Mortgage settlement gangster capitalism
Mortgage settlement gangster capitalism

The mortgage settlement shows that we are indeed moving from the eighth to the ninth circle of hell. Zerohedge puts it rather well:

The Epic Farce Continues – US Attorneys General “Robosigned” A Foreclosure Settlement Which Does Not Exist: It is only appropriate, and so ironic, that a politically motivated settlement whose purpose is to squash any claims of pervasive defective document fraud (and contract law but just ask GM bondholders about that – it’s hardly news) is itself found to be… defective. American Banker reports that the reason why the terms of the so-called historic (just ask the Teleprompter in Chief) foreclosure settlement deal are not public yet, is “because a fully authorized, legally binding deal has not been inked yet.” Wait, so America’s cohort of AGs just all, pardon the pun, robosigned a piece of paper that does not exist? What next: there is a different Linda Green signature on every page of this yet to be produced document making a complete mockery of the rule of law?

Oh and anyone who had doubts that the settlement, which incidentally is paid for by you, dear taxpayers, in the form of bank bailout cash, of which the banks still owe over $10 billion in some capacity, was merely a political ploy to get taxpayers to fund Obama’s reelection campaign by subsidizing squatters with $2,000 per vote in the presidential race come November, using banks as intermediaries to make the administration seem oh so powerful and daring to take on the banks, who in fact are the only ones benefiting from this farce, by holding a gun to the head of the hold out AGs forcing them to sign a piece of paper that does not even exist, this should put all those doubts to rest. Hat tip: Dinkum Wagner.

Read the whole thing. It’s worth it for more examples of robsigning, such as this:

 

There is also another good post on Naked Capitalism:

What the Mortgage Deal Reveals About The Obama Administration: Clearly, the Obama Administration is positioning itself for the 2012 general election. The goal is to do the right things and say just enough to make the Administration’s policies appear successful. The messaging is designed to build up a base from which to contrast Obama from the eventual Republican nominee in order to get out the vote. I doubt seriously that Obama’s people want any of these mortgage fraud initiatives to have teeth. After all, the President is going for the Super PAC money.

This is kabuki theater for the masses. it is designed to give those people inclined to vote for a Democrat a reason to do so in November, nothing more.

Yves Smith summarizes the problems with the settlement:

The Top Twelve Reasons Why You Should Hate the Mortgage Settlement: As we’ve said before, this settlement is yet another raw demonstration of who wields power in America, and it isn’t you and me. It’s bad enough to see these negotiations come to their predictable, sorry outcome. It adds insult to injury to see some try to depict it as a win for long suffering, still abused homeowners.

Yves’ interview on real news network is also worth watching, even though it was filmed before the announcement.

It is also worth remembering the record of the Obama administration in this area:

Will Mortgage Settlement Avoid Repeating Obama’s Foreclosure Failures? As we’ve reported extensively over the past several years, homeowners seeking to avoid foreclosure by gaining a loan modification have often been frustrated by banks’ errors and delays. In the worst cases, the banks’ shoddy mortgage servicing has led towrongful foreclosures. The errors have sometimes continued even after homeowners got an elusive modification.

It’s a good job there is, as Adam Smith stated, a lot of ruin in a nation. It’s sad but the USA seems determined to create a depression followed by inflation. Read the linked posts.

Surely we must be reaching a limit in how much ruin a nation can take. You can undermine a nations foundations only so much before it collapses. The mortgage settlement’s manifest injustice and cavalier disregard of established law makes it abhorrent. It is an affront to peoples sensibilities. As Lenin reportedly said of inflation, so with the mortgage settlement:

Destroy Money to Destroy the Moneyed Class: By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity (or fairness) of the existing distribution of wealth.