon the entire world!

"The Obama administration says this deal is about “righting the wrongs that led to the housing market collapse.”

"Really? How much wrong does it right? The average amount that will be given by the banks to those who actually lost their homes through these wrongful foreclosures is $2,000! Wow! What’s that? One month’s mortgage payment in exchange for the loss of your home by a foreclosure that was not even legally carried out? (Some people were not even in arrears in their payments; see below.) That won’t even pay for the person’s moving expenses when they packed the family out the door and moved back to grandma’s! And that particular money, which is all for damages done, is only required to be distributed over the course of three years! Fat lot of good that does while you’re camping in the park illegally because you no longer have a home! $2,000!!!"

Sad, sad, SAD. To read more about the settlement that just happened, here is a link to the story I just quoted the above excerpt from:

http://thegreatrecession.info/blog/2012/02/mortgage-foreclosure-fraud-settlem...


--Knave Tweet