“The government is expected to announce on Thursday a roughly $26 billion deal with some of the nation's largest banks to settle charges of systemic and widespread mortgage fraud, according to multiple sources close to the negotiations.
The deal would be the largest payout to date from banks in the wake of the financial crisis.
The settlement, 16 months in the making, could bring significant relief to those in danger of losing their homes and also much needed stability to the long-suffering housing market.
Those who already lost their home, however, would receive just the smallest fraction of the money: a one-time cash payment of about $1,800 as compensation. “Their entire lives have been turned upside down and changed," said Philip Robinson, the acting executive director of Civil Justice, a Baltimore-based nonprofit that has worked with thousands of Maryland families fighting for their homes. "Does $1,800 sound fair? Does that seem like compensation for a financial and emotional tragedy?"
The Department of Housing and Urban Development, one of the Obama administration's lead negotiators on the deal, could not be reached for comment…” The Huffington Post
Banks committed major wide spread fraud. They committed felonies. No one is going to jail. If you or I had done what they did we would be in a federal prison for mail and wire fraud and other crimes.
They are going to pay a fine. They will, of course, get all that fine money back from you and I.
I think what should have happened is that outside of each bank hanging from the flag pole should be the president of the bank. Maybe also other officers of the banks.
Everyone that had any part in the fraud should not be allowed to work in banking, Wall Street and in other areas doing with business. They should be allowed to work fast food jobs.
The banks should have been taken over by the government. They should now be owned by the American people. They should be run and profits made should be paid to the American people. We should all be owners of the banks.
The President of the United States should have called in Wall Street and the bankers and told them “You fuck with us – WE FUCK WITH YOU.”
I got a feeling that we should see a change the way Wall Street and major corporations worked after that.
The Republicans talk about the “free market.” There is NO free market in the United States.
Banks and Wall Street are a criminal conspiracy.
“In criminal law, a conspiracy is an agreement between two or more persons to break the law at some time in the future. Criminal law in some countries or for some conspiracies may require that at least one overt act must also have been undertaken in furtherance of that agreement, to constitute an offense. There is no limit on the number participating in the conspiracy and, in most countries, no requirement that any steps have been taken to put the plan into effect (compare attempts which require proximity to the full offence). For the purposes of concurrence, the actus reus is a continuing one and parties may join the plot later and incur joint liability and conspiracy can be charged where the co-conspirators have been acquitted or cannot be traced. Finally, repentance by one or more parties does not affect liability but may reduce their sentence…”
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