the 1 LAW "allowed" to be investigated is robosigning,
those LAWs that imunity will be granted to criminal banks,
According to reports (like this one in the Huffington Post), the deal will not include:
Criminal liability.
Tax liability
Fair lending, fair housing, or any other civil rights claim.
Federal Housing Finance Agency or the GSEs [Fannie Mae and Freddie Mac]
CFPB claims for the period after they came into existence in July 2011
SEC claims
National Credit Union Association Claims
FDIC claims
Federal Reserve Board claims
MERS claims
Read more: www.rollingstone.com...
rolling stone
MERS (mogage electronic registery system) for one thing HAS to be investigated,
what is happing from an international stand point is,
under new agreements with prosicution imunity,
americans get narrow releif,
but no MBS or morgage back securities investigations?
that means pension funds and compensation and retirement funds that lost billions will not be investigated?
while i agree that unlawful forclosures MUST stop and robosigners MUST be prosicuted,
to allow imunity from prosicution for morgage security fraud will DAMAGE trust in markets.
billions were lost world wide by many country and pension fund,
imunity seems difficult when blatent crimes were undertaken
that costed every citizen and person while making a fortune for a select few.
Score one for Schneiderman/Harris. Coupled with the news that the subpoenas have already started dropping on the securitization front, I'm almost
optimistic.
Read more:
www.rollingstone.com...
link to source
IMHO
releif that is much needed and encouraged should NOT be at the loss of the ability to find remedy under law for past, present and ongoing acts of
criminal fraud.
1/10 is only the bottom of the fraud, the bottom level,
in the securities area fraud to the top exists,
demand bankers who broke laws go to jail for acual crimes.
But my point was that, while a gross crime and one of the more obvious (and easily provable) parts of the criminal scheme common during the
mortgage bubble years, robosigning is really an ancillary part of an even more enormous fraud that went on, and is still going on, in
securitization/origination
Read more: www.rollingstone.com...
rolling stone mat
taibbi
xploder
edit on 1-2-2012 by XPLodER because: add more
