Smoothing Over Systemic Fraud

by lizard

It should be noted that the big banks have gotten away with systemic fraud.

9 million homes have been lost to foreclosure since 2007, and there will be another 9 million before we’re done. Homeowners have lost $8 trillion in home equity (in the last 4 years) and 11 million people are currently underwater on their mortgages. All of this is unprecedented. All of this is the result of fraud.

Ok, now back to snarky commentary about the GOP (scary) clown show.

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  1. Ingemar Johansson

    Bank fraud or Govt. fraud?

    Opening the floodgates via The Community Reinvestment Act and no credit no job home loans have anything to do with it?

    http://4.bp.blogspot.com/_orkXxp0bhEA/S8ZsL8n8MEI/AAAAAAAAcbo/1T6rRU9-iIw/s1600/100414-housing-2006-graph.jpg

    Law of supply and demand reins supreme.

  2. Drill Baby Drill

    If you are going to claim fraud, you are going to need a more credible source than a secular progressive propoganda site. Now go back to your debate of social issues and leave the economy to the job creators.

    • lizard19

      the fact the big 5 banks agreed to a settlement indicates they know their exposure to litigation against widespread fraudulent practices like robosigning is, let’s say, problematic.

      the fact this was a sweetheart deal for banks, where public money is STILL BEING USED to keep their balance sheets from spelling out insolvency indicates their control over our political system is, let’s say, bipartisan.

      now go back to fantasy land where trickle down works and wealth consolidation lifts all boats.

      oh, and if you can find anything factually inaccurate in that leftist propaganda piece, do let us know, drillbaby. muchas gracias :)

  3. Ryan Morton

    Job creators? That’s rich. Pun intended. Clearly you live under a rock. Those job creators have consolidated wealth, reduced employment levels, and have work tirelessly to dismantle any protections against market failure… Unless they need a bailout. Please, spare us your non-sensical, unsupported “jobs” meme.

  4. ladybug

    Settlement means an end to the search for who should go to jail. Court proceedings can potentially unearth more dirt than all the faux-investigations Con-gress has conducted. Banks’ campaign contributions keep clowns in office for a reason. Some of the biggest banks are currently bankrolling one of Montana’s Senate candidates. Quess which one gets the most campaign cash from the greediest, most corrupt Wall Street banks?

    • JC

      The one who voted against the Brown Kaufman “too big to fail” amendment and for the banks on the card swipe debate during FinReg, and who gets fund raising parties held by bank lobbyists?

      But we’re supposed to forget all of that, because he’s not as bad as the other guy… right?

  5. Jack ruby

    “All of this is the result of fraud.” That sounds a bit extreme. I dont think you can reasonably claim that every single home foreclosure in the last few years was the result of fraud by the lender or forecloser. Or can you?

    • Steve W

      80%?

      What’s the difference?

      The drag down effect from the fraud is big enough that it impacts the decisions and futures of others as well, even those who weren’t directly defrauded.

      • Jack ruby

        I think it doesnthelp the overall credibility of the points being made to speak in absolute terms like that. I agree with the thrust of the argument.

    • Ryan Emmett Morton

      It would depend on the type of loan and type of lender. Montana community banks and credit unions have and have had money to continue lending without the need for bailout money despite the financial crisis. Unfortunately, their lending rules got more restrictive as a result of actions they didn’t perform themselves generally. While I would agree community banks and credit unions are important to job growth, I would not agree that the Bank of Americas of the world fit that description. I think this distinction is key when understanding lizard’s post and the issues of financial markets/lending/job creation generally.




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