Interview w/Naked Capitalism’s Yves Smith on Mortgage Settlement and Bank Hostage Crisis (VIDEO)

Last month’s proposed $25 billion mortgage settlement involving 49 states along with Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial is a step closer to being official, reports Reuters, as Federal representatives ask a judge to approve it. Supporters claim this deal attempts to prevent the mortgage crisis from happening again, with banks agreeing to revamp loan modification procedures and abandon abusive practices such as robo-signing. But critics argue this is a case of a trend we’ve seen far too many times before: a settlement that’s a good deal for the banks, where they admit no guilt, but a lousy deal for homeowners. Yves Smith is author of the popular blog Naked Capitalism and the book Econned. She’s a critic and has followed this deal closely throughout the entire process and breaks down why this is the case and how this deal ended up with “a lot of garbage in it.” Smith says banks are paying much less than $25 billion, there is no element of damages or notion of punishment, and the cash payments for people who lost their homes wrongfully is so trivial it’s insulting.

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2 Responses to “Interview w/Naked Capitalism’s Yves Smith on Mortgage Settlement and Bank Hostage Crisis (VIDEO)”
  1. No shit Shurlock. I hate the word Naked Capitalism and mistrust anyone that uses it as a logo or montra. Capitalism is the absence of government regulation. Malum in se laws protects our rights and property whereas Malum Prohibitum laws regulate our lives based on political determinations and trusting the determinations of politicians and bureacrats, as we have learned throughout histroy, is moronic. Politicians and their minion bureacrats are little more then paid liars to enhance one group almost always to the detriment of the majority. Capitilism cannot be naked, it cannot be undressed or striped of the basic human will of mankind to do with what is in their own best interest; a democracies fatal flaw, thinking that people vote for what is in the majorities best interest, instead of their own. Do you really wonder how our society is controlled by central banking and government in corruptive collusion to control the means of production and use your tax dollars to do it? No Shit Shurlock. The government will never protect you and waiting for it to do so will cause you to hold your breath until death.

    • lvent says:

      St. Elmos Fire..that is exactly what I have been hearing alot of talk about on the financial channels by some of these Wall Street dealer/brokers…They are saying that the problem is not Wall Street…..the problem is the Government…and they want the Government and their regs out of Wall Street…! What a crock..! Obviously there hasn’t been any rules or regs for decades…and that is how they stole all of our wealth and they still are and why we are all here on the doorstep of fraudulently induced bankruptcy and the total and complete loss of our National Sovereignty..! The problem is they are all in the sack together and therefore there is too much corruption. There is also an ideology that is ingrained in the heads of these Wall Street tycoons and the Investors that was put there by the Government…therefore, the banks all really believe they are all above the law ..and the Investors believe that they should never lose and that they bought into a gravy train that would never crap out…when all the banksters really did was commit massive fraud and get filthy rich from it…..the politicians allowed all of it and all of them were getting filthy rich and balling each other while it was all happening…all the investors really bought was an invitation to the biggest party ever..on the tab of the AMERICAN PEOPLE…!!! WELL THE PARTY IS OVER…and it is time for the crooks to pay the American people back our stolen wealth..!

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