$26 Billion Mortgage Settlement May Not Actually Exist

See? The settlement is right here (Shutterstock / Anthony Berenyi )

Remember that $26 billion settlement that the DOJ and 49 attorneys general announced on Thursday with some of the country's biggest banks to let toxic mortgage bygones be toxic mortgage bygones? It may not exist yet. In one of the biggest PR coups since that free trip to South Africa, the details of the settlement were peddled via press releases (and awful stock photos) but the document itself has yet to be seen. "Once the documents are finalized, they'll be posted to nationalmortgagesettlement.com," a representative from the North Carolina's AG office told American Banker. Aw, c'mon Copperfield, give us back the settlement.

"Sources close to the mortgage servicing pact" tell AB that a settlement term sheet, which is exactly what it sounds like, "does not exist." "It is hard for me to believe that they would have gone public in the way that they did if they didn't have it all worked out," an attorney for the National Consumer Law Center told the outlet. "But it is unusual that we don't have a copy of the settlement yet."

Another source close to the settlement tells us, "Oh here's the settlement term sheet right—LOOK OVER THERE IT'S JEREMY LIN!" And yet another source adds, "The settlement will be available as soon as Brian Moynihan finishes marking up his changes. It's on his nightstand as we speak."

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By Christopher Robbins in News on February 11, 2012 5:10 PM

Comments [rss]

"Tim Osman"

$26 Billion? That's pocket change compared to the $2.3 TRILLION that Donald Rumsfeld announced had gone missing from the Pentagon 9/10/2001

http://www.youtube.com/watch?v...

e non

i actually remember reading the nyt piece on that day -- and being shocked that donald rumsfeld was making that statement. but, then, the next day everything changed... and the real looting began.

what i also recall is that the story was buried on the inside -- which considering, it should have been the friggin headline..

"Tim Osman"

It's fucking insane - we are talking roughly 20% of the national debt. I have not heard anything in the media about this since 9/11. He went on TV and told the world and it was disregarded then and basically completely forgotten now. WHAT THE FUCK?