According to past reports of the settlement talks, the banks — Bank of America (BAC.N), Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Ally Financial Inc (GKM.N) — would provide $20 billion to $25 billion of relief to homeowners in exchange for being allowed to put behind them potential government lawsuits about improper foreclosures and abuses in originating and servicing mortgage loans.
The Federal Government, in typical corrupt fashion, refuses to prosecute major players in the U.S. mortgage meltdown and instead decided to take their cut in the deal by handing out wrist slaps and fines.
“Instead of criminal prosecutions, we are talking about not much more than a slap on the wrist,” Senator Sherrod Brown of Ohio said. “In many ways, Wall Street isn’t just too big to fail, it’s also too big to jail.”
Of course, this favorable Federal Government action has prompted other mortgage fraudsters to come out to accept the deal.
In another sign negotiators were close to a deal, three regional banks signaled they had begun talks to also enter the settlement.
Two of the regional banks, PNC (PNC.N) and US Bancorp (USB.N), reported a total of $370 million in mortgage-related expenses, and a third, SunTrust (STI.N), said the discussions were at a preliminary stage and it could not yet estimate any financial impact.
All of this brings me the point I’d like to make regarding the system put in place by our Federal Government bureaucrats to plunder tax dollars in the name of justice. Unfortunately, it’s not criminal justice.
Ok, my house is worth less that what I paid for it. Underwater, if you will. Will my county government reduce the assessment value to show the true value of the home, therefore reducing my property taxes to a representative amount of the house’s worth? No. Is this my fault? No. Is the deflated worth of my house a result of the mortgage-related fraud designed by corporate-sponsored legislative action? Yes. Is the government primarily responsible for the mortgage meltdown? Yes. Will individual politicians or bureaucrats within our Federal Government ever be criminally charged for the U.S. mortgage meltdown? No. Will any major banking, finance, or mortgage-related “for profit” entity ever be held criminally liable for the mortgage meltdown? No.
Every bit player in this mortgage fraud has the ability to lay blame with government because there is very little, if any, personal responsibility taken for any fraud, corruption, or incompetence within the U.S. Federal Government. When laws are corporate-sponsored and elected officials are corporate sponsored, do you expect the Federal Government to pursue criminal charges against those “for-profit” corporations running our Federal Government? No.
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