How the banks have become ruthless predators, foreclosing left and right
Americans should know by now that the big banks and the mortgage service providers got us into this hole by pursuing an array of financial crimes. The SEC settlements alone have revealed a plethora of illegal, predatory and deceptive lending related to mortgages, securities fraud, accounting fraud, insider trading, brokerage fraud, bribery of government officials, criminal conflict of interest, deception of shareholders and investors, and more.
Don’t believe what the Teahadist-Republicans are telling you about Fanny Mae and Freddie Mac; to hear them talk you would think that these were the solitary cause of the financial crisis when in reality they amounted to a small percentage of the problem of insolvency and toxic assets.
The thing that bothers most of us is how in the hell those at the top were rewarded for creating this crisis, how they made off with billions of dollars in bonuses and parachutes in effect being rewarded for driving their companies and the economy to the ground.
Of course when it came time to bail them out, the Bush administration was there…heaven forbid that any of Bush’s cronies should lose his third home in the Hamptons. But as for the rest of us…we have been hit and hit hard; millions of Americans have lost their homes. Some were because they could not make the payments due to being unemployed, while others saw their balloon payments skyrocket and the property values plummet to the point that what they owed was far less than the property was worth; what is commonly referred to as an upside down situation.
Because the scales of justice are tilted towards the banks and financial institutions against the interests of the people; some of these banks if not all have been carrying on a scorch-earth endeavor to foreclose on properties…sometimes in situations where it wasn’t even warranted as the owners were making payments. The housing crisis is not due to the bubble having burst but instead because the banks and financial institutions want to recuperate the assets they lost due to their greed and incompetence with derivate and crazy gambling schemes.
These are the same shady characters that are now whining about President Obama “not being friendly to business” and in my opinion…they should just shut the fuck up and thank their lucky stars they are not being prosecuted and have their collective asses thrown in the slammer. The scales of justice are definitely tilting in their favor. These are also the ruthless speculators who are still sitting on billions of dollars from the stimulus and will not let go of it. They would much rather use it to speculate and gamble
When I see the riots taking place in Tunisia and Egypt I can’t help but wonder why we have not seen massive demonstrations from the general public to protest the abuses from banks and financial institutions. It is mind boggling that they can get away with so much although most Attorney Generals from the individual states are actively trying to do something about it.
