Mortgage Fraud Whitewash: $20 Billion “Get Out of Jail Free” Settlement Floated

Mortgage Fraud Whitewash: $20 Billion “Get Out of Jail Free” Settlement Floated

American leadership is reliable in one respect: it consistently undershoots my already low expectations.

Or maybe I have it backwards because I keep forgetting who the authorities are really serving, and it clearly isn’t you and me. As we will discuss below, the latest scam is that the banking regulators are finalizing a mortgage “breakdown” settlement, and they’ve evidently decided to let the industry off the hook for a mere $20 billion.

In Saudi Arabia, the royal family has just offered $36 billion worth of concessions in an effort to placate an increasingly unruly public (this appears to be in addition to pledges to spend $400 billion on education, health care, and infrastructure by 2014). This is in a country with a population just under 26 million, including over 5 million non-nationals who presumably aren’t eligible.

Now you can easily pooh pooh this comparison, since Saudi Arabia is an autocratic country desperately throwing around money to buy off dissidents, right? But this is the kind of money a leadership group will shell out when pressed to defend an existing order. And the US was very quick to hand out funds right, left, and center during the financial crisis. It’s continuing to do so now in less obvious ways, by continued life support for the mortgage market through Fannie and Freddie, the Fed’s super low interest rates and QE2, and non-monetary measures, most important its refusal to make any sort of serious investigation into what happened in the crisis and prosecute key actors.

Check out the rest here…


5 Responses to “Mortgage Fraud Whitewash: $20 Billion “Get Out of Jail Free” Settlement Floated”
  1. Bobby McBiggaboy says:

    We must RISE UP, fair citizens, and conquer this dastardly foe which is before us! The Government is clearly on the side of the banks, which is amusing, considering the fact that the Democrats usually HATE the financial industry. This is unbelievable to me. When will we bantogether as a people, and show the Government that we are no longer agreeable to being their whipping boys?!?!

  2. l vent says:

    Dictatorships always crumble. Free will always prevails.

  3. John says:

    When key actors are facing prosecution, they talk and they can’t have that because they might just talk about YOU.

  4. AvianMedia says:

    Is it wise to attack Fannie and Freddie? They can be reformed into a competitor to the Fed. Provide competition to the private sector banksters. Of course, competition is the last thing these bastards want.

    • l vent says:

      Fannie/Freddie is a GSE. They and the fed are part of the Government cabal. The private sector is virtually dead in America. Multinational Corporations are in bed with a corrupt Government and they want to own and control everything in this country. The world is being run and controlled by an elite secret society and that includes our own Government. America is being held hostage by and elite group of financial terrorists who do not want the American people to own even a slice of the pie and clearly want to bankrupt America. These secret societies have corrupted and infiltrated everything. They have strategically killed competition in America with their giant octopus like conglomerates with tentacles that are far reaching.. National Sovereignty because of the free will of the people will ultimately prevail. The mortgage industry is a dead fraudulent business model and there is no fixing fraud. The Government needs to keep its dirty little fingers out of housing they are a proven failure. The entire country is so corrupt that the Imperialist, Dictatorship Oligarchy will collapse under its own weight. The American people will not be debt slaves to the elite criminal enterprise.

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