Just as the statute of limitations would end any chance of retribution from big business the Federal Housing Finance Agency along with other government agencies under President Obamas influence will file lawsuits against the big banks for approving toxic loans. The suit wants billions of dollars to recoup losses from fannie and freddie who are backed by taxpayers. This lawsuit may prohibit lending and stunt growth of the economy as banks will be forced to use available assets to pay back the feds, the move has also caused all stocks to drop which is bad for investors going long on banks. http://www.washingtonpost.com/busin...gainst-banks/2011/09/02/gIQAR8uzxJ_story.html
Ask yourself these question: Why are the banks not lending money? Isnt that what banks are in business to do? Dont you think it curious that after being paid billions in TARP funds the banks and other financial institutions should be sitting on the sidelines? Can we really blame the government for this? Surely this is the pot calling the kettle black. And now, the S&P - which gave the seal of approval to these same institutional speculators - would downgrade the government that was responsible for cleaning it up their mess!
Mortgage scams way up... Report: Mortgage Fraud Up 88% 9/30/11 - Mortgage fraud cases coming to light soared in the second quarter of 2011, and there may be bigger numbers to come.
Here's another scam - mortgage relief checks returned 'Insufficient funds'... Mortgage Relief Checks Go Out, Only to Bounce April 17, 2013, When the bank account is running dry and the mortgage payment is coming due, the phrase insufficient funds is the last thing you want to hear.
Banks slow to pay out mortgage relief funds... Behind the mortgage settlements from the housing crisis May 19,`13 - Banks have paid less than half the $5.7 billion in cash owed to troubled homeowners under nearly 30 settlements brokered by the government since 2008, delaying help to the millions of victims of discrimination and shoddy lending that epitomized the housing crisis, according to a Washington Post analysis of government data.