A Fire Sale for Arsonists: The ”Revised” Bank Mortgage Settlement Still Stinks

For three years banks benefited from government and Federal Reserve loans at fire sale prices – after they started the fire.

Palm Coast, FL – October 25, 2011

Imagine that a group of arsonists was terrorizing your town. First they’d buy insurance on a stranger’s home, then they’d show up with a blowtorch and a tanker truck filled with gasoline and burn the place down. Imagine that they’ve burned down a thousand homes this way, ruining the lives of the homeowners — and everyone else’s, too, as real estate values plunged and the local economy collapsed.

Now let’s imagine that the Mayor, the DA, and the Chief of Police said they’ve come up with a great "settlement": The arsonists will pay a small fine, and they’ll never be prosecuted for arson. Plus, if they’re asked very nicely, they’ll also agree to provide a little help to 27 out of the 1,000 families they made homeless — although they’d control the ‘help’ process and the town might wind up footing the bill anyway.
And one more thing: They get to keep the gasoline truck and the blowtorch.
Substitute "country" for "town" and "banker" for "arsonist," and that pretty much sums up the mortgage fraud settlement that the administration and some attorneys general keep trying to impose on the nation.
Read More >>>> Huffington Post [Oct. 24, 2011]
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