The White House And Mortgage Fraud: So Far It's All Talk, No Action

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Richard (RJ) Eskow: The White House And Mortgage Fraud: So Far It’s All Talk, No Action

Richard (RJ) Eskow: The White House And Mortgage Fraud: So Far It’s All Talk, No Action

HuffPO-

The Obama Administration worked for months on a deal that would have let America’s biggest banks off the hook for a crime wave of runaway mortgage fraud. All they had to do in return was pledge a negligible sum of money, to be paid by their shareholders and not themselves, and which they would dispense themselves. In return, crooked bankers received immunity from prosecution – and even from investigation.

After the deal came under attack from a number of its allies, the Administration settled with the banks anyway. But it promised millions of wronged homeowners – and the nation as a whole – that it would move “aggressively” to investigate criminal misdeeds and prosecute bankers and anyone else who broke the law.

That was then, this is now. Two and half months later the Administration hasn’t even started to take the inadequate steps it promised it would take. The clock is running out on the statute of limitations and there’s no sign that the Administration has lifted a finger to investigate criminal bankers.

Talk vs. Action …

[HUFFINGTON POST]

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One Response to “Richard (RJ) Eskow: The White House And Mortgage Fraud: So Far It’s All Talk, No Action”

  1. keepon says:

    4090 more needed by 4/22 ! SUNDAY ! 20,910 signed (4/20 @ 3 pm) ( 25,000 required )

    Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

    https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

    Pros & Cons

    “Senator Demands Answers from Freddie Mac’s Regulator” ( Acting Director Edward DeMarco)
    http://www.propublica.org/article/senator-demands-answers-from-freddie-macs-regulator

    ProPublica and NPR reported on Monday [1] that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

    Ed DeMarco’s Refusal on Principal Reductions Grounds for Firing
    Peter S. Goodman Huffington Post Posted: 03/12/2012 8:10 am
    http://www.huffingtonpost.com/peter-s-goodman/ed-demarco-fannie-freddie-principal-reduction_b_1336190.html

    Elijah Cummings gets help in Edward DeMarco fight
    Read more: http://www.politico.com/news/stories/0312/73523.html#ixzz1s6eOdl5S
    by Joseph Williams

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