Forum Post: To Big to Jail??? What say you?
Posted 11 years ago on Oct. 5, 2012, 5:27 p.m. EST by DKAtoday
(33802)
from Coon Rapids, MN
This content is user submitted and not an official statement
Over 20,000 of us have signed onto our letter to Eric Schneiderman making it clear that No Banker Is Too Big To Jail! Now we're going to make it an even 25,000 and head back to Schneiderman's office with a message: Americans are looking for justice, and that means a federal, criminal prosection.
We already made it to over 20,000 names - let's make it an even 30,000 to put banksters behind bars.
We're emailing you about this petition a second time because time is running out - if we don't pursue federal criminal investigation of the fraud that wrecked the economy now, the statute of limitations to prosecute will run out this year. That is just plain unacceptable - and we know you think so too, or you wouldn't have stood with us against Wall Street corruption in the past.
A weak non-criminal, non-federal lawsuit against one bank ain't justice - and we need to make that clear. Thank you for all you do to make this movement real.
Sincerely,
John Sellers, The Other 98%
Do you also want to jail all the homeowners who got mortgages by making misleading statements on their mortgage application?
Who allowed them to do that? The Banksters? If the Banksters get prosecuted - part of it will be for allowing even making and promoting fraudulent applications.
Question: What happens to an individual that makes a false/fraudulent application? They get turned down for the loan - but does anything else usually accompany that refusal? If so I would think that that would still apply.
How does a bank know when an applicant is committing fraud?
So it is ok for a homeowner to committ and benefit from fraud, but it is not ok for a mortgage broker to do it?
It's been the same process for decades - you the Bank verify the information on the application same as you verify that the property the mortgage is being made on is free and clear of all encumbrances by the seller. This is part of what your mortgage filing fee is all about.
So committing fraud to get hundreds of thousands of dollars from the bank is fine, but not catching the fraud should be a criminal offense?
I did not say that - you just did. The perpetrator of the fraud is responsible. If the bank did it's due diligence and the applicant sailed false information past them - then the perpetrator of the fraud is whoever was involved in passing that false information to the lender.
So the borrower who filled out a fraudulent application should go to jail, the mortgage broker should go to jail if he or she knew about the fraud, and the lenders who were unable to catch the fraud should not go to jail?
The Lender or Lenders agent does not go to jail if they were given information that upon verification was not shown to be false - in that instance it goes to a collusion between the applicant and the agency that falsified verification. The Lender has a no excuse responsibility to verify all of the pertinent information on the application and that includes making sure that the property is free and clear. So the applicant would not be alone in facing charges - as some one had to confirm to the lender that the information presented was correct.
So if the lender did not verify the information, like in no-doc loans, would they go to jail if the borrower committed fraud in getting that money?
What no document loan? You buy a car and they still verify that you are in fact employed as well as run a check on your credit and see if your trade in is free and clear. Yes even auto transactions are verified by the dealer - minimal though THAT verification may be.
You didn't answer the question. The question was if the lender did not verify the information, like in no-doc loans, would they go to jail if the borrower committed fraud in getting that money?
You are trying to change the subject with a hypothetical. The housing question has been handled. Go chase your tail somewhere else for a while.
You are a retired lawyer, or just talking out of your hat?
I have taken real estate law - when I worked at a Savings & Loan and when I got a real estate license.
Back in the 70's?
As a matter of fact - yes. Lending has changed since then - but not the legalities of verification of major financial transactions. Wallstreet currently skates on a failure to proceed following the law by law enforcement.
I remember the 70's! Those were good times. Great jobs were easy to come by, especially if you had a good education.
Go after the coke-head bankers. Go to the strip clubs they blow their money in and bust em'.
That's one way of putting it - would you sign a petition pushing for prosecution?
Signed.
[Removed]
I say jail 'em. Eric should throw the book at them. And he shouldn't stop.
WE have to put the pressure on pols to expand and prosecute all fin criminals.
We should demand congress restore the money for fin crimes prosecution they removed in 2010! (from almost $200 million down to $20 million)
Signed
good post.
Thx
Stop Mass Incarceration Network Five Borough Action to Blow The Whistle on “Stop-and-Frisk”
I've marched several times against this police abuse aimed at minorities! Signed petitions, and cheered the recent small court victories.
We gotta end the fear mongering that allows this kind of abuse/civil rights violations.
I did it for the defense industry
marched against war as much as I've marched against anything!
Good comment. Costs could be charged off against the criminals assets as far as that goes - remainder put into economic recovery - direct hire of the unemployed into green technology efforts and the needed tooling for the support industries.
Ok. I'll go with that.
that'd make the system fairer NOT
You aren't for responsibility and accountability? How is letting the criminals slide gonna make the system fairer?
absolutely for responsibility and accountability of every person
not some scape goat criminal element
The corpoRAT Banksters of wallstreet would just be scapegoats? Um don't think so.
people that need care should be cared for
That will be taken care of at sentencing.
Tweeted with a request to re-tweet.
Online petitions are useless. A pure waste of time. You should instead protest at the Hall of Justice in flesh and blood. Enough of this Internet slackivism.
GFY
Equal Justice Under the Law
I got to meet Eric Schneiderman at USAction's Progressive Leadership Awards
Join us in thanking Schneiderman and Obama for their hard work, but pressing on for more action on the big banks.
add your voice
It’s been five years since the Wall Street banks — through gross negligence and greed — crashed the global economy, resulting in millions losing their homes, their jobs and their livelihoods. And yet not one banker has been held accountable.
That is, until now.
The special task force created by President Obama and led by New York Attorney General Eric Schneiderman just filed its first suit against JP Morgan Chase, charging the bank with selling fraudulent mortgage securities that helped crash the economy.1 The suit cites a broad and systemic pattern of misconduct in the packaging and sale of mortgage securities during the height of the housing boom.
This is great news and we are happy to hear it! But it’s just the tip of the iceberg in holding the banks accountable for their misdeeds of the past. Join us in thanking Eric Schneiderman and the President for their hard work, but pressing on for more action on the big banks.
We had the pleasure of honoring Eric Schneiderman just last week at USAction’s annual Progressive Leadership Awards. We honored Schneiderman for his refusal to give the banks a free pass despite the overwhelming pressure from the other state Attorneys General to just slip Wall Street’s misdeeds of the past under the rug. It was Schneiderman’s steadfast refusal, along with the mounting pressure from everyday Americans like you and me, that would eventually lead to the task force created by Obama which is now bringing the suit against JP Morgan today.
But when he spoke, he said something that rather struck me. He said that the task force may have never been created by Obama if it weren’t for the growing pressure from the American people to hold the big banks accountable. And that it is up to us to continue to hold our elected leaders feet to the fire and demand that they bring the wrongdoings of Wall Street to justice.
And he is exactly right.
That’s why we need to continue to pressure President Obama from now until the election and beyond, until justice is served once and for all. Join me in saying thank you to Eric for prosecuting the banks, and ask Obama for more action.
Sincerely, Brittany Larson USAction / TrueMajority
1 - http://nyti.ms/SOTOUO
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PS - See original post at top of page also = petition from the other 98%.
Keep up with the pressure for action in every opportunity that comes your way.