The headlines should read: Massive bank heist. Unprecedented theft of about 3.8 million homes.
Only in this case it was the banks that did the heisting. Can you imagine being subjected to ceaseless delays, refilling paper work the banks claim they never got half a dozen times, maybe being forced into bankruptcy because of the delays?
Meanwhile the bankers are chortling with amusement at the plight of people they put into this situation. The bankers doing this criminal activity knew many of these were "liars loans" so they were participating in a fraud.
Ten U.S. banks struck a deal widely advertised by the industry with big headlines - $10 billion settlement to end foreclosure investigations.
What they don't stress is that the actual cash outlay is $3.5 billion. The rest is in reduced rates and extended terms.
No mention of recompense for the anxiety and suffering these families went through. Also conveniently not mentioned is six of the biggest banks are expected to be paying out $38 billion in bonuses as a reward to those who participated in this criminal activity.
Senator Levin investigated and turned his findings over to the Justice Department. They sat on it for a year and said they couldn't find criminal intent. So it wasn't pursued any further.
Who said crime doesn't pay?
Then the Attorney General said that if criminal charges were brought it would have a negative impact on the national economy because the banks are so large. Wasn't he sworn in to uphold the law for everyone, not just the suffering poor?
Aiding and abetting maybe here? It's repulsive and disgusting what Congress isn't doing for the American people.
I think all members of congress should have their pay and benefits sequestered until they do their job and get the government and economy functioning again.
James Oliver Rye