EVEN AS OBAMA, AND HIS HAREM OF BANKSTERS DEMS WORK FOR AMNESTY, THEY HAVE NO REAL PLAN TO DEAL WITH FORECLOSURES, OR JOBS….EXCEPT FOR ILLEGALS!
THE BANKSTER PRESIDENT
“Wells Fargo, for instance, which has leeched $25 billion in bailout money, bought an inadvertently hilarious full-page ad in The Times to whine about the junkets to Las Vegas and elsewhere it was forced to cancel because of public outrage.” --- Maureen Dowd, NYTimes
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Lou Dobbs Tonight
Monday, November 12, 2007
Mortgage giants Wells Fargo and Bank of America are accused of slapping dubious fees on homeowners struggling to save their homes. With fewer new mortgages being written, these
companies appear to be leaning on these lucrative fees to stay profitable—with devastating consequences for homeowners. We’ll have that report.
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latimes.com
California might join probe of lenders that seized homes
Some banks filed faulty paperwork in the 23 states where the courts handle foreclosures. They 'might not be complying with other state laws as well,' says a spokesman for state Atty. Gen. Jerry Brown.
By E. Scott Reckard and Alejandro Lazo, Los Angeles Times
October 12, 2010
California officials are considering joining a multistate investigation of whether lenders have violated foreclosure laws when seizing houses from delinquent borrowers.
OBAMA IS BOUGHT AND OWNED BY BANKSTERS! HE WILL NEVER STAND UP TO THEM!
U.S. Atty. Gen. Eric Holder said last week that his office was looking into the reports of improper foreclosures. But David Axelrod, a senior advisor to President Obama, indicated during a "Meet the Press" interview Sunday that the administration is leaning against trying to impose a wholesale freeze on home seizures.
"I'm not sure about a national moratorium because there are, in fact, valid foreclosures that … probably should go forward," Axelrod said. "But we are working closely with these institutions to make sure that they expedite the process of going back and reconstructing these and throwing out those that don't work."
OBAMA IS BOUGHT AND OWNED BY BANKSTERS! HE WILL NEVER STAND UP TO THEM!
JPMorgan Chase & Co. of New York and Detroit-based Ally Financial Inc. (formerly GMAC Inc.) have acknowledged that employees signed thousands of affidavits certifying facts underlying home seizures without reading the documents.
JP Morgan Chase and Ally — the third- and fifth-largest U.S. loan servicers, respectively — have suspended evictions in the judicial foreclosure states to ensure that paperwork is correct.
Bank of America Corp., the No. 1 loan servicer, announced last week that it would stop taking over homes in all 50 states while it makes sure it is in compliance with state laws. BofA spokesman Dan Frahm said that the Charlotte, N.C.-based bank had in some cases found procedural errors that could be corrected but that it found no problems with the data supporting the foreclosures. "We intend to complete the review and begin scheduling foreclosure sales again within weeks," he said.
Wells Fargo & Co., the San Francisco bank that is the second-largest mortgage servicer, has said it is satisfied that it has handled home seizures properly. It has not suspended any foreclosures.
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US banks and corporations announce huge pay packages for 2009
Wells Fargo executives double their compensation
By Andre Damon
11 March 2010
US corporations are beginning to release figures on CEO pay for last year. Multi-million dollar packages are the norm in a year that saw the continued deterioration in the living conditions of the vast majority of the population.
Each of the top five executives at Wells Fargo at least doubled their compensation last year over 2008. The five men each received over $11 million in 2009, while Wells Fargo’s chief executive, John Stumpf, took home $21.3 million, far higher than his 2008 package of $8.8 million.
These latest reports come in the wake of Barack Obama’s statement last month that he does not “begrudge” the bonuses of Goldman Sachs CEO Lloyd Blankfein and JPMorgan Chase CEO Jamie Dimon. Blankfein got a $9 million bonus lat year, while Dimon received $16 million. (Their total packages have not yet been released).
“I’M NOT HERE TO PUNISH MY BANKSTER DONORS THAT DESTROYED THE LIFE SAVINGS OF MOST OF THIS NATION. I’M HERE TO SERVICE THEM FOR ANY AND ALL THEY WANT!” Barack Obama, the Bankster President (La Raza Party).
Obama defended the bonuses on the grounds that Blankfein and Dimon are “savvy businessmen.” This statement gave what amounted to official carte blanche for the multi-million-dollar bonuses paid to hundreds of other “savvy businessmen,” even as the government oversees a massive attack on the living conditions of the vast majority of the population.
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Or when you consider that the top four mortgage lenders as of the first quarter of the year were Wells Fargo, BofA, Chase and Citi. Together they accounted for more than half of all residential loans originating in the period.
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David Lazarus
June 21, 2009
Denial, noun: An unconscious defense mechanism characterized by refusal to acknowledge painful realities, thoughts or feelings.
-- The American Heritage
Medical Dictionary
The banking industry wasted no time last week declaring its opposition to President Obama's proposal for a regulatory agency that would protect consumers from rapacious lending practices.
While acknowledging that "regulatory reform is badly needed," Edward Yingling, president of the American Bankers Assn., said the new agency would have "powers to mandate loans and services that go well beyond consumer protection."
The Financial Services Roundtable said it applauded "modernizing regulation of the financial services industry." But it too opposes the new agency "because it will not adequately serve the best interests of consumers and their financial institutions."
The Consumer Bankers Assn. chimed in by saying the proposed agency "would create a maze of regulations suppressing creativity and product innovation."
These guys just don't get it.
The reason Obama wants to create a Consumer Financial Protection Agency isn't that he's hell-bent on imposing his will on banks. It's that banks have consistently proved themselves unworthy of customers' trust.
From runaway credit card interest rates to mortgages that turn into one-way trips to foreclosure, lenders have repeatedly demonstrated their inability to deal with customers fairly and responsibly.
Instead, they place their own interests ahead of all other considerations, and in so doing expose frequently unsophisticated consumers to enormous risk and financial ruin.
The banks have only themselves to blame for why a Consumer Financial Protection Agency is needed.
"They wrecked the system," said Gail Hillebrand, senior attorney with Consumers Union. "What they're saying is that they want to keep doing business as usual. But business as usual has failed us."
In announcing measures to improve oversight of financial markets, Obama said that "a culture of irresponsibility" had taken root on Wall Street and elsewhere.
Acknowledging that many people took out loans they couldn't afford, he said "there were also millions of Americans who signed contracts they didn't always understand offered by lenders who didn't always tell the truth."
The Consumer Financial Protection Agency would be charged with ending deceptive practices and ensuring that information provided by lenders is accurate and easy to understand.
What's truly shocking is that this sort of thing has to be legislated. You'd think banks would be able to compete and succeed by treating customers with integrity. But left to their own devices, they do just the opposite.
"Companies compete not by offering better products but more complicated ones, with more fine print and more hidden terms," Obama said.
So like naughty children, they get a time out and some new rules to follow.
Wayne Abernathy, a spokesman for the American Bankers Assn., told me his industry has gotten a bum rap. Major lenders aren't to blame for problems making consumers' lives miserable, he said.
"I can't deny that's the impression out there," Abernathy said. "But it's not us."
He said the real culprits were smaller financial institutions operating primarily at the state level that were reckless in their lending practices.
"When their products blow up, we get tarnished," Abernathy said.
Well, no.
At least not when you consider that American Express, Bank of America, Capital One, Citigroup, Discover and JPMorgan Chase account for about 80% of the credit card industry.
Or when you consider that the top four mortgage lenders as of the first quarter of the year were Wells Fargo, BofA, Chase and Citi. Together they accounted for more than half of all residential loans originating in the period.
Obama is targeting the big boys because all roads lead to their doors. And it could be argued that if anyone should know better, they should.
It could also be argued that these guys should have nothing to fear from a Consumer Financial Protection Agency if, as they say, their business is already on the up and up. What's a little accountability among friends?
Banks say a new regulatory agency would increase their costs. Since when has treating people respectfully added to expenses? They say it will stifle creativity and innovation. That just sounds like an excuse for laziness.
The simple fact is that banks have lost consumers' trust and the onus is on them to earn it back. And while they're doing so, government regulators will be watching to make sure everyone plays nicely.
That's why we need a Consumer Financial Protection Agency.
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