Well what do you know.
Earlier this week I blogged about the mortgage settlement documents and their stunning lack of detail on the frauds committed by the banks during the days of robosigning.
I was frustrated because it seems like the complete recklessness of the banks was being whitewashed in order for the settlement to go through.
Turns out I was just looking in the wrong place.
Just as the Department of Justice announced that the mortgage settlement had been filed in court, Housing and Urban Development released the results of a series of stinging audits, one for each lender in the settlement.
It was HUD’s investigation that helped lead to the settlement in the first place.
The settlement is hundreds and hundreds of pages. Most of the audits were around 10 pages long. Yet there is more harsh truth about how far the banks went to rob people of their homes in those select pages than in the entire settlement.
So what’s in these audits that is so damning?
Facts. Numbers. Witness Statements. And just how far the banks went keep the lid on how pervasive robosigning was
In other words, plenty to make your skin crawl. There’s no whitewashing here.
In Bank of America’s case, their attorneys interfered with HUD’s investigation, refusing to allow some of their employees to answer questions, sometimes stopping them mid-sentence.
Ally Financial’s attorneys made 18 current employees plead the fifth and blocked them from talking to investigators.