Yea? When?

I will believe it when I see it. The French film crew met with Miller in Washington before spending four days with us and they were not impressed by his stance and comments on foreclosure fraud in the interview he gave to them which we will post here once their production is published…

Anyway, from the Huffington Post…

Tom Miller: ‘We Will Put People In Jail’ For Foreclosure Fraud

The leader of a nationwide investigation of foreclosure fraud told homeowners Tuesday that the probe will have some serious consequences for bankers.

“We will put people in jail,” Iowa Attorney General Tom Miller said, according to homeowner advocates present at the meeting in Des Moines.

Miller said the 50 attorneys general participating in the investigation want criminal prosecutions as part of a big settlement with home-loan providers. The probe launched this fall in the wake of news that the foreclosure processes at many large banks are as bogus as the lending practices that fed the housing bubble in the first place, as banks granted loans indiscriminately to feed derivatives-market speculation and failed to track original mortgage documents after packaging the loans and selling them to investors.

Several banks temporarily halted foreclosures shortly after some of the more egregious practices were revealed, but resumed seizing homes as the scandal fell off the front pages.

Other components of the proposed settlement would require banks to modify home loans and reduce debt burdens for customers whose homes are worth less than their mortgages.

“One of the main tools needs to be principal reductions, just like in the farm crisis in the 1980s,” Miller told the assembled homeowners, adding that he also supported restitution for victims of wrongful foreclosure. “There should be some kind of compensation system for people who have been harmed.”

Struggling homeowners who apply for mortgage modifications often make the unhappy discovery that the foreclosure process starts at the same time as the modification process — and the foreclosure moves faster than the modification.

It shouldn’t be that way, Miller told the homeowners in Des Moines: “To have a race between foreclosures and modifications to see which happens first is insane.”

Check out the rest from the Huffington Post here…

From the Ticker…

Jail For Bankers As A Christmas Present?

Hope springs eternal…

The leader of a nationwide investigation of foreclosure fraud told homeowners Tuesday that the probe will have some serious consequences for bankers.

“We will put people in jail,” Iowa Attorney General Tom Miller said, according to homeowner advocates present at the meeting in Des Moines.

I don’t believe it.

But – if we actually see people get indicted – and not just foreclosure mills but also banks – big banks – I’ll be officially impressed.

It will also be the first time since this mess blew open in 2007 that I’ve seen any indication of prosecution of people who did evil (and illegal) things.

Let me say this very clearly to the advocates: do not believe a damn thing until you see actual indictments and they are either corporate indictments of the large banks OR are aimed at their officers.

If all we get are low-level “robosigner” indictments then we get nothing.  Those people may indeed have broken the law but they didn’t do it on their own – they were paid to break the law, and when you enter into a conspiracy to do an unlawful thing everyone involved is equally culpable.

There are hundreds if not thousands of people in prison for driving someone to the bank for the purpose of robbing it.

This is no different, except it was you, the citizen, that got robbed.

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Like I said, I will believe it when I see it…

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