mortgage fraud

The Real SOTU: The White House Subverting the Rule of Law

Subverting the rule of law? How dare I? Well the 4th amendment, due process, kill lists, and the NDAA also speak to my title. Yes, they speak to it despite those that decided politicians were more important than the principles they pretended to have in 2004 now outed as hypocrites mostly. However, that being said, I'm talking about subverting the rule of law in a different way but equally as damaging on the economic front.

After all, it was at the SOTU merely just a year ago that President Obama assured us that something was going to be done about the Wall St. perpetrators of our mortgage and foreclosure crisis. This was a crisis in which they defrauded consumers with sub-prime NINJA loans pumping up the housing bubble and then dumping the private debt overhang onto the economy destroying over 10 trillion in housing wealth. This left consumers with massive loads of private debt and everyone else jobless like this recovery.

This White House's DOJ has made a complete mockery of the concept of Justice in and of itself. That illusion of Justice is perpetuated to this day and normal people are devastated because of it. Let President Obama know you are not amused. I have.

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Stop the Delusional Celebration: Victims of Foreclosure Fraud Have Little to Celebrate

This is an older essay of mine from Daily Kos posted on Thursday February 02, 2012.

It was referenced by Yves Smith which I am proud of. It's worth posting now because it's been a year later and in Yves Smith's words, Quelle Surprise! The Mortgage/Financial Fraud task force put together by the foreclosure fraud sham of a "settlement" has done nothing.

President Obama got NY AG Eric Schneiderman, DE AG Beau Biden and the other Justice Democrats to sell out and give up on real justice. It is a sham that continues to this day. Let President Obama know you are not amused.

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Sometimes, once in a blue moon, there comes a time when important events unfold that I then must trust my own judgment. And in doing so, I also sometimes have to part ways with people I admire. It doesn't feel good to do so, but I think NY AG Eric Schneiderman is possibly making a mistake, and I very much agree with David Dayen’s take on these events.

Taibbi has kind of bought the argument that the robo-signing was a smaller part of a bigger fraud in the securitization markets, which is true. That doesn’t mean that a settlement that allows you to go after that poisoned tree by only giving up the fruit is in any way equitable. That’s the point of California Rep. George Miller, a key ally to Nancy Pelosi:

Democratic Congressman George Miller of the East San Francisco Bay area says he’s “proud” of Harris for leaving negotiations that aren’t in the state’s best interest. And he says any agreement has to be transparent.

“Whatever settlement they have has to go out to the public for a week, for a period of time, where it can be commented on,” Miller said, “because this represents the largest decisions about people’s homes, their equity, their assets and their worth.”

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