Foreclosuregate: One and Done for Obama?

Discussion in 'Politics' started by georgephillip, Jan 23, 2012.

  1. georgephillip
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    georgephillip Gold Member Supporting Member

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    "U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department's criminal division, were partners for years at a Washington law firm that represented a Who's Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.

    "The firm, Covington & Burling, is one of Washington's biggest white shoe law firms. Law professors and other federal ethics experts said that federal conflict of interest rules required Holder and Breuer to recuse themselves from any Justice Department decisions relating to law firm clients they personally had done work for."

    In spite of overwhelming evidence from all across the country of apparent criminal violations in foreclosure cases, Holder and Breuer haven't brought a single criminal case against big banks (BofA, Citigroup, JP Morgan Chase and Wells Fargo) or other mortgage servicing companies.

    "The evidence, including records from federal and state courts and local clerks' offices around the country, shows widespread forgery, perjury, obstruction of justice, and illegal foreclosures on the homes of thousands of active-duty military personnel..."

    "In an interview in late 2011, Raymond Brescia, a visiting professor at Yale Law School who has written about foreclosure practices said, 'I think it's difficult to find a fraud of this size on the U.S. court system in U.S. history.'"

    Holder has resisted calls for a criminal investigation since October 2010, when evidence of widespread "robo-signing" first appeared, and Obama currently believes any investigation threatens the economic "recovery."

    Insight: Top Justice officials connected to mortgage banks - Yahoo! News
     
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  2. georgephillip
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    georgephillip Gold Member Supporting Member

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    Covington and Burling, the DC law firm where Eric Holder and Lannie Breuer were partners for years, was also a staunch defender of Freddie Mac and the Mortgage Electronic Registration System (MERS).

    "Covington represented Freddie Mac, one of the nation's biggest issuers of mortgage backed securities, in enforcement investigations by federal financial regulators.

    "A particular concern by those pressing for an investigation is Covington's involvement with Virginia-based MERS Corp, which runs a vast computerized registry of mortgages.

    "Little known before the mortgage crisis hit, MERS, which stands for Mortgage Electronic Registration Systems, has been at the center of complaints about false or erroneous mortgage documents.

    "Court records show that Covington, in the late 1990s, provided legal opinion letters needed to create MERS on behalf of Fannie Mae, Freddie Mac, Bank of America, JP Morgan Chase and several other large banks.

    "It was meant to speed up registration and transfers of mortgages. By 2010, MERS claimed to own about half of all mortgages in the U.S. -- roughly 60 million loans.

    "But evidence in numerous state and federal court cases around the country has shown that MERS authorized thousands of bank employees to sign their names as MERS officials.

    "The banks allegedly drew up fake mortgage assignments, making it appear falsely that they had standing to file foreclosures, and then had their own employees sign the documents as MERS 'vice presidents' or 'assistant secretaries.'"

    Insight: Top Justice officials connected to mortgage banks - Yahoo! News
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    New Obama mortgage bailout...
    :cool:
    Obama Proposes New Mortgage Bailout: Tax Banks to Help 'Responsible' Homeowners
    January 26, 2012 – President Obama during his State of the Union speech Tuesday debuted a new plan aimed at fixing one part of the housing crisis, saying that he would soon send Congress a bill to help some people refinance their mortgages.
     
  4. konradv
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    konradv Gold Member

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    HUH?!?! Obama is singlehandedly lifting us out of the BUSH DEPRESSION.

    Makes as much sense as the OP. :cool:
     
  5. georgephillip
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    georgephillip Gold Member Supporting Member

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    Obama's finally discovered the housing mess is almost certain to get worse before it gets better, and he needs better propaganda to ensure it doesn't blow up before November. The banks will do what they do best and settle as many claims as possible with other people's money. That could allow banks the use pension funds to pay for the "settlement."

    If this settlement allows mortgage servicers to write down the value of mortgage=backed securities owned by investors without requiring servicers to reduce principal on the mortgages and second liens that they own, then teachers, first responders and other pensioners and retirees will pay for Wall Street's crimes. (again)

    http://www.nakedcapitalism.com/wp-content/uploads/2014/01/Screen-shot-2012-01-22-at-11.51.12-PM.png
     
  6. waltky
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    waltky Wise ol' monkey Supporting Member

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    Good news for consumers...
    :cool:
    CFPB Takes Aim at High Mortgage Fees
    5/10/12 --- The Consumer Financial Protection Bureau is out with new regulations that are designed to give home buyers more choice and more transparency when investing in a home mortgage.
     
    Last edited: May 10, 2012
  7. Listening
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    Listening Gold Member

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    Another tax....just a small one.

    If Obama's single handedly done anything it has been to put a drag on the recovery to where many still think we are in a recession.

    BTW: It's the Pelosi/Ried depression....just to keep it clean.
     
  8. georgephillip
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    georgephillip Gold Member Supporting Member

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    65% of all economic gains during the Bush years went to the 1%.
    93% of economic gains during the last two years went to the same 1%.
    Bush and Obama serve the same masters.
     
  9. georgephillip
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    georgephillip Gold Member Supporting Member

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    "With only six decades of IMF history to draw from, the template being used in Europe (and in America) is (1) install or corrupt a political elite who will support extractive economic policies for the benefit of bankers, (2) indebt, or cause to become indebted, a naïve, oblivious or otherwise captive population who will accept, grudgingly or otherwise, the institutional convention that the debt is legitimate and must be repaid, (3) under a patina of intellectual legitimacy, implement openly extractive economic policies against entire populations for the benefit of said banks, (4) while the culpable elites retire to large houses behind high walls with their portions of the loot.

    "In the 1980s major New York banks (Wall Street) made loans to South American and African nations using this template. In some fair proportion the proceeds of these loans were promptly re-deposited into these same banks in the names of specific government officials.

    "When the victim populations rebelled, arguing either that the debt was not legitimate and didn’t need to be repaid, or realized that the debt was a de facto form of slavery and couldn’t be repaid, these New York banks were bailed out by the U.S. government under the veil of 'Brady Bonds' and the government took over as creditor to collect the debts.

    Give Obama a second term and he will add privatization of Social Security to his list of class crimes.

    FLUSH the DC Toilet in 2012.
    Vote against every incumbent running for reelection.

    We’re All Greeks Now » Counterpunch: Tells the Facts, Names the Names
     

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