Friday, February 10, 2012

Bank Settlement could be a free pass as fraud by bankers becomes acceptable

It sounds like the banks got their way when it came to this mortgage settlement.  Otherwise they would likely have continued their stalling techniques and continued to hold the government and the country hostage as they threw up smoke screens to hide their criminal behavior.  Just glancing over some terms of the settlement make it clear that those who have suffered the most will likely get nothing near what the deserve.  For example borrower who lost their home to foreclosure due to acts of fraud and deception by the banks, will now be rewarded with a 1500-2000 payment for their pain and suffering. 

Lets get this straight and make sure I am reading this correctly. 

homeowner loses home to party with no legal right to take the property
banks knowingly, in most cases, proceeded to move forward with the knowledge that they were committing fraud

And rather than go after those parties at the heart of the crisis this settlement givers those wronged homeowners a chance to possible collect 1500 to 2000 if they jump through enough hoops.  I believe what I am seeing but I can't believe I am seeing in the United States of America.  The government/wall street complex has taken over the country and citizens are getting shafted.  In the long run will it ever be possible for the public trust in government to return?  Seems like a logical question since politicians are more worried about campaign donation and getting re elected than they are about doing what is right and just in this country.  Corporate criminal behavior has been sanctioned by the government.  The entity that we have lived with for years that was created to protect the public interest has joined forces with the Too Big To Fail banks and hung the American People out to dry. 

The administration is only trying to put on a show before the election to garner votes from those who will be lead to believe that they is in the best interest of the public.  News Flash!, public gets screwed in mortgage settlement.  Obama attempts to placate middle American with a milk bone.

It is still possible that there may be criminal prosecutions for the fraudulent activity that lead to the demise and then the stagnation in the housing market.  However, this is one of many spin attempts to take eyes off the egregious nature of these crimes.  It certainly will not make the banks look bad or take any further hits to their public imagine.  It will take a  little while before we see the effects of this settlement on the housing market. 

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