Banks try to strike a $5 bil deal to settle fraudclosure allegations… That they’re volunteering to pony up that much cash gives you an idea of how much they really stole from homeowners…With just this one racket, the number is probably in the hundreds of billions

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MSNBC: Mark Ames and Yasha Levine
Broke the Koch Brothers' Takeover of America

What You Should Know / May 14, 2011

Banks try to strike a $5 bil deal to settle fraudclosure allegations… That they’re volunteering to pony up that much cash gives you an idea of how much they really stole from homeowners…With just this one racket, the number is probably in the hundreds of billions

www.nytimes.com -- ...the institutions that service about two-thirds of the mortgages in this country offered to pay $5 billion to settle allegations about robo-signing and other shady practices that quick-step troubled borrowers out of their homes.That figure is a fraction of the $20 billion that state attorneys general had apparently floated. If regulators accept the lowball offer, perhaps that would be because they haven’t dug deep enough.Because evidence of extensive and abusive servicing practices does in fact exist. It is piling up at the offices of the United States Trustee Program, the arm of the Justice Department that monitors the bankruptcy system. Over the past six months, the trustee has drawn material from 95 field offices covering 88 judicial districts. The findings should dispel any notion that toxic servicing practices were atypical or have done no harm.