outunderthestars
Banned
I don't see anywhere in this story that any of the money from the settlement will be used on those people. Typing in caps does not change this.
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Obama to give banks immunity for foreclosure fraud
- Thread starter heliosRAzi
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I don't see anywhere in this story that any of the money from the settlement will be used on those people. Typing in caps does not change this.
Who in here (or anywhere) is arguing to go after 100,000s of employees in court? What kind of stupid shit are you trying to peddle here? You go after people at the top and set an example. What this move does is just tell huge corporations that they can fuck around with the law all they want as long as they pay a small toll for the privilege of doing so. It's fucking disgusting.
It has ever been thus. If you're gonna steal, steal big.
ClovingWestbrook
Banned
What do you think started this investigation?
This will only prevent investigations on privately backed mortgages. The other 50% of mortgages, the ones backed by the government, aren't covered in this settlement.
That is a very small part of the mortgage fraud problem.
Salvor.Hardin
Banned
Yeah but that's just the fractured narrative isn't it? Us vs Them, If you don't vote, the other team will come and fuck your children. It's acidic rhetoric and spoils the well. The electorate should be more concerned about fixing their respective party than about winning the rat race. At this point, neither party is terribly concerned with protecting the interests of the people when those interests are in conflict with the interests of corporations.
perfectnight
Banned
Ahah I don't believe for a second that people who are too lazy to vote actually give a shit about protesting and talking to their state's reps. But that's just me.
Personally, I'd rather not have a looney like Newt or Romney leading the country to wars and privatizing education and health care. It's not going to be easy but I'd rather vote for one of the lesser evils and fight for my rights than stay home and watch the country go to shit.
outunderthestars
Banned
Once again, we are discussing this potential deal. None of government handouts will go to people that were victims of foreclosure fraud. It only gives more money to people who for some reason are not paying their mortgages.
The victims of mortgage fraud deserve their day in court, and the people who aren't paying their bills deserve to lose their homes. Two totally different issues.
EDIT:
I was wrong about none of the money going to them:
So only a portion of $5 billion will be used to send $1800 settlement checks, while the rest go to people who are simply not paying their bills. That is reason alone to oppose this settlement.
ClovingWestbrook
Banned
Salvor.Hardin
Banned
What the fuck does any of this have to do with being lazy?
GrotesqueBeauty
Banned
Apparently because you lack the imagination to even envision someone abstaining from voting for any reason other than laziness.
Treefingers
Member
lol choosing not to vote means you're lazy.. perfectnight you're hilarious. You realize you could make a solid argument for voting for the lesser of two evils without resorting to name calling... right?
outunderthestars
Banned
So, once again, the only victims in this get $1800 if they can prove that they were the victims of fraud.
The banks get to walk away from their crimes and the people who aren't paying their debts get more free money.
Everyone gets something great except the only actual victims in the matter. They get denied the right to sue and receive a small check as a consolation prize.
Anticitizen One
Banned
Do we even need a president anymore? Seems to me like congress runs the show anyway
There's zero excuses for not voting. Voter apathy is a weapon used against us imo.
Don't vote for Obama or Gingrich or Romney if you don't want to. Vote for some guy no one has heard of. Either way, your vote is tallied.
Even if 60% of eligible voters voted there would be huge change. I have no use for someone who doesn't vote and then complains.
Definitely not, but fuck, America is doomed. Literally not a single decent option.
perfectnight
Banned
I can imagine there being other reasons of course, but I don't believe that the main reason is because of some refusal to be part of the current 2 party system or some such. This is highly anecdotal and I'm not trying to make a case for every non voter being lazy.
My main point is that not voting is the easy way out and I still would rather vote for a lesser evil than someone who is itching for war with Iran and completely privatizing HC and education.
do you even need a congress anymore?
balladofwindfishes
Member
Oops we destroyed your life because we are lazy and didn't bother checking paperwork or just because we are crooks
1,800 should cover that, we coo'? We coo'
Seriously, 1,800 dollars for kicking people out of their own house illegal. That's disgustingly low.
1,800 should cover that, we coo'? We coo'
Seriously, 1,800 dollars for kicking people out of their own house illegal. That's disgustingly low.
jamesinclair
Banned
This is royally fucked up.
Real story:
Family member was keeping up with payments, but as house value dropped over 50% wanted to refinance.
Called BoA, told only those late with payments get to refinance. Told over the phone to stop making payments so they can begin refinancing process.
Stopped making payments.
Called again, asked what needed to be done to get refinance, sent in all required paper work.
A month later...."whats going on with my refinancing?'
BoA said they never got the paperwork, even though it was sent with certified mail (delivery confirmation shows they did get it).
So had to fill out all the paperwork again, send it. This time they say they got it.
A couple of months later, get notice in mail that home is being foreclosed.
Call BoA "wtf is this" told to ignore it, computer error, the refinancing is being processed.
Another notice receive, called again, told same thing.
Then on FRIDAY before EASTER received fedex from BoA saying that if full payment isnt made on home by Sunday (easter sunday) then the home was to be forclosed and sold at auction. Also neede notarized paper work.
That was delivered at 3pm Friday, while person was at work. Deadline being two days later on Sunday, a day without mail service or open banks or open notaries.
The home was taken.
That sounds like fraud to me, and Obama is saying its a ok?
I think Im going to go from voting for Obama to actively campaigning against him.
Real story:
Family member was keeping up with payments, but as house value dropped over 50% wanted to refinance.
Called BoA, told only those late with payments get to refinance. Told over the phone to stop making payments so they can begin refinancing process.
Stopped making payments.
Called again, asked what needed to be done to get refinance, sent in all required paper work.
A month later...."whats going on with my refinancing?'
BoA said they never got the paperwork, even though it was sent with certified mail (delivery confirmation shows they did get it).
So had to fill out all the paperwork again, send it. This time they say they got it.
A couple of months later, get notice in mail that home is being foreclosed.
Call BoA "wtf is this" told to ignore it, computer error, the refinancing is being processed.
Another notice receive, called again, told same thing.
Then on FRIDAY before EASTER received fedex from BoA saying that if full payment isnt made on home by Sunday (easter sunday) then the home was to be forclosed and sold at auction. Also neede notarized paper work.
That was delivered at 3pm Friday, while person was at work. Deadline being two days later on Sunday, a day without mail service or open banks or open notaries.
The home was taken.
That sounds like fraud to me, and Obama is saying its a ok?
I think Im going to go from voting for Obama to actively campaigning against him.
Ether_Snake
安安安安安安安安安安安安安安安
Why can't the average Joe settle for a couple of dollars when he commits a crime?
Also, interesting fact: in Canada, there is actually a distinction between fraud, and fraud against the government, the later one giving you a lower sentence than the first!
Also, interesting fact: in Canada, there is actually a distinction between fraud, and fraud against the government, the later one giving you a lower sentence than the first!
Something Wicked
Member
Many of the top executives, who currently work for the big banks, did not even work at such banks before 2008. Many of those banks top commercial banks weren't even all too involved issuing sub-prime mortgages or trading mortgage back securities. It was mainly companies like Countrywide (that BOA stupidly bought well after many of the bad loans were issued), which was heavily backed by many members of Congress over the last decade, and various investment banks. Also, there's no magical list or documentation demonstrating "this executive did this and that executive did that." The trials would become long drawn out mistrials costing the taxpayer heavily in court fees.
Much of the MBS trading wasn't even done or approved by top level executives in such financial institutions. They were being traded by younger traders (many were in their mid-late 20s) and approved by mid-level managers. So, you're wrong about being able to simply "make an example of a few top execs" without involving thousands and thousands of more "guilty" financial industry employees. You're scenario is not based in reality, and hence it will not occur.
Hopefully man
Sigh that's so sad , sorry to hear that. I don't know if I would blame Obama (I am really in the middle, not a fan or against him). The entire system is so fucked, wish I had an answer.
V
Vilix
Unconfirmed Member
Hope and change we can all believe in. ^.^
outunderthestars
Banned
If that was the case, why did he kick all of the private banks out of the subsidized/guaranteed student loan business?
airmangataosenai
Member
One thing I've learned over time is that partisans of any stripe tend to be pretty dumb, or at least short sighted. Had Obama carried out the trial by fire you all seem to want there would be no guarantee we'd get anything at all out of it and it could theoretically take years and millions to carry out the investigations. It really is no different than the Republicans wanting to elect Newt so he'll insult Obama during the debates rather than caring about the longer battle. People who care about nothing but seeing their opponents bleed are morons and at least on this one point Obama (Probably) is making the right call.
oh ok he isn't corrupt. But this is still shitty.
elrechazado
Banned
What evidence do you have that all of these people (who are "these people") were "kicked out of their homes illegally"?
Generalize with all caps bullshit hyperbole much?
outunderthestars
Banned
I agree with this, though I wish the majority of the money would actually go to those who were harmed by foreclose fraud.
Yea. I think it shitty because it shows how fundamentally flawed our financial systems are at this point. They are too large, and too powerful.
what a horrible excuse... so don't try them because it will be a long and drawn out process?
elrechazado
Banned
You may disagree with it in this case, but plea bargaining is a cost benefit analysis with the added component of risk evaluation - is it better to obtain a resolution that may not be 100% of what is hoped for, or take a risk that one gets nothing?
It's a principle of criminal prosecution that is real, and all of the wishing and hoping and gnashing of teeth won't change that.
I don't blame obama, blame the lawyers who know what they are talking about and are advising him.
outunderthestars
Banned
Well, this would also serve to stabilize the markets by removing the fear of potential future litigation. We need a healthier financial marketplace in order to increase the speed of economic recovery.
problem with this kind of reasoning is that the banks can get away with everything they want to, with little consequences...
elrechazado
Banned
Some people not liking the result is anticipated by the analysis I just described. Exhibit A - your posts.
victreeb3l
Member
only $25bil? shouldve doubled the number obama
Anticitizen One
Banned
Government shouldn't even be involved in the housing market. Let the fucker FALL
elrechazado
Banned
They should probably be involved in prosecuting crimes, which is what this thread is about.
outunderthestars
Banned
Technically the immunity offer is just from civil litigation on a federal level. State AG's could still pursue criminal and civil charges.
elrechazado
Banned
Ahh, hadn't read in detail. Still exercising an appropriate state power however.
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