We criticized the deal as being bad for homeowners (as in likely to accelerate foreclosures, rather than alleviate them, as claimed), bad for investors (due to the amount being too low for putbacks and an outrageous sellout based on the waiver for chain of title problems) and rife with conflicts of interest. Indeed, almost immediately after the settlement was announced, a group of investors who had been pursuing their own claims on three of the trusts in the settlement filed a petition as a means of objecting to the deal and its failure to provide a means for investors like them to opt out.
Two public officials, Eric Schneiderman, the New York attorney general, and Representative Brad MIller, who is a member of the House Financial Services Committee, apparently also suspect the pact does not pass the smell test and are asking some tough questions.
As described by both Bloomberg and Gretchen Morgenson of the New York Times, Schneiderman sent a letter to Bank of America and the 22 investors that suggested that he may oppose the deal. The bone of contention is that the parties that put this deal together failed to include or even consult all the investors
It's time to resurrect George again:
THEY OWN YOU!