Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.
In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks.
Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.
Well, DUH! If you haven't figured out by now that Obama is propped up by the financial industry (and the oil industry, and big pharma, etc.), and watches out for THEIR interests over the interests of the American people, then you simply have had your fingers in your ears and yelling out loud so as to NOT know these things about the president YOU elected to change things.
This is disturbing to me, because I first read about Mr. Schneiderman's efforts to stop the settlement of a paltry $20 billion because such settlement includes a bar against further investigations into the banking industry's other notorious practices. Uncovering wrong doing is supposed to be an AG's responsibility, and the fact that the president of the United States is taking an active role in curtailing such investigations, continues to strike me as proof positive Obama and the banks have their hands in each others' pockets.
I cannot tell you how many cases my office has where we are representing clients who have had their homes foreclosed upon, and the documents produced by the banks and lending institutions are all signed by a handful of these robo-signers! Seriously! We just "google" some of the notaries and other signers and the list of those that are under current investigation is remarkable. One such signer, who also signed off on many documents on a couple of our cases, said in a deposition (which is available on the internet) that she signed about 180,000 of these documents every month, never read them, and just did what the banks and lending institutions told her to do. One day she was an officer of Chase Bank, the next day she was an officer of Countrywide, etc. She was signing and or notarizing documents transferring title (generally AFTER the fact and not BEFORE the fact) where banks would then use these documents to prove they held the underlying loan on the property, hence they were entitled to foreclose. Many of these properties, as you have undoubtedly read time and time again, were never delinquent in the payment of the loans by the borrowers ... the "industry" as it were, simply was (and still is) stealing homes, many of them with equity and not "upside down" as the term is generally used when the value of the property is less than the mortgage attached to the property. Millions of people have lost their homes due to this unsavory practice, and the small settlement offered by the banking industry does not come even close to bringing satisfaction to those millions who have lost their homes. But all the president seems to care about is, once again, not prosecuting the bad guys, whether it is banks, Wall Street, or the Bush Administration.
I love this quote from the article, which concerns an argument Mr. Schneiderman had with Kathryn S. Wylde, a "member of the board of the Federal Reserve Bank of New York who represents the public."
Characterizing her conversation with Mr. Schneiderman that day as “not unpleasant,” Ms. Wylde said in an interview on Thursday that she had told the attorney general “it is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. Wall Street is our Main Street — love ’em or hate ’em. They are important and we have to make sure we are doing everything we can to support them unless they are doing something indefensible.”[my emphasis]But Ms. Wylde, they ARE doing indefensible things, and HAVE been doing said indefensible things for quite some time now.
I shudder as I continue to watch this president devolve into a greedy politician.