Prosecutors Take it Easy on Wall Street
In the fall of 2010, after years of tireless work by foreclosure defense attorneys and citizen activists, the media finally shed light on what is widely known as robosigning. Robosigning is a dismissive term for the widespread manufacture of evidence, including real estate document fraud and forgery by banks, in order to fraudulently claim the right to foreclose on the homes of millions of American citizens, when the paperwork to legally do so did not exist. The forgery and fraud was also committed in order to continue the fraudulent mortgage-backed-investment scheme used to deplete American’s retirement savings, pension funds, and 401ks.
Within a few months of the media exposure, a working group comprised of all 50 state’s attorneys general and regulators from federal banking and housing agencies came together, albeit some state’s AGs dragged their feet and only joined the group after it was too politically toxic to remain on the sidelines. The former Alabama AG, Troy King, was so in the thrall of the banks that he stalled until he could no longer do so. He was the 50th AG to join the group. In 2011, Luther Strange succeeded King. As Alabama’s new AG, he was equally reluctant to investigate or rein in the fraudulent practices of the fraudulently foreclosing banks. Many of these prosecutors believe that we should be satisfied with and celebrate the Justice Department gloating over harsh prosecution and punishment of the small fry, regular people caught up in the foreclosure fraud crisis.