Banks Will Return 28 Billion

Twelve years after I alerted law enforcemdent officials about Lawrence Chazen of Noble Oil, a Getty advisor, and No.1 creditor in my late sister’s artistic legacy, here is a settlement for bad banking practices. I am a prophet who foresaw the mortgage collapse and the coming of the Jubilee Savior who will forgive folks of their debts, who will take from the rich, and give to the poor.

Jon Presco

WASHINGTON – Federal officials announced a $25 billion settlement Thursday with the five largest mortgage lenders over foreclosure abuses — a deal that requires the banks to reduce some loans, send out checks to foreclosed Americans and refinance mortgages for underwater borrowers.

President Obama described the deal as a “landmark settlement” that would “begin to turn the page on an era of recklessness” while speeding relief to hard-hit homeowners.

It is the biggest settlement involving a single industry since a 1998 multistate tobacco deal. Under the agreement, five major banks — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — will reduce loans for nearly 1 million households. They will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal.

Obama, noting the damage the housing bubble did to the broader U.S. economy, said no single action would heal the housing market. But he described the settlement as an important step, one which would address alleged abuses by mortgage lenders — like using fake signatures in the foreclosure process.

“These practices were plainly irresponsible, and we refused to let them go unanswered,” Obama said.

Read more: http://www.foxnews.com/politics/2012/02/09/feds-announce-25b-settlement-over-foreclosure-abuse/#ixzz1luRhwqR3