“Sneaky” comes to mind to describe the government and the banksters regarding two settlements between US banks and government regulators who alleged that the banks were guilty of widespread abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers. The banksters agreed to pay out more than $20 billion on Monday to resolve claims arising from the mortgage crisis. Continue reading
Federal Regulators Sue Big Banks Over Mortgages
By NELSON D. SCHWARTZ and KEVIN ROOSE
Published: September 2, 2011
A bruising legal fight pitting the country’s most powerful banks against the full force of the United States government began Friday, as federal regulators filed suits against 17 financial institutions that sold the mortgage giants Fannie Mae and Freddie Mac nearly $200 billion in mortgage-backed securities that later soured.
New York State Attorney General Eric Schneiderman may go down in history as the most important public official in reforming the corrupt financial system that caused the great Financial Crisis of 2008 and holding the perps responsible — if he can hold out against pressure from Wall Street, the Federal Reserve, and the Obama administration to give Wall Street a “Get Out of Jail Free” card.
Eric Schneiderman has played a key role in the investigation of foreclosure fraud and robo-signing by 50 state attorneys general against JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Ally Bank. Reportedly, most of of the attorneys general — Continue reading
“Most Basic Values” Bank of America video – Sent by ACE at Foreclosure Hamlet
What if we came together and made the nation’s largest banks like Bank of America follow the same rules as we all do around fairness and honesty, paying their…
Yes, that’s what we want – but we need to be united to get it. Yesterday BofA broke a dime. That means their stock plummeted below $10 a share – at one point it was at $9.88. Like most of the banks there has been a snowball effect as people, companies and nations withdraw their funds and short the bank stocks.
Nothing the government can do, short of taking over the banks or propping them up with more money, can stop the declining stock – this is Capitalism shaking out its dirty laundry. Raising the debt ceiling to pour more money into the failing banks is not the Capitalism that big business continually cries for whining that it will police itself. Continue reading