Eric Zuesse: Has Obama's Foreclosure Settlement Worked?


Eric Zuesse: Has Obama’s Foreclosure Settlement Worked?

Eric Zuesse: Has Obama’s Foreclosure Settlement Worked?


On November 19th, the core of the Obama “Justice” Department’s “49 State Settlement,” of the millions of fraud claims by the suing mortgagees against the mega-banks who were trying to foreclose on robo-signed and other dubious mortgages, was finally announced, and it basically gave the mega-banks what they wanted: all of the money they could possibly get out of those mortgagees, and with future U.S. taxpayers furthermore absorbing the resulting losses, in the form of taxpayers needing to pay off the federal debt for the massive bailouts of Wall Street and its “counter-parties,” losses which were being absorbed by Timothy Geithner’s U.S. Treasury, and by Ben Bernanke’s U.S. Federal Reserve. There would be no prosecutions of mega-bank executives for any of the frauds those mega-bank executives had planned and overseen, which had led to these enormous crimes, and thus to the 2008 crash. Those mega-bank executives were permitted to keep their millions of dollars in pay and bonuses, which they had earned from these frauds.

In order to understand what was happening here, one needs to know first this relevant background, the back-story:



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One Response to “Eric Zuesse: Has Obama’s Foreclosure Settlement Worked?”

  1. Charles Reed says:

    This writer and his buddies are surprisingly printing this days after the election in papers that were strickly in Obama’s corner, but now just a few days later we get all this information as if this reporter and his peers are a help to this Nation.

    I doubt that before Nov 6, 2012 that Eric Zuesse was not aware of what he is reporting now. I responded to his article, while not criticizing him, I did give the point of view from a black bank prime/government mortgage loan officer who was on the front line of the housing crisis and one who is a whistleblower of a massive fraud.

    So I am not saying Obama would not have still been reelected or black folk still would not voted for him at a 96%, as Jesse Jackson Jr. was reelected without even campaigning and was lock up in the Nut House. These flaws don’t seem to matter much to black without job and home that were cause not because of blacks wanting to live outside their means but do to the corruption of Wall Street and banks.

    Just maybe white Independent voters who are not race voters would have used this information that Obama so completely failed in the housing area, and at least made demands if not switch their votes.

    So as the campaign was about the rich getting richer and not caring about the poor as if most of the New York bankers are not Democrats. But as Obama advisers are telling him to do more for the homeowners, but on the other side is Wall Street bailout King Treasury Secretary Geithner who saying that bad behavior by the homeowners should not be rewarded.

    This coming from the man that still does not understand that he was a regulator of these large banks as the President of the Federal Reserve Bank NY who if he would has look at his own statistic at the bank would have shown him that most people sold subprime loan would have qualified for prime & government insured loans, which is revealed in the Jan 2008 State-Level Subprime Loan Characteristics.

    So with a the rich hate the poor campaign what in store for the poor now? Is it more food stamp or justice in bring those to pay for the corruption Obama said the Republican wanted to bring more of too us.

    We are owed $264 billion that we need to collect for the Federal Government which is our money and not for this Administration to decide to allow the rich fat cats to keep!


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