Forum Post: "Foreclosure Deal Near as Banks Win More Immunity"
Posted 13 years ago on Oct. 20, 2011, 1:52 a.m. EST by hapowell
(7)
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Dear Friends,
This title 'Foreclosure Deal Near as Banks Win More Immunity' of an article is found at:
http://www.reuters.com/article/2011/10/18/us-financial-regulation-mortgages-idUSTRE79H7P820111018
Our President who sooo much wants to convince all of us that he 'feels our pain', is one of the leaders behind this effort to whitewash the role of the Wall St. Banks in their worldwide economic wreckage and ruin.
PLEASE RAISE HELL ABOUT THIS AND DON'T LET PRES. OBAMA OFF OF THE HOOK FOR HIS COMPLICITY IN THIS CRIME!!!
Don't believe what the conservatives say about the CRA, subprime, or the housing market.
This is what really happened:
The first subprime loans were issued in 1994. It was a gimmick to sell more homes, artificially inflate the market, sell more homes at higher profits, foreclose on those who could not pay when the ARM rates readjusted, take their homes leaving them with nothing to show for their payments, resell the homes at a higher profit and so on. It was a cruel and calculated plan to sell more homes and artificially inflate the market. Those loans were incredibly profitable for well over a decade before the house of cards finally collapsed. In the meantime, bankers got richer along with the richest one percent who made off with higher dividends. It was a sham.
The biggest player in the game was Countrywide. Endorsed by Oprah Winfrey, Ellen Degeneres, and Dr Phil. If you have their shows from '04' to '06' on tape, watch them again. All three were paid millions specifically to endorse Countrywide by name. The biggest subprime player in the game. They issued more ARM loans than anyone else. Foreclosing on those who could not make their monthy payments when the rates suddenly went through the roof. It was a cruel and calculated plan to sell more homes, artificially inflate the market, foreclose, and resell for a higher profit. The sham worked like a charm for 12 years before the house of cards finally fell in.
Oprah, Ellen, and Dr Phil were paid millions for their endorsements. Ch'Ching!
Thank you for your input! I would not choose to dispute a single word you wrote. Yes, millions of Americans "Cashed in" on this idiocy, until the whole thing came crashing down.
Still, the real question boils down to, "Who created the complex internal infrastructure of this colossal stupidity?"
Bankers, politicians, attorneys. That's my guess.
Don't forget that the academics in Economics, Business & Finance blessed all of this nonsense. They are the ones that said that "We don't need to worry about Credit Risk any more. We have new technology with sophisticated computer models that show us how to hedge against Credit Risk, so we can focus on other matters."
They did say something like that. Good point.
He has been really busy lately with backdoor deals. He is letting hollywood basically watch online activities to catch people doing file sharing which will be met with a gradual response method.
The justice branch of our government is the Supreme Court, however, Congress is in charge of inferior courts. Why dont you hold congress accountable?
Criminal Prosecutions are handled by the Attorney Generals office which reports directly to the President. The US Treasury also reports to the President, not to mention the FDIC, SEC and everyone else in these agencies that have been sitting on their hands.
The Wall St. Banks committed fraud on a massive scale, to such an extent that the result has been breaking the back of our economy. Yet Obama bailed them out, refused to prosecute any executives and has stood by while they collect obscene incomes from the mayhem they created. Finally, Obama is seeking a deal to grant them immunity for their crimes from all Federal and State Laws nationwide. If they had committed no crimes why would they need immunity?
Giving a report to the president and taking orders from the president are two different things. Let me explain, The secrataries that sit on the board give the president information that he can then use to try to set the agenda for what needs to be dealt with in the country. HE HAS NO POWER as far as changing laws, enforcing regulations, or anything similar. Read the constitution, those are the powers that the president has. He has the power to know what is going on and to say something if he doesnt like it. CONGRESS and only congress has the power to change anything involving money. You have to read your constitution a few times to really understand how it works, but I encourage you to do so.
Thanks for your explanation! I hope I will have the time to read up on this.
What would you have him do that is within his executive powers?
I would have him use the regulatory agencies and the US Treasury to force the Large Wall St. Banks to clean up the mess they made on Main St. throughout this nation. Their incompetent disregard for one of the 1st Fundamentals of Finance - Credit Risk, enabled them to create a system for financing mortgages that was not only designed to fail. It was designed to seek failure with reckless abandonment of any form of common sense. It is time that Wall St. was made to clean up its disaster!
The president doesnt control the treasury, congress does. If you want things to change it has to be through congress if your going to go the government route.
Last I heard, the Secretary of the Treasury sits on the Cabinet of the President.
That doesnt mean the president has any power to dictate what it does. It simply means that someone from there treasury advises him.