President Obama Warns Banks In State of The Union Address
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President Obama Warns Banks In State of The Union Speech
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January 25th, 2012
Did you watch the State of the Union Address last night? President Obama said the following about The Great Mortgage Crisis: “In 2008 the house of cards collapsed. We learned that mortgages were sold to people who could not afford or understand them. Banks had made huge bets and bonuses with other people’s money. Regulators had looked the other way or did not have the authority to stop the bad behavior. It was wrong. It was irresponsible. And it plunged our economy into a crisis that put millions out of work, saddled us with more debt and left innocent hard working Americans holding the bag.” Well let’s take a look at what the President said here. The President said that: “The regulators had looked the other way or did not have the authority to stop the bad behavior.” I agree that the regulators looked the other way, but I do not agree that they did not have the authority to stop the bad behavior. Neither do they lack the ability to hold them accountable today for their bad behavior. This is because these banks were selling the same mortgage loans multiple times to multiple investors at the same time. Currently they are fraudclosing on homes where they have incorrectly identified the owner of the debt.
This means that the banks are committing fraud on a massive scale. The regulators are still “looking the other way”. This is because there seems to be a crime in progress as we speak, as long as these banks are allowed to fraudclose on properties where they have incorrectly identified the owner of the debt. That is why I think there should be a foreclosure freeze that allows a process for every single homeowner to have access to a Chain of Title and Securitization check done. This should be mandatory because the situation does not seem to be isolated. The government should actually pay for each homeowner to have it done. This is because the President willingly admits that the regulators looked the other way. This means the government should be held accountable too. The implications of this might suggest that the regulators are in bed with banks, unless those very same regulators do something today to stop the potentially irregular, frauduent, illegal, and simply unsafe frauclosure practices of these banks with no further delay.
Previous to the State of the Union, state attorney generals and the Obama Administration met in Chicago. Many had theorized that the President would announce a weak sweetheart foreclosure settlement with big banks during the State of The Union. Instead, President Obama announced a full federal investigation into the fraudulent activities of big banks.
EXCLUSIVE: Obama To Announce Mortgage Crisis Unit Chaired By New York Attorney General Schneiderman
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Date: 1/24/12
WASHINGTON — During his State of the Union address tonight, President Obama will announce the creation of a special unit to investigate misconduct and illegalities that contributed to both the financial collapse and the mortgage crisis.
The office, part of a new Unit on Mortgage Origination and Securitization Abuses, will be chaired by Eric Schneiderman, the New York attorney general, according to a White House official.
Schneiderman is an increasingly beloved figure among progressives for his criticism of a proposed settlement between the 50 state attorneys general and the five largest banks. His presence atop this new special unit could give it immediate legitimacy among those who have criticized the president for being too hesitant in going after the banks and resolving the mortgage crisis. He will be in attendance at Tuesday night’s State of the Union address.
“The goal of this joint investigation will be threefold: to hold accountable any institutions that violated the law; to compensate victims and help provide relief for homeowners struggling from the collapse of the housing market, caused in part by this wrongdoing; and to help us finally turn the page on this destructive period in our nation’s history,” reads a White House document outlining the objectives.
“This is a big achievement and something the entire progressive advocacy community wanted [with respect to] housing policy,” added the White House official.
The unit will not supersede the efforts already underway by the Department of Justice. Instead, it will operate as part of the president’s Financial Fraud Enforcement Task Force. In addition to Schneiderman, the unit will be co-chaired by Lanny Breuer, assistant attorney general at the Criminal Division of the Department of Justice, Robert Khuzami, director of enforcement at the SEC; John Walsh, a U.S. attorney in Colorado, and Tony West, assistant attorney general in the Civil Division at DOJ.
News of the new mortgage unit comes amidst reports of a potential settlement between the five biggest banks, the Obama administration and the state attorneys general. Under the deal, banks would agree to follow existing laws against abusive foreclosures and set aside $25 billion to both help homeowners who are underwater on their homes or who were wrongfully foreclosed. The agreement has been in the works for months, with disagreements over the level of legal immunity granted to banks accused of wrongdoing, and the scope of violations covered by the deal.
Critics of the pending settlement have argued that the president should couple the financial relief for homeowners with a robust law enforcement effort targeting lawbreaking by big banks. Schneiderman has been among the settlement’s most prominent critics for months, insisting that a deal not release bankers from criminal charges, and urging AGs to look into violations outside the foreclosure process, including issuing fraudulent loans and improprieties in the packaging of those loans into complex bonds that would become toxic assets. – Huffington Post article
Please contact President Obama and tell him congraulations. Please also tell him that we want an investigation with real teeth. Tell him that we need $300 billion in relief for homeowners to reset our economy and bring justice to families. – click here
The President of The United States:
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Complete State of The Union Speech: Click here
The President said: “This new unit will hold accountable those who broke the law.”
This could be the first step in holding these big banks accountable according to the laws of our land. It should never be a policy that payment for crime is good for the economy. Instead, it should be a policy that sends a message to the banks that crime does not pay. Otherwise, it could be very dangerous if we accept that we should look the other way when crime occurs, simply because it helps the economy. For example, there was a time that the world looked the other way when a man named Adolf Hitler thought it would help the German economy to throw the Jews out of their homes. Unfortunately, his Consumer Financial Protection Bureau looked like this – click here
For the record, the banks received enough bailout money to have given each homeowner over one hundred and fifty thousand dollars per homeowner. Now President Obama wants to give us only three thousand dollars a year? Huh? Whatever! Didn’t he just say he wanted it to be fair? How about we start there? (Wink)
At any rate, all eyes are on Richard Cordray of the new consumer agency and Eric Holder of the United States Justice Department. – Click article
I hope they know that the whole world is watching.
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All Rise! The Honorable Judge John Wright has left The Courtroom of Public Opinion!
My name is John Wright AND I AM FIGHTING BACK!
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