Mortgage Lenders Committed Massive Fraud and Now Wall St. Wants to Escape from the Lawbreaking

[marmar]

AlterNet / By Joshua Holland

Mortgage Lenders Committed Massive Fraud and Now Wall St. Wants to Escape from the Lawbreaking
Here they come looking for an out-clause and a way to keep their coffers full. We need to repeat a simple mantra: No more bailouts for Wall Street.

January 27, 2011 |


They committed widespread fraud – largely whitewashed by the corporate media – and, in the process, threw the economy into a tailspin. They've broken into and stolen people's homes, and, in the name of “efficiency,” bilked state governments out of billions of dollars in real estate transfer fees. They've even admitted to ripping off – and foreclosing on – soldiers deployed overseas, in violation of the law.

And they shredded a bedrock principle of capitalism, throwing hundreds of years of settled property law into doubt and in turn creating a massive drag on Main Street's economic “recovery.”

They got rich in the process. The mortgage industry did all of that for a fat stream of profits while the going was good, but now that they face the prospect of being held accountable by the justice system -- as would you or I had we routinely broken the laws -- analysts expect the “banksters” to lobby hard for another bailout.

They won't be looking for the Fed to shower them with free money or buy up trillions worth of “toxic assets” weighing down their books – they already got that sort of bailout once, the voters detested it and with the Tea Party ascendant in the GOP, the political atmosphere precludes a repeat performance. .............(more)

The complete piece is at: http://www.alternet.org/economy/149631/mortgage_lenders_committed_massive_fraud_and_now_wall_st._wants_to_escape_from_the_lawbreaking/

[xchrom]

1. recommend

[Fuddnik]

2. Awww horseshit!

Everybody knows that a bunch of poor people and the all-powerful ACORN conspired to destroy the greatest financial geniuses and banks on Wall Street. Just watch Faux Nooz. They'll tell you all about it. :sarcasm:

[BobbyBoring]

3. Don't forget

Those SEIU thugs and illegal immigrants.