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**Posted by Phineas
And a bunch of states’ attorney generals looking to pander for votes are in on the job. Karl Rove blows the whistle:
At last Wednesday’s “CBS Town Hall,” President Obama said he was “trying to . . . figure out how we can get the banks to do more” on modifying mortgage loan payments. Perhaps, he said, people whose mortgages are underwater should get a “principal reduction, which will be good for the person who owns . . . the home.”
Mr. Obama has decided that taxpayers have no appetite for bailing out homeowners who don’t make their payments, or for rescuing those whose homes are worth less than their mortgages. Instead, he’s backing a proposal by his Department of Justice and state attorneys general to force major banks to cough up the dough.
The money would come from a settlement with JP Morgan Chase, Citibank, Bank of America, Wells Fargo and other banks accused of “robo-signing,” in which foreclosure documents were signed by bank employees or agents without properly certifying all the papers. The attorneys general admit that virtually no one was erroneously foreclosed upon because of robo-signing. The banks foreclosed on people who were on average 18 months delinquent, and after multiple attempts to modify the loan had been tried and failed.
But Justice and the state attorneys general are demanding $20 billion for sloppiness, which they will then be able to hand out to voters—and potential supporters. The money won’t come from the banks; it will come from their customers, millions of whom will pay more in fees and interest and will, in some cases, be denied credit.
This stinks. It’s not only corrupt, it’s bad policy.
As Rove points out, only a few people were hurt in the robo-signing “scandal,” and the proper solution would have been to make them whole with some additional compensation, including returning them to their homes. Instead,
Ali Obama and his 40 Thieves President Obama and the state AGs are abusing the law to extort billions from the banks –at the customers’ ultimate cost– that can then be used to plug state budget gaps or as bait for votes. Far from doing justice, the robo-signing problem has been an excuse to do a great injustice, both to the banks and to the original victims, whose cause has been forgotten.
It sure isn’t the Rule of Law.
(Crossposted at Public Secrets)