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Friday, February 10, 2012

US: Bank Bailout 2: Obama Lets Mortgage Abusers Off the Hook

Feb. 9, 2012: Bank Bailout 2: Obama Lets Mortgage Abusers Off the Hook - CommonDreams.org

"Obama’s people have performed this function for America’s looters over and over again. They did it for Wall Street, the banks, the rich tax evaders, the insurance companies, the oil companies, the gas companies, the coal companies, the CIA, the DoD, and numerous torturers and their legal/policy enablers and associated war criminals in the previous administration."


The Obama Administration has followed a predictable pattern: Leave No One Accountable


The Obama administration announced this morning that the five largest U.S. banks have agreed to a $26 billion 'settlement' to end lawsuits over abusive practices that forced millions of families from their homes and helped bring about the nation’s financial meltdown.

 After months of talks with state and federal officials, the banks have reportedly agreed to help some homeowners reduce their mortgage debt or refinance their homes at lower rates. Over 4 million familes lost their homes to foreclosure yet just 750,000 people who lost their homes to foreclosure will receive a one-time check for just $1,800 to $2,000, which for many will barely cover the cost of moving. The deal will only help a fraction of the struggling homeowners affected by the bank’s practices.


New York and California have reportedly signed off on the deal after initially holding it up in protest of lenient treatment of the banks.

The deal gives banks immunity from civil lawsuits for "robosigning," a practice whereby homeowners were rapidly evicted without proper vetting.

In his January 24th State of the Union address, President Obama promised a fresh investigation into mortgage abuses that led to the financial meltdown. Now, before that investigation has even begun, Obama is granting these 5 "too big to fail" banks immunity from "robo-signing" abuses.

Read complete report..

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