Senator Bob Corker, R-Tenn | Principal Reductions or Cash Payments to Homeowners Who did not Pay their Mortgage is un-American, and it is Wrong

Corker to Donovan: How Will $26 Billion Foreclosure Settlement Cost Americans Saving for Retirement?

WASHINGTON – In a letter to Housing and Urban Development Secretary Shaun Donovan, U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking Committee, requested information regarding how the $26 billion settlement with banks over improper foreclosure practices would impact Americans’ retirement savings. Earlier this month, the nation’s five largest banks agreed to execute $20 billion in mortgage relief and provide $5 billion in payments to states as restitution for failing to comply with filing regulations when foreclosing on homeowners who were not making their mortgage payments. Investors have warned the mortgage relief will be borne in part by pension and 401k plans invested in mortgage securities that will lose value when banks reduce principal on the underlying home loans.

“I would like to know how the settlement will impact the retirement funds of millions of Americans who have 401(k) or pension plans that may be invested in mortgage securities. It appears that the draft proposal may allow losses from principal write downs to be borne by private mortgage investors who are investing on behalf of retirees and pensioners,” Corker wrote in his letter to Donovan. “While press coverage of this settlement and statements by the administration make it sound like the biggest banks are the ones paying into the $26 billion fund, it appears that the losses will actually be borne by private investors, which actually includes the savings of hard working public and private sector workers of all stripes like teachers, firefighters, computer programmers, nurses, among others. Using the funds of these individuals to provide principal reductions or cash payments to homeowners who did not pay their mortgage is un-American, and it is wrong…We absolutely must not shun the concerns of these investors, who are acting largely on behalf of savers and retirees, or we risk entrenching ourselves even further in a dangerous cycle of government dependence and taxpayer losses for mortgage credit.”

A complete copy of the letter to Donovan, who testified today in the Banking Committee regarding the state of the housing market, is attached below.

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4closureFraud.org

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Corker Letter to Donovan

Comments
27 Responses to “Senator Bob Corker, R-Tenn | Principal Reductions or Cash Payments to Homeowners Who did not Pay their Mortgage is un-American, and it is Wrong”
  1. lvent says:

    I am going to try and post a documentary that the BBC made about pedopohilia and the politicians… CONGRESS WOULD NOT ALLOW THE DISCOVERY CHANNEL TO AIR THIS DOCUMENTARY…IT IS ALL ABOUT THESE SCUMMY POLITICIANS AND ALL OF THEIR SICK CRIMES INVOLVING PEDOPHILIA AND YOUNG BOYS…THIS IS STILL GOING ON TO THIS DAY AS YOU CAN YOU TUBE SEARCH THE VIDEOS WHERE CNN AND FOX REPORTED THERE WAS A PEDOPHILE STING AT THE PENTAGON FAIRLY RECENTLY..IF THE VIDEO DOES NOT POST..YOU CAN YOU TUBE SEARCH THE TITLE….CONSPIRACY OF SILENCE…THESE POLITICIANS ARE SICK SCUMBAGS AND THIS IS EVIL BEYOND COMPREHENSION INVOLVING THESE POLITICIANS AND ALL OF THEIR SICK, EVIL MINIONS AND COHORTS…YOU MIGHT ALSO WANT TO YOU TUBE SEARCH THE YOU TUBE VIDEO ENTITLED… EX-FBI AGENT TED GUNDERSON EXPOSES THE CIA AND SATANISM…….AND ALL EX-FBI AGENT TED GUNDERSONS VIDEOS ARE EXCELLENT AND EXPOSE THE REAL UGLY TRUTH ABOUT ALL OF THEM.. AND ARE WORTH THE WATCH…!
    NOW I WANT TO KNOW JUST WHO DO THESE POLITICIANS THINK THEY ARE…??? CALLING ALL OF US VICTIMS…DEADBEATS..!!! THROW THEM ALL OUT NOW AMERICA…! YES WE CAN…!

    • lvent says:

      MUST WATCH AND SHARE THE ABOVE POSTED YOU TUBE VIDEO ENTITLED..CONSPIRACY OF SILENCE…WHICH IS A BBC DOCUMENTARY THAT CONGRESS WOULD NOT ALLOW THE DISCOVERY CHANNEL TO AIR…THIS DOCUMENTARY EXPOSES CHILD PEDOPHILIA AND ALL OF THESE DIRTBAG POLITICIANS…!

  2. Another crook senator, vote them all out !

  3. lvent says:

    Stopping paying the mortgage was not a decision…it was forced..and I would like to know how much tax payer money Corker has hidden away and who is paying him the big bucks to keep the ponzi scheme going and blame the victims just like the Nazis did in Germany..? Ill bet that this guy is an evil crook and a creep with plenty of skeletons in his closet…! IT IS JUST ABOUT TIME FOR SOME AMERICAN PATRIOTS TO OPEN UP PANDORAS BOX ON ALL OF THESE CREEPS…! LETS JUST SEE WHO IS CALLING WHO A DEADBEAT…!!! THESE HYPOCRITES ARE ALWAYS THE WORST AND THE MOST EVIL ONES…!!!! THE BIGGER THE HYPOCRITE, THE MORE LIES THEY ARE WILLING TO SPEW….AND I HAVE SEEN THIS IN REAL LIFE…LOTS OF TIMES…THE EVIL CHEATERS AND THE LIARS AND THE CRIMINALS ARE ALWAYS THE FIRST ONES TO BLAME THEIR VICTIMS…..!!…ILL BET THE FBI AND THE CIA HAS A REAL DIRTY FILE ON DIMON AND MOYHNIHAN AND ALL OF THESE CEOS AND PROBABLY BERNANKE AND HEIL GEITHNER TOO…..AND ILL BET THESE CEOS HAVE A DIRTY FILE ON THE POLITICIANS AND THE HIERARCHY OF THE CLERGY…… I WOULD BET THIS GUY, CORKER IS A CREEP WHO IS TRYING TO HIDE PLENTY OF SMUT…THIS IS ABOUT WAY MORE THAN GREED..THIS IS ABOUT SOMETHING MUCH MORE EVIL..AND I BELIEVE THE TRUTH WILL BE REVEALED ABOUT ALL OF THESE SCUMBAGS..ON ALL SIDES OF THE COIN…SOON..!

    • lvent says:

      I truly believe what all of these crooks are hiding is sinister…and I am now starting to wonder what they have on members of the media..????? .this is about way more than jobs and money or loyalty..there is no loyalty with any of these people…this has to be about some really sinister and evil smut……the media and the cops and the FBI and the States Attorneys are all getting robbed of all of their wealth, freedom and independence too..for the love of God..! IS IT REALLY WORTH IT…??? will someone please come out with something on these villains that will put an end to all of this MASSIVE CRIMINAL FRAUD, LIES AND DECEPTION…FOR THE GOOD OF ALL MANKIND..??? WE NEED A BOMBSHELL REPORT ON THESE POLITICIANS …HERE AND NOW…!

  4. Fury says:

    85% of foreclosed homes in SF were found to be stolen by parties that did not own the mortgage.

    bob corker, do your homework and find out how many homes in nashville, memphis, and murfreesboro
    (and other TN cities and towns) were stolen.

    you are a disgrace to the people of tenn. who have had their homes stolen.

  5. lvent says:

    Dylan Ratigan just said that the people do not fund Wall Street…
    YES WE THE PEOPLE DO…BUT IT IS HIDDEN AND INDIRECT BECA– USE WE FUND THE FED RESERVE VIA THE U.S. TREASURY DEPT…..AND THE FED RESERVE OWNS WALL STREET VIA MANY PROXIES……AND THEIR WALL STREET FIRMS THAT THEY OWN ARE ALLOWED TO OVERSELL AND OVERSPECULATE ALL OF OUR WEALTH…ANDN GET FILTHY RICH FROM ALL OF THOSE MASSIVE LIES, DECEPTIONS AND FRAUD…AND MF GLOBAL AND JOHN CORZINE PROVE THAT….!
    IT IS THEREFORE… HIGH TIME THE AMERICAN PEOPLE WOKE UP AND STOPPED PARTICIPATING, COMPLYING AND CONFORMING WITH ALL OF THESE CRIMINALS AND ALL OF THEIR MASSIVE CRIMINAL… LIES, FRAUD AND DECEPTIONS…!!!
    IT IS WAY PAST TIME FOR THE AMERICAN PEOPLE TO PUT OUR MONEY WHERE OUR MOUTH IS…!!! DYLAN ALSO HAD A GUEST WHO SAID THAT ALL OF THE SS MONEY IS ALL GONE…WELL IT IS TIME FOR THE AMERICAN PEOPLE TO FIND OUT WHO THE FUCK STOLE IT AND PLUNDERED ALL OF OUR FUCKING MONEY…THAT WE ALREADY PAID IN…..??? THEY WANT US TO WORK UNTIL WE ARE 75 OR 80 YEARS OLD… TO COLLECT THAT PITTENCE…? SCREW THEM…AND SCREW THAT…! WE THE PEOPLE DEMAND ALL OF OUR STOLEN WEALTH BE RETURNED…..NOW…!!

    • lvent says:

      IF WE THE PEOPLE DO NOT MAKE A STAND INDIVISIBLY RIGHT NOW…WE THE PEOPLE WILL ALL BE EATING CAT FOOD WHEN WE ARE OLD…!

      • lvent says:

        OR WORSE THAN ALL OF US HAVING TO EAT CAT FOOD WHEN WE ARE OLD…WE THE PEOPLE WILL BE HOMELESS AND DESTITUTE AND EATING OUT OF GARBAGE CANS UNTIL WE ARE ALL LAID TO WASTE….BECA– USE OF WHAT THESE FEDERAL RESERVE CRIMINALS HAVE STOLEN FROM ALL US…STOP COMPLYING AMERICA…!!! STOP PAYING, STOP CONFORMING WITH THIS FRAUD…AND OCCUPY..GUTS, GUNS, GOD….!!!

  6. Fury says:

    put a cork in it, bob.

    a tennessean of all people, should know not to play into the hands of con artists.

    not only is AMERICAN to stand up and fight the Crooks, it is UNIVERSAL.

  7. Barbra Orr says:

    Bob Coker is an example of a person that opens their mouth then inserts both feet. He is probably really from Mississippi, sorry no one wants to claim. I really think some of these politicians have been sexually starved by there wives or whomever. That is why they are always so uptight and running at their mouth making the most ignorant statements. He is an embarrassment to the people of Tennesseei had better stop right here before I really get started on his mom, and on and on.
    Sorry you good people from Tennessee, instead of an apple you have a sour prudish lemon.

  8. leapfrog says:

    The securitization Ponzi scheme foisted on unsuspecting buyers with deliberate and willful clouding of title to 62 millions by the diabolical MERS is UN-AMERICAN and IT IS WRONG.

    Stick THAT in your pipe and smoke it, Corker. You vile and worthless bankster’s boot-licking, yellow-bellied, two-faced, brown-nosing, forked-tongued, money-pimping, parasite-on-the-back-of-taxpayers, corporate-owned tool.

  9. Wake Up America! says:

    No surprise here. This is the same Bob Corker who was adamant that taxpayers should not bail out the U.S. auto manufacturers, yet he had no problem with his state shelling out over $500 million in tax subsidies to lure Volkswagen to Chattanooga. There is also a Nissan plant in Smyrna.

    This is the same Bob Corker who has referred to Medicare and Social Security as “generational theft” but apparently has no problem with the “financial theft” committed by the banks.

    Brush up on the good senator’s record while Mayor of Chattanooga. He pushed through the sale of public wildlife wetlands so a Wal-Mart could be built – without a referendum or vote. Turns out Mr. Corker’s trust had an interest in the land, which he profited handsomely from. And I’m sure Senator Corker has no problem with the banks missing paperwork. The official records from Corker’s tenure as Mayor from 2001-2005 and his 1996 service as state finance commissioner are missing.

    This guy truly is a “corker” when it comes to crony capitalism.

  10. gregory says:

    Another one of our senators paid and bought for by the wall street groups……

  11. leapfrog says:

    Bailing out bankster scum with taxpayer money is UN-AMERICAN.

  12. Jason Werner says:

    Wow, one of the few Republican whores with whom I agree because:

    1. Principal reduction is a scam, whereas the banksters lie about the real lprincipal on their own books even though they can’t even admit who owns the alleged loan.

    2. Injured borrowers don’t need payments – they need justice and a lump sump immediately

    3. “Borrowers who don’t pay:” why pay to a crook, whereas you’d only be validating the bankss fraud if you pay them anything, anything anything.

  13. leapfrog says:

    Corker is one of the biggest bank whores, besides Bacchus and Schumer.

  14. TMT says:

    Bob Corker… He is voting for MERS II…. And if all the loans that are packaged and securitized under fraudulent circumstances, the banks need to putback all the loans. The tax payers, pension funds and 401 K investors should not tolerate the illegal actions of those banks that packaged the loans to securitization. Period. Bob Corker seems like misleading his constituents. Lemon Laws should apply to everyone including banking industries.

  15. lvent says:

    IT IS WAY PAST TIME THE AMERICAN PEOPLE DEMAND ALL OF THESE POLITICAL TRAITORS ARE HELD ACCOUNTABLE AND THROWN IN A MILITARY PRISON…RIGHT NOW…!!
    THE TRUTH IS GOING TO BE REVEALED VERY SOON ABOUT WHAT ALL OF THESE POLITICAL TRAITORS TO AMERICA ARE REALLY HIDING AND COVERING UP AND DO NOT WANT TO BE REVEALED..THAT COULD BE THE ONLY REASONABLE EXPLANATION THAT I CAN COME UP WITH AS TO WHY ALL OF THESE POLITICIANS AND LAW ENFORCEMENT ARE ALL ACTING LIKE SUCH EVIL, FASCIST NAZI DICTATORS AND WHY THERE HAVE BEEN NO CRIMINAL PROSECUTIONS OF ANY OF THESE CROOKS TO DATE…!!! THERE IS NO REASONABLE EXC– USE AT ALL WHY WE THE PEOPLE ARE STILL FIGHTING FRAUDCLOSURE TO THIS VERY DAY AND THERE ARE NO ATTORNEYS WHO ARE WILLING TO FIGHT FOR CLEAR TITLE FOR HOMEOWNERS…THESE ACTS ALONE ARE UNEXPLAINABLE SO THEREFORE THESE ACTS ARE PROOF OF AN ONGOING COVER UP FOR ONGOING CRIMINAL ACTS OF FRAUD, VIOLATIONS PROSECUTABLE UNDER THE RICO ACT, AND ROBBERY AND CRIMINAL EXTORTION..!
    IN FACT, I WOULD BE WILLING TO WAGER A BET THAT WHEN THE TRUTH COMES OUT..AND IT WILL..
    AND WHEN THE TRUTH ABOUT ALL OF THESE TRAITOR POLITICIANS AND THESE ATTORNEYS AND JUDGES IS FINALLY REVEALED TO ALL…THE TRUTH WILL BE UGLIER, ,MORE VULGAR AND FILTHIER THAN ANYONE COULD EVER HAVE IMAGINED…!!!!
    WE THE PEOPLE ARE SEEKING THE TRUTH ABOUT ALL OF THESE TRAITORS AND THEIVES…AND WE THE PEOPLE WILL HUNT THE TRUTH…..AND WE WILL FIND IT ALL OUT…AND WE THE PEOPLE WILL EXPOSE IT EVERYWHERE…!
    AND ALL OF YOU CRIMINALS ARE ALL GOING TO HAVE HELL TO PAY FOR THIS TREASON IN THE END…
    ALL OF YOU TRAITOR POLITICIANS CAN TAKE THAT MESSAGE FROM WE THE PEOPLE, TO ALL OF YOUR BIG , FAT , PHONY CRIMINAL FRIENDS AT THE BIG, FAT, PHONY FEDERAL RESERVE BANK..!
    OCCUPY…GUTS, GUNS, GOD….!!!

  16. talktotennessee says:

    Well, now you see what we have to contend with here in TN!
    This Republican millionaire’s main focus is for Corporate special interests but he made his way into politics in TN just like most Republicans do by appealing to voters on those same hot button items all the GOP pulls out for election (show) time.
    If you want to change the face of the housing industry, ANYONE, focus on ridding Congress of members like Corker whose primary goal is Corporate America and not his constituents. I have written him and Lamar Alexander, the other Senator, numerous times and it is like pouring water on a brick. They are not interested in their constituents except when they need a vote.,
    Further. . .TN state legislature is GOP dominated who is requiring photo ids to further restrict elderly and minority voters, disenfranchising a segment of voters who tend to vote for things like health care, Social Security and Unions.

    Shareholders/investors bought into a system of investing based on bank fraud and rating deceipt! The settlement was designed to grant immunity of the banks from shareholders. Corker is saying this is wrong because homeowners defaulted. He says nothing about faud or deceipt of the banks because he is a Wall Sreet ‘boy’. These people want to blame the victim for being victimized.
    I recommend EVERYONE reading this and hopefully those you reach in other blogs and radio shows make Corker and example of uncaring Senator who has only Wall Street’s interest at heart.
    Let OCCUPY picket Corkere’s HO– USE!
    PLEASE!!!!!!!!
    p.s. When REOs are sold at 50% losses, the shareholders take the hit, not the banks. Corker knows this but chooses to attack homeowners who want to modify and keep their homes. He prefers they be sold on the courthouse steps and the money distributed. Hang the homeowner!!!

    • BigBob says:

      Hi talktotennessee,

      I am in TN also. We are victims. Have done the same re Corker and Alexander, as well as local representative.

      Would like to communicate.

      BigBob

  17. Art says:

    Oh, but it is American that these scumbag banking outfits can create “money” out of thin air to fund these mortgages in the first place, via their fraudulent fractional reserve “system” that makes debt slaves out of us all ? Gee, I wonder who funds this guys reelection campaigns….

    • lvent says:

      talk to tennesse…therefore, the only reasonable and rational explanation for this ongoing evil cover up could only mean one thing…What these politicians have themselves done and are hiding and covering up is even more criminal and even more evil and even more heinous than what these FEDERAL RESERVE financial criminals did…even above the treason that we know they all committed I am sure that the FEDERAL RESERVE has the scummy 411 on all of them and all of the proof…and are holding these traitor politicians hostage with this hidden information….and when the truth is revealed….and it will be because God promised that it would be….and all of the truth becomes well known about what all of these politicians are hiding and covering up so desperately…it will very likely be the tipping point and be the cause for the America people to take up arms against it….!

  18. Eugene Villarreal says:

    Bob Corker must having been living under a rock for last six years. Welcome ! Bob Corker. Your Attorney General and the rest of the worthless AGs are responsible for the untransparent settlement..

    • talktotennessee says:

      Tennessee is one of the worst. Their state legislature is not far removed from carpetbag days in mentality! Coker, the AG and others in TN politics believe the majority of Tenneseans are sitting on the couch with their big screen, beer and pizza and don’t give a – – – -!
      Frankly, they might be right. . . .

  19. Katheryn says:

    Would anyone expect anything different from one of these a$$wipes???

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