Obama’s $26 Billion Foreclosure Fraud Fix Was Just A Settlement For Big Banks
On November 19th, the core of the Obama “Justice” Department’s “49 State Settlement,” of the millions of fraud claims by the suing mortgagees against the mega-banks who were trying to foreclose on robo-signed and other dubious mortgages, was finally announced, and it basically gave the mega-banks what they wanted: all of the money they could possibly get out of those mortgagees, and with future U.S. taxpayers furthermore absorbing the resulting losses, in the form of taxpayers needing to pay off the federal debt for the massive bailouts of Wall Street and its “counter-parties,” losses which were being absorbed by Timothy Geithner’s U.S. Treasury, and by Ben Bernanke’s U.S. Federal Reserve.
There would be no prosecutions of mega-bank executives for any of the frauds those mega-bank executives had planned and overseen, which had led to these enormous crimes, and thus to the 2008 crash. Those mega-bank executives were permitted to keep their millions of dollars in pay and bonuses, which they had earned from these frauds.
In order to understand what was happening here, one needs to know first this relevant background, the back-story:
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