ForeclosureGate Deal - The Mandatory Cover Up

[Donnachaidh]

http://www.opednews.com/articles/ForeclosureGate-Deal--The-by-Michael-Collins-110413-186.html

The Federal government is about to settle the ForeclosureGate affair, according to a report in the New York Times on April 9. The Times noted that twelve million homes will be lost by 2012. Home equity values are down by $5.6 trillion since the real estate crash.

The draft agreement released to American Banker shows another corporate-friendly deal designed to maintain the incumbent perpetrators at the expense of the people. (Image: zoonabar)

The proposed settlement culminates an effort by federal prosecutors to address strongly supported allegations of widespread mortgage fraud perpetrated on as many as sixty percent of current mortgage holders. Homeowners were sold mortgages, serviced for the loans, and, in some cases, subjected to foreclosure and eviction based on fictional contracts and collections practices that violate the most basic principles of contract law and specific federal code pertaining to fraudulent debt collection.

:snip:

The settlement, however, will create a private relief for the big banks, regulators, and politicians responsible for this mess. The relief will spare the bankers prosecution under existing laws and seriously complicate lawsuits that have the potential to devastate lending institutions by righting the wrongs done to citizens.

More at the link --

:grr:

[Tippy]

1. This makes me sick....We the people no longer exist or for that matter even count

[enough]

2. k&r (nt)

[bullwinkle428]

3. Compare and contrast with the 1980s, when the Reagan administration (go figure)

actually IMPRISONED a bunch of S&L executives on the heels of that financial crisis!

K&R.

[autorank]

4. Donnachaidh thanks!!! for posting

It's all true and that's why there has to be a settlement, otherwise the banks will be held accountable and people will have criminal records.

[arrestblankfein]

5. How about some accountability!

:grr:

Remember how Clinton was impeached for lying under oath...think this might have affected more lives??

Goldman officials, including chief executive Lloyd Blankfein, gave testimony that was “inaccurate,” Levin said. It is a crime under federal law to make a false statement to Congress or to obstruct congressional proceedings.
http://t.co/f0EFibj

[DCKit]

6. It's not as if we didn't know this was coming.

The silence from all responsible agencies has been deafening.

[chill_wind]

7. Just unbelievable this isn't at the top of the page.

Words can't begin to describe the level of injustice that has been done here.

"The proposed settlement will not move the evicted back to their homes. It will not establish a moratorium on foreclosures, running at over a million per year. There will be no cram downs forcing the banks to absorb part or all of inflated housing prices caused by a real estate bubble that the banks and Federal Reserve Board helped create. In addition, be assured that the settlement will not hold bankruptcy courts accountable nor the attorneys for their failure to spot obvious errors in bankruptcy proceedings, errors that would have invalidated many creditor claims."

The lack of justice meted out to the banksters and their MERS frankensteinian fraud reveals once again a corruption and collusion between government and Wall Street that is just beyond all redemption.