By Sydney Sullivan

Original Uploaded on Oct 9, 2009
Rep. Marcy Kaptur talks about trying to work with banks to prevent foreclosures in her hometown of Toledo, Ohio. Bill Moyers Journal airs Friday nights at 9 pm on PBS.

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“Stay in Your Homes – You Are Going To Find They Don’t Have That “Paper” Up There On Wall Street”

This is where I first learned the term of political fraud pandering. American Homeowners thought they had a cheerleader and it turns out Marcy Kaptur and the rest of her political cronies were just another bunch of do nothing politicians. They had the chance to write legislation to outlaw the fraudulent securitization schemes, robo-signing and UNREGULATED DERIVATIVE and they did nothing! The small in consequential crap they did do, like the $25 million National Mortgage Settlement that Kamala Harris oversaw, was a drop in the bucket to the TRILLION$ of debt the banks created from Americans’ mortgages and never helped the over 56+ million American families that lost, short sales, or walked away from their homes. This and other bank/government “settlements” were just a smokescreen leading up to another election.

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The Federal Deposit Insurance Corporation (FDIC) chairman serves at the pleasure of the President of the United States. During the financial crisis of 2008, Sheila Bair was chairman of the FDIC and was a member of a very small club: competent crisis-era financial regulators. Bair was one of the primary policymakers in Washington, DC during the 2007–2009 financial force majeure.

It was during that time many banks and pretender lenders failed, including IndyMac Bank, FSB and Washington Mutual aka “WaMu”. Deals were contrived between banks by the FDIC as it stepped in as receiver to peel off assets making Master Purchasing Agreements between parties.

In some cases, like IndyMac and WaMu, these deals were struck before a bank could seek reorganization under bankruptcy protection. These “deals” included sealing documents that it appears pertain to sale agreements and the operations of the banks that probably should have led to a Securities and Exchange Commission investigation – rather than covering up the potential for fraud under court seal of, as it appears, the “Unassigned Records” as in the case of IndyMac. Continue reading →