The news was breathlessly reported in the media, and glowingly announced by Eric Holder:
A multistate settlement with five large U.S. banks over foreclosure practices would include as much as $17 billion in mortgage debt forgiveness and loan modifications and take three years to complete, according to a letter describing the deal.
The draft letter to stakeholders from state attorneys general outlines an agreement among large mortgage servicers, states and the Department of Justice, which are continuing talks to finalize the proposal.
Servicers, including Bank of America Corp., JPMorgan Chase & Co. (JPM), and Wells Fargo & Co., would also have to provide as much as $3 billion in refinancings, enabling borrowers to secure new loans “at today’s historically low rates,” according to the letter.
Another $1.5 billion would be to about 750,000 borrowers who have lost their homes to foreclosure, according to the letter.
States that sign on to the agreement would get “immediate payments” to fund consumer protection and foreclosure prevention efforts.
Lissen' up, ya'll. These banksters perpetrated the greatest swindle in the history of the world! They sold shit mortgages on shit houses to people who had no chance of honoring the terms, thus crippling their futures. In the meantime, they bundled and sold these shit mortgages as securities. Most of them were never recorded in the county courthouses of the land, which is what the law requires.
Then, when the shit mortgages stopped producing, they filed fraudulent, perjured foreclosure documents and kicked the purchasers they had defrauded out of their houses. They used robo-signers to sign the affadavits, often fictitious names, or names of dead people, which is perjury and fraud upon the court. The chain of title has been broken on thousands upon thousands of properties, which will serve to make them unsaleable, or so risky as to gut their market value.
A breathtaking fraud has been perpetrated upon us, and our political leadership are holding the banksters' coats while they stone the culture to death. This makes the corruption of the 1870's look like Amateur Hour, Teapot Dome look like small peanuts, Watergate look like a bad prank.
And now, courtesy of Barry and Eric, they get to sign a civil settlement for pennies on the dollars of wealth they vacuumed away from each and every one of us. And we're supposed to stand up and cheer!
They only have to fork up 4.5 billion in cash, some of it to buy off the state governments, and promise to 'help' by reducing some loan principals--if and when they get around to it. When they fail to honor the agreement, there will be zero enforcement.
Back in the late 1980's, an earlier generation of banksters and politicians collapsed the venerable Savings and Loan industry, which had for decades provided stability in the home sales market by demanding prudence from all parties. At least one of those crooks, Charles Keating, actually was convicted and served four years in the pokey for ruining thousands of lives. The senators he bought off, including John McCain, were named and shamed.
In our day, the politicians make little effort to hide their ennabling of massive fraud.
It is a culture that has decided that only power matters, and slowly and surely it is grinding...to...a....(halt).
OS sees little to no hope in the Presidential race. He thinks our best bet in that arena is to elect fire-breathing honest conservatives at every level from city council to Congress, and keep after them to hold the crooks' collective feet to the fire.
OS also thinks that anyone who is foolish enough to do business with the banks mentioned above deserves the fleecing that awaits.
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