Friday February 10, 2012, 12:51 am
For weeks I have listened to complaints about the Obamaís coming deal with the big banks that was sure to leave main street Americans out in the cold while giving criminal Banksters a get out of jail free card. Today that deal arrived. It is a modest down payment on what the US needs to restore the housing market on main street. Given the Republican Partyís unwillingness to do anything at the federal level to help suffering Americans, it was the best Obama could do, with the help of State Attorneys General from both parties from every state but Oklahoma, whose AG sided with the Banksters. The deal neither leaves main street Americans out in the cold, nor does it give criminal Banksters a get out of jail free card.
Friday February 10, 2012, 1:20 am
And it could take up to 3 years for that help' the crazy ways of figuring out who gets what if anything is going to make it pretty confusing to an awful lot of people.
And i can't help but feel that the possibility of even $2000 is going to make a dent in the pain of those that lost there homes...it just didn't go far enough.
But i understand that he had to get it done ASAP, as wooing that PAC money just can;t wait till the last minute.Do i sound mad? And it didn'y affect me at all, go figure.
Maybe i just feel worse about all those people than he does. or maybe by now it's "did".
Friday February 10, 2012, 3:19 am
From what I have heard, the most important feature of this deal is that it does not prevent those of us who were defrauded by the banks over their mortgage practices from suing individually and within class action cases.
Considering the legal system in this country, that may have been the best that any deal could have achieved.
Friday February 10, 2012, 4:24 am
$2,000 is a pathetic excuse of an offer to those whose lives have been changed...forever. Where will individuals find the $$ to pay attorneys when they cannot even buy groceries. Karma will correct this ongoing fraud.
We allowed and many encouraged the insidious virus of deregulation to eat away at the heart of the only measure of control over illegal practices within the banks and stock market. Now you want an over night cure for 30 years of corruption. It just ain't gonna happen. This mess will continue for years and as for Obama, he has done what he can, he is NOT a King and can not make a proclamation or wave a magic wand. What he has tried to do, is bring some measure of relief. Every night this man, when he finally goes to bed - spends hours reading letters and emails from fellow citizens. I do believe he is trying, but that will take some real criminal prosecution and much stronger regulations. Slowly but surely things are beginning to change for the better.
Friday February 10, 2012, 6:24 am
Every heart in every corner of the land needs to change. Until each person in whatever capacity they are in starts to care and feel for their fellow human being then this will continue. Too many people Talk a good talk about how they are this religion or that religion but fail to Walk the Talk, or twist their relgions to impose their egos upon those who may view things in another way. So until people truly start doing things from the real direction of the heart then we need regulations to prevent the fraud.
Nothing is going to be done to bring back what was destroyed in the peoples lives, $2,000 is a slap in the face but will be all this corrupt system can do at this point. The people have to let it go and try their best to move forward in this disaster and work towards making this a better place to live in the future. I don't mean forget it....I mean let it go and not drag it around like a ball and chain for the remainder of days.
Is the same spiritual teachings when we wait for someone to say "sorry" when we feel we have been wronged by someone. We can wait forever, we can hold onto that pain until the cows come home....and never get that sorry. We may justly deserve it, but if that other person can not or will not give it to us, then we only hurt ourselves further by holding onto that pain. Sometimes we just have to accept the fact we were royally screwed over, then roll up our sleeves and figure out how to move on.
This is why we shouldn't forget, we need to do the work to place those in office who will put in place the protections that we all need to prevent continued further destruction to us and those generations to come. There is work to be done to get to that point, and maybe once we get to that point we can pull this society around to care better for all those who are living here. Few have been untouched by this mess, some worse than others, so when this system is more humane more fair, we can help those who may of been damaged the most.
Friday February 10, 2012, 6:39 am
It is something but not nearly enough. I am glad the financial instiitutions can still be sued and an sure class actions will follow. For those who have already lost their homes with their credit rating in the tank I don't see where this comes into play to help them. They have rotten credit from the foreclosures and I think they should have somehow addressed this issue. At least Obama said they will still be investigating and hopefull proscecuting those who caused this.
Susanne I do understand - sometimes it really gets frustrating to want to send a star and some how the PTB* have decided that each of us can only make one interesting or thoughtful comment a week. I would have sent you many in just the past few days. The same is true for many others. TomCat - you are one of those who I wish I could send a constellation to, but alas that is just not possible.
Friday February 10, 2012, 11:41 am
Nobody should EVER have thought things would turn around overnight---and even President Obama said (back at the beginning) that things would only begin to improve in the first four years! I get so irritated with Americans who expect to just stamp a foot and find everything all rosy-posy again!
Yes...it's beginning to happen.
It WOULD have happened long ago, had the Republicans not made it their life mission to oppose literally EVERYTHING the President tried to do! I honestly believe they'd SINK us, if they thought it would encourage power to their party!
Friday February 10, 2012, 1:23 pm
I seriously wonder why they couldn't have just cleared every mortgage under $500,000 (as in hand over the deed as free & clear) & then dealt with all the Corporate land speculation & over-priced loans after that. There HAD to be Appraisers & Loan Officers who were doing illegal stuff, as well as Managers & CEOs.. THOSE & Coprorate speculators Need to be Arrested!
Friday February 10, 2012, 1:53 pm
I have to say that I am very impressed with the direction that is being taken. You know that tingly sense of pride you get when something good and right is happening? Well I got it and half an hour after watching and reading about this, I still have it. I found myself, a Canadian mortgage banker (not bankster), proud of Mr Obama and the state Attorneys General for standing up for the American people. I also found myself wanting to work with them to right these wrongs, but alas I am a Canuck so that won't happen, but I can still cheer! And I am proud of all those who let the administration know how they feel through petitions, rallies, notes to their representatives, OWS. I know that I signed several petitions about this because it was the right thing to do.
I have been saying for the past 6-8 months that any recovery from the financial crisis, and indeed any errors of past administrations, will take time. Today's troubles have been thirty years or more in the making, aided by intransient current legislators. Nobody can just undo the past mistakes as if they didn't happen. Just not possible! But the American people can move forward with this. As Eric Schneiderman said, this does not close any doors on future and ongoing investigations and legal proceedings.
I am also particularly pleased to see that all states Attorneys General, Republican and Democrat alike, with the exception of the Oklahoma Republican Attorney General, are committed to working together to sort this mess out. This is a bipartisan mess that needs a bipartisan solution. And to the Oklahoma Attorney General I would say, start boxing up your office because I doubt you'll be in office for very long!
TomCat: " The deal neither leaves main street Americans out in the cold, nor does it give criminal Banksters a get out of jail free card." AMEN!
I have to also say that the first part of the Rachel Maddow Show showed Republicans on four or five issues a number of years ago, and then those same Republicans more recently on those same issues. The two are diametrically opposed. Now I know where Mitt Rmoney gets the "Mr Flip-flop" title. Each Republican shown was doing flip-flops. Can you trust group that makes the "flip-flop" an art form?
And Kit and Dandelion, right on! Your words are eloquence itself. Unfortunately I can't give you a star yet but you both deserve a bucket full!
Friday February 10, 2012, 3:37 pm
The banks won't even notice this drop in the bucket. I don't think this is in any way a deterrent for them to change one thing they are doing. The article said that it was the biggest pay out in a decade. The crisis that they caused was the biggest in 80 years. Justice has not been served.
Friday February 10, 2012, 7:43 pm
Noted, and thanks for the article, Tom... as Diane said this is a mere drop in the bucket to the big banks, and it's definitely not enough for the people who lost their homes, but, it is what it is, and it's better than nothing. Would have been happier if it had been a lot more... the banks need to sweat and hurt the way they hurt those homeowners!
Friday February 10, 2012, 8:14 pm
Thanks to all. Kudos to Norm, Kit, Pam and Lynn.
Many of you say it did not go far enough. I agree. So does Obama. Remember that Obama has to play small ball, because he has no help from Congress. The key provision here is that banks escaped no civil liability whatsoever.
Friday February 10, 2012, 9:29 pm
Thanks, Tom! Gee, do you think someone was actually listening when we were yelling "Banks Got Bailed Out, We Got Sold Out! during so many Occupy marches? WE, of course would all love to see those bank CEO's and Wall Street gamblers in a small barred cell with a large roommate... but this is a start, and we ain't done yet! Keep up the pressure!
Saturday February 11, 2012, 1:50 am
Among Democracy Now! Headlines for February 10, 2012 - "U.S. Unveils $25 Billion Mortgage Deal with Banks"
The U.S. Department of Justice has unveiled a $25 billion mortgage settlement with the nationís five largest banks to resolve claims over faulty foreclosures and mortgage practices that have indebted and displaced homeowners and sunk the nationís economy. The bulk of the mortgage settlement is expected to go to as many as one million homeowners in the form of reduced mortgage debts or refinancing at lower interest rates. Another 750,000 people who have lost homes to foreclosure will receive between $1,500 and $2,000. Attorney General Eric Holder helped announce the deal on Thursday.
Eric Holder: "We saw that, far too often, services pushed borrowers into foreclosure, even though federal regulations require the servicers to try other alternatives first. These failures didnít just hurt borrowers who might have been able to afford modified mortgages, they fueled the downward spiral of our economy and of communities nationwide. They eroded faith in our financial system. And they punished American taxpayers, who have had to foot the bill for foreclosures that could have been avoided. With this settlement, we are recovering precious taxpayer resources."
While the deal is being described as a $25 billion settlement, the banks will only have to pay out a total of $5 billion in cash between them.
" 750,000 people who have lost homes to foreclosure will receive between $1,500 and $2,000." - THATS GOING TO BE A BIG BIG HELP!! One SINGLE mortgage payment -all lost via foreclosure & eviction - probably cost as much!
Guest: Yves Smith, financial analyst who runs the popular finance blog, "Naked Capitalism."; author of the book, ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism, joins Amy Goodman & Juan Gonzalez to analyze & decipher the settlement & its consequences/implications for banks & homeowners, past & present.
Saturday February 11, 2012, 9:01 pm
Thanks KS. Diva, you fail to understand that banks still face full civil and criminal liability. Your article is wrong because it assumes that there will be no further action. This is just the small start that Obama could do as President with no help from Congress due to Republican obstruction.. Had you actually read my article instead of paper hanging, you might have understood that.