President Obama's Attorney General Eric Holder Connected To Banks Responsible For The Mortgage Crisis

Attorney General Eric Holder and President Barack Obama

President Obama's Attorney General, Eric Holder, who is the head of the Justice Department, is in the midst of another scandal (as if "Fast and Furious" wasn't enough of a disgrace). Reuters has done an expose on Holder, stating he has deep ties to banks engaging in mortgage fraud against Americans, which led to the ongoing crisis that began in 2008.

Holder, a longtime employee of the Justice Department and his co-worker Lanny Breuer, "Were partners in a law firm that worked on behalf of those very same firms" that are responsible for "the housing bubble collapse." Holder and Breuer worked for the law firm of Covington & Burling.

STORY SOURCE

Holder, Breuer connected to players in foreclosure fraud?

Posted at 10:25 am on January 20, 2012 - For years, the Left has asked why the Obama administration hasn’t pursued prosecutions against lenders who arguably engaged in fraud when foreclosing on mortgages in the wake of the housing-bubble collapse. It turns out that these lenders had friends in high places in the Department of Justice. Reuters reports that both Attorney General Eric Holder and his lieutenant Lanny Breuer, who ran the DoJ’s criminal division, were partners in a law firm that worked on behalf of those very same firms (via JWF’s Just A Grunt):

U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows. The firm, Covington & Burling, is one of Washington’s biggest white shoe law firms. Law professors and other federal ethics experts said that federal conflict of interest rules required Holder and Breuer to recuse themselves from any Justice Department decisions relating to law firm clients they personally had done work for...

http://hotair.com

President Obama's Economic Plan Is Not Working

Barack Obama

With a year and a half until the next Presidential Election in America, President Barack Obama's economic plan is not working. Wild and unruly spending by President Obama has significantly increased the national deficit, with international creditors becoming concerned, regarding the nation's ability to repay the staggering amount owed.

Over a trillion dollars of American taxpayer money thrown at corporations that caused the economic crisis that went global, is being hoarded and stolen by a number of companies, which is not doing the nation any good.

Gas prices are soaring in America and much of the Western world, due to the President's illegal and unconstitutional invasion of the nation of Libya. Rising gas prices nearly broke America a couple years ago.

President Obama's dogged devotion to clean energy and solar power, is costing America a big bundle, as studies and financial reports have irrefutably illustrated, it costs more than conventional methods. The President is also legislatively holding the nation back from exploring its own natural resources.

Unemployment remains stubbornly high, stuck in a cycle of gaining and losing jobs at the same time. Foreclosures continue to climb, years into the financial crisis, due to the failure of costly Obama mortgage programs that have now been scrapped.

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Will Obama Come To His Senses In 2011

Barack Obama

Will U.S. President, Barack Obama, wake up and smell the coffee in the New Year, regarding the economy. Will he come to his senses, in what is slated to be his third year in office, regarding unwise spending and defending corrupt corporate interests that are decimating the nation's economy.

Will the government continue to reward bad behavior from the corporate sector that destroyed the most prosperous economy in the world in its wake. Will there be accountability in 2011 and a purging of crooked financial practices. Stay tuned...

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The Benefits Of Government Cost Cutting

Repealed

U.S. President Barack Obama

With all the bickering going on in Washington political circles, the Democratic Party is overlooking one thing. President Obama's plummeting approval ratings and the backlash growing against Democrats, due to wild overspending, dramatically increasing the national deficit, will make it easier for Republicans to gain headway in the elections, both mid-term and Presidential.

If, due to ongoing unwise choices, Obama is a one term President, once the Republicans are in office again, they will quickly move to repeal most of what he has done as Commander-In-Chief.

However, the extension of unemployment benefits for 1.3 million people should have been passed. The Republicans in the Senate should not have blocked this. It's not funny or fair that this matter has been derailed. You bailed out the banks with taxpayer money, but didn't bail out the people. This is not a good thing.

On the other side of the aisle, it is also not amusing that wasteful projects have received billions in taxpayer money, at President Obama's direction, when they are not a priority.

The moral of this story is the Democrats and Republicans need to work together and come up with real, lasting solutions to the problems facing America or it will be a waste of everyone's time, if things start getting repealed in a few years. The will of the people is not being followed and politicians in Congress are taking the populace for granted. This is not the time for that. Actually, there is no appropriate time for that...ever.

U.S. Unemployment Benefits Stalled

Congress

The U.S. Senate has refused to renew the unemployment benefits of 1.3 million people, which is a mistake. Taxpayers bailed out banks and other financial institutions, in addition to U.S. corporations, to the tune of billions. Now, when the taxpayers need the help, it is being denied. This is not right.

People could go lose their homes or end up homeless without the unemployment checks, they are depending on to get them through this rough time in U.S. history. This is not an area to be making cuts. Once again, the poor and middle class are being trampled in favor of the rich.

As the average American did not create the terrible financial crisis that continues to negatively impact the nation, they should not be made to pay the price for Corporate America's greed.

Side Bar: The public just may remember who voted against their unemployment benefits during mid-term elections. That's 1.3 million angry voters.

STORY SOURCE:

1.3 million unemployed won't get benefits restored

The European Union Bails Out Greece

Hellenic Parliament in Greece (Photo credit: Michalis Famelis)

The European Union has come to the financial rescue of Greece, for fear the financial collapse of the nation, will affect other countries in the region as well. One trillion in bank loans have been guaranteed, with the proviso, Greece reforms its financial system.

Obama Gives Wall Street A Stern Lecture

U.S. President Barack Obama gave Wall Street a stern lecture this morning, regarding corporate responsibility. America's taxpayers had to bailout Corporate America, with massive loans, when the people owed them nothing. To add insult to injury, some banks that received taxpayer bailout money are still being cruel to citizens.

Obama's Financial Regulation Speech: Recap

Apr 22 2010, 3:40 PM ET - Six bank regulation policies. Four reform themes. Three rhetorical hedges. Two "failure of responsibility" scolds. One "false choice" rejected. What do you get when you add it all up? An important, if predictable, financial regulation address...

http://www.theatlantic.com

Obama Being Blamed For U.S. Economic Woes

U.S. President Barack Obama's popularity has taken a massive dive, as he is catching up with former President, George W. Bush, in the blame department, regarding the ongoing financial crisis rocking America.

Where Bush precipitated the problem with the terrible management of the nation's finances and massive spending, Obama has exacerbated it with unruly, socialist spending, not suited to the U.S. economy.

Some good news in the midst of troubling financial headlines: GM repaid $8 billion of the bailout money it was given, 5 years in advance. Well done to GM.

Bush still gets blame for economy, but Obama catching up

April 21, 2010, 6:07 PM EDT - Former President George W. Bush still gets most of the blame for the nation’s current economic ills, but the government’s current chief executive is catching up, according to a Gallup poll released Wednesday.

President Barack Obama takes at least a moderate amount of blame among half those surveyed by Gallup late last month, up from 32% when Gallup last asked the question in July. The survey of 1,033 adults shows that 26% think Obama should take a “great deal” of the blame while another 24% believe the current president shoulders a “moderate amount.” Fifty percent say Obama gets little or no blame...

http://blogs.marketwatch.com

Park Avenue Banker Arrested On Stimulus Charges

Charles Antonucci

Charles Antonucci, the former head of Park Avenue Bank, was arrested by the U.S. federal government on charges of stimulus fraud, regarding misuse of TARP funds.

The privately owned, Park Avenue Bank, recently collapsed and was seized by federal regulators, who now allege Antonucci stole $6.5 million dollars in TARP money, to fund a lavish lifestyle.

Obama Admonishes Bankers

Video: Obama Leans on Top US Bankers

As his approval ratings slip to new lows of 44%, President Barack Obama admonished U.S. bankers, for not doing enough for the American people, after accepting taxpayer money in an unprecedented financial bailout.

Obama's Plea To Banks

"Video: Obama: Banks Need to Help Small Businesses"

After flooding banks with more cash than is safe for the economy, U.S. President Barack Obama, is now imploring said financial institutions to lend to creditworthy small businesses, in a bid to unclog the revenue block that has gripped the corporate sector.

As mentioned previously, a handful of corporate conglomerates gobbled up many smaller companies, then collapsed due to crooked business practices.

Yes, sometimes mergers and acquisitions are a bad thing, as smaller companies become soulless and bland.

Effectiveness Of Stimulus Questioned

U.S. President Barack Obama

The effectiveness of the stimulus bills by former President George W. Bush and White House incumbent, Barack Obama, is being questioned, as the numbers are not adding up and equaling growth.

Certain companies such as AIG and a few automakers needed the assistance, to save a multitude of jobs, but the government lost its way in throwing billions at banks and numerous other financial entities and business enterprises, some of which have misused the funds, not producing anything of value for the American people. Some banks, such as Northern Trust, received massive sums of money they didn't even need.

I question the logic of having done this, rather than focusing on a few U.S. corporations that anchor the American economy.

Additionally, bailout money, by law, should have been stipulated as funds that must be repaid, as corporations improved their financial outlook.

As it stands, many business recipients have no intention of repaying a dime, as they are not legally compelled to do so. Christmas came early for the corporate sector courtesy of the American taxpayer.

Bush's Bailout Full Of Lies

The inspector general for the Troubled Asset Relief Program stated, via his investigation, which revealed, the Treasury officers of former President George W. Bush, lied to the nation and the world, regarding the condition of the U.S. banking system, painting a "rosy picture" that was a complete lie. From 2007 to the present, the Judiciary Report insisted in numerous articles that the U.S. economy, including the banking sector was in very bad condition, despite the government's proclamations declaring the opposite in 2008. In 2006, the Judiciary Report's sister site, The Sound Off Column, began declaring there is a problem with the economy. Therefore, if this site knew from then, so did they, but they were lying to you, as Bush hoped to leave office and let the house of cards collapse on the next President. However, it began collapsing on the non-math wiz, during his last year in office, where the dire monetary mess became so visibly apparent, he was rightfully slapped with the blame for the financial fiasco that was of his own making. U.S. Lost Credibility by Saying Banks Were Healthy, Audit Says Oct. 5 (Bloomberg) -- The Treasury Department “lost credibility” when it said its first capital injections from the $700 billion financial rescue were for healthy banks, the inspector general for the Troubled Asset Relief Program said... Barofsky said that the Treasury should have been more open about potential financial problems with the biggest banks when it began the TARP a year ago. “Treasury may have created unrealistic expectations about the institutions’ condition and their ability to increase lending,” he wrote. “Treasury and the TARP program lost credibility when lending at those institutions did not in fact increase and when subsequent events -- the further assistance needed by Citigroup and Bank of America being the most significant examples -- demonstrated that at least some of those institutions were not in fact healthy.” http://www.bloomberg.com Bailout cop: Treasury fibbed to save economy Last Updated: October 5, 2009: 4:31 AM ET - WASHINGTON - A government watchdog says federal officials weren't entirely honest with the public about the health of the first 9 financial firms that got federal bailouts, according to a report released Monday. Bailout special inspector general Neil Barofsky says in an audit that Treasury Department officials painted an overly rosy picture, creating "unrealistic expectations," when they called the first bailout banks "healthy" institutions that would be able to lend more with government help. "It is not our intent to suggest that government officials should make public their concerns over the financial health of individual institutions, but rather that government officials should be particularly careful, even in a time of crisis, of describing their actions (and the rationales for such actions) in an accurate manner," the report stated... http://money.cnn.com

Banks Still Not Helping Homeowners

The Economic Numbers Confirm It

As I have stated for months, banks are not doing enough to help distressed homeowners and it is driving up the foreclosure rate in America to record highs.

Government data released yesterday, affirms what I have been writing for months regarding the aforementioned matter, as it has been revealed this week, via national figures, only 9% of eligible homeowners have been helped by the billions in bank bailouts, funded by U.S. taxpayer money, which is a disgrace.

Banks are holding on to the money, investing it in other endeavors and not helping the American people, whose homes are at stake. Hence the higher foreclosure rates.

Had the banks held up their end of the bargain, in accepting enormous sums of taxpayer money and actually used it for what the funds where earmarked for, the economy would have experienced a better quarter.

As I have also stated for months, the government cannot play nice with a lot of these banks, as they do not understand that sort of language and conduct, interpreting it as weakness.

We see the end result of that this week, as the numbers confirm, banks have been audaciously hording taxpayer money. It is the equivalent of one's car breaking down, sending an assistant to buy a container of gas, they return with the gas purchased with your money and state, "I'm only going to give you 9% of the gas in this full container, bought with your money. It really won't get you very far, but that's your problem."

Side Bar: If I were head of state anywhere in this world and had to deal with an unruly banking sector, when I called them together in the aforementioned meeting Obama convened a few months ago, I would have let them talk their butts off then simply stated, "Thank you for coming here today. Let's cut to the chase. If I don't see a massive drop in fraud, a sizeable reduction in unjustifiable bonuses and more legitimate consumer loan modifications of a fair and sustainable nature, I'm going to start locking your employees up and I cannot guarantee it won't reach your personal executive office."

Then, I would offer them some coffee, as business people like that after they've been given soul shaking news. It aids in calming their nerves and temporarily helps them not to think about the human lion that's about to figuratively maul them, if they run amok at the taxpayers' expense (grin).

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Published: August 4, 2009 - WASHINGTON — The Treasury Department said on Tuesday that only a small number of homeowners — 235,247, or 9 percent of those eligible — had been helped by the latest government program created to modify home loans and prevent foreclosures.

A report released by Treasury officials identified lenders who had made slow progress in offering more affordable mortgages, naming Bank of America and Wells Fargo as among those failing to reach large numbers of eligible borrowers.

While 15 percent of eligible homeowners have been offered help through the mortgage modification program, the low rate of actual mortgage reductions has frustrated administration officials.

Michael S. Barr, the assistant secretary for financial institutions, said in a news conference that there were “significant variations” in performance and that some institutions had made “an infinitesimally small amount” of progress.

“I think it’s safe to say we’re disappointed in the performance of some of the servicers,” Mr. Barr said. “We expect them to do more.”

The release of data showing the progress of individual institutions is part of a Treasury effort to push banks to modify loans faster.

Under the $75 billion program, homeowners whose monthly mortgage payments are more than 31 percent of their gross income are eligible for modified loans, with interest rates as low as 2 percent.

Bank of America has modified only 4 percent of the eligible mortgages, and Wells Fargo has modified 6 percent.

Citimortgage, a unit of Citigroup, fared better at 15 percent, while JPMorgan Chase was among the most successful, modifying loans for 20 percent of eligible borrowers. All four institutions received federal bailout money...

http://www.nytimes.com

Stocks Slide on Worse-Than-Expected Jobs Report

On Wednesday the focus was on a report showing that the number of private-sector jobs fell by 371,000 in July, according to payroll company Automatic Data Processing and Macroeconomic Advisers. That was slightly worse than analysts were expecting and indicated that employers continue to slash jobs, though at a lower rate than earlier this year.

The data "suggest the unemployment rate continues to rocket and household cash flows continue to fall. Not a great outlook for spending, we'd say," said Ian Shepherdson, an economist for High Frequency Economics.

http://www.washingtonpost.com