Foreclosure Rico
Should mortgage execs who led an industry-wide push for illegal procedures do jail time?
They wanted to speed up foreclosures and evictions, and had a deliberate policy of submitting legal motions without required backup.documents and with false declarations and affidavits.
Isn’t it a crime to make a concerted effort, a corporate plan, to put people on the street using illegal methods? Wouldn’t that be some sort of conspiracy charge under the RICO statutes?
Shouldn’t these people do jail time?
And shouldn’t the judges in whose courtrooms these crimes took place be at least impeached for incompetence, if not sharing a celll with the mortgage pirates?
Are either the Democrats or the Republicans going to push for justice here? Considering that both get so much of their money from the corporations involved?
DCMD,
Bush’s troubled Asset relief program TARP worked like this.
Some one gets behind on their Mortgage Payments
Often because they have ballooned due to usurious Practices– variable rate mortgages et al..
Even if the Person can make up the Payments, foreclosure proceedings will be most often Initiated.The FULL Value of the Mortgage will be given to the bank within weeks. Making the Government/Taxpayer the owner.
Similarly if a house had a 250,000 mortgage but now had a real Market value of 100,000 Tarp would Make up the difference—To the BANKs.
This is a sanctified form of Socialism– the one practiced but not talked about, As the free marketeers rushed to the nanny state brandishing their copies of Hayek,Friedman, and Ayn Rand.
Countrywide Particularly was so Egregious in these swindles they had to dissolve but immediately formed a New mortgage company called PennyMacs.
Penny Macs Buys from the Government these Homes for nearly nothing.
So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess, that they themselves were principal in exploiting..
Stanford L. Kurland, Countrywide’s former president, and his team have been buying up delinquent home mortgages that the government took over from them and other failed banks, sometimes for pennies on the dollar. They get a piece of what they can collect.
The only ones f@#Ked are the Public.
Jail time?
That would be a modest start.
Lets get the ball rolling on that.
>>>>>>>>Will M
Ohh! P.S.
News flash…..
“WASHINGTON – The attorneys general of up to 40 states plan to announce soon a joint investigation into banks’ use of flawed foreclosure paperwork.
A person briefed on the investigation said Saturday night that an announcement could come as early as Tuesday. The person spoke on condition of anonymity because the investigation was not yet public.”
Hooray– they will beat up verbally 4 or five functionaries on some televised house committee so that we will be assured that the system is self rectifying
WHY are we not rioting in the streets and looking for another Rosa Luxembourg is a monument to the propaganda system.
Just a thought.
>Will M
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