The mortgage settlement sets a dangerous precedent placing the banks above the law.
Oklahoma's attorney general is the only one, out of the other forty-nine, that didn't go along with this farce.
Geesh! Talk about short-term gains with long-term negative consequences.
What am I grumbling about?
The $25 billion is mere chump change for the banks and we're the chumps.
What this settlement does is set a legal precedent that basically protects the banks from any prosecution. They are now above the law. Any crimes the banks commit will now be absolved by paltry fines.
The big banks committed nation-wide fraud, perjury and out-right theft to the tune of trillions of dollars, destroyed the global economy and in return they get bailed-out, lavished with multi-million dollar bonuses and slap-on-the-wrist-with-a-feather fines.
If you don't know anything about foreclosure-gate and robo-signing then look them up on the Internet. It is truly sickening and maddening stuff.
Here are three, good articles on this spectacular failure of justice, mortgage settlement.
From Greg Hunter's USA Watchdog.com:
"Mortgage Settlement Will Plunge Real Estate Values"
http://usawatchdog.com/mortgage-settlement-will-plunge-real-estate-values/
From US News:
"Mortgage Settlement a Distraction, Not a Solution"
http://www.usnews.com/opinion/blogs/economic-intelligence/2012/02/10/mortgage-settlement-a-distraction-not-a-solution
From Gonzalo Lira's blog:
"A Tale of Two Settlements"
http://gonzalolira.blogspot.com/2012/02/tale-of-two-settlements.html
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