Still 'too big to fail'?
A federal lawsuit filed Friday could kill chances of a comprehensive foreclosure fraud settlement.
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Still 'too big to fail'?
Not his time around. Banks that violated the laws have to be held accountable .. and that doesn't mean giving outrageous bonuses to corporate executives with golden parachutes attached. This legal action gives a new meaning to "stress test".
Some heads need to roll. And for the guy who made the comment that Realtors should also be held accountable, Realtors did not approve the loans... the lenders did!! I'm not saying that some Realtors did not know their clients were not credit worthy and probably took them to lenders who would approve them when others would not. But what I am saying is that the lenders themselves were responsible for getting proof of loan qualification and they made the decisions to write the loan or not to write the loan. It was a joke back then... if you could breathe, you could get a home mortgage. Realtors who couldn't sell a fish were selling lots of homes. I scratched my head during those times wondering how in the world all these people were qualifying for these loans. Now I know.
I am sick and tired of hearing "too big to fail." If they don't know how to run a profitable business without resorting to fraud and greed, then they shouldn't be in business at all!! They need to also go after the millions of dollars these bankers put away during these times. But I'm not so sure about bailing out everybody who got one of those loans and cannot pay for it now... they knew they couldn't afford it when they got the loan! I'm for letting those homes go into foreclosure but possibly reimbursing those buyers what they PUT INTO the home and having it not count against them on their credit reports. I am not for reducing everyone's balance to what they can afford... that is not fair to those of us who have worked to pay our mortgages and live within our means. Most of these people bought with nothing or next to nothing as a down payment. If they have nothing in the home, why should I pay for them to keep the home by lowering the balance to what they can afford???!! That sounds like another welfare program.
My husband lost his job too and we are eeking by with me working to keep our home but it was a home we could afford to begin with. I'm sick of everybody looking to the government for a damned bailout because when they look to the government, they are looking to me and you to bail them out with taxpayer dollars. If we get to the point we cannot afford to make our payment, we will try to sell and if we cannot within a certain period of time, then it will be a foreclosure but I'm not asking you to bail me out! That's the problem with our country... everybody thinks the governmetn can fix everything and somebody owes them something!
Anything to big to fail holds us, the American people, hostage. Let the banks stand on their own two feet like every other American has to except the super rich and those who know how to use, abuse, and exploit. Most of us want only a level playing field. Unfortunately, those who we put in power, don't care about anything other their lobbyists and big business and stockholders. America has gone from a land of opportunity to a country of disproportional wealth and poverty.
We just wouldn't allow them to take the pain or responsibility for that failure.
Either we let them crumble and we all take the initial painful hit, and then watch as they are bought out by other healthy banks ripe for growth and happy and eager to lend and watch our economy soar and recover better and stronger than ever OR we bail them out again and keep twisting the knife until our economy suffers a long, slow, painful demise with no recovery ever. If we were a true capitalist society this problem would have been over and done and our economy would already be growing again instead of us still three years later "trying to get it growing again".
We need to stop making decisions based on the fear of what would happen if these banks finally go under like they should. They screwed up and they should pay the price and face the consequences of their actions instead of having record profits and paying big bonuses. It is the injustice of the whole corrupt bailout that has cast a pall over our economy and our psyche. Bury these useless, greedy, crooked, indifferent, treasury draining zombie banks once and for all. Save the tears of pity for the average American who has been allowed to fail through no fault of their own. The banks don't deserve any immunity from law suits because they haven't done anything to really help homeowners or modify any mortgages. The whole thing has been a joke and based on their performance on that front alone they should be buried 12 feet under.
BANKS STILL TOO BIG TO FAIL?
........HELL YEAH, BREAK'EM UP ASAP!
Btw, BoA was on the literal cusp of the legal % limit before the catastrophe.
Maybe this lawsuit is a setup so the the FED can have an excuse later for throwing more money at these criminal enterprises (ie. banks).
In other words, when this lawsuit puts the banks in danger of failure again, the FED will have their excuse for more theft from OUR pockets.
The anger and resentment in this country towards the "professional" money managers and politicians is astounding. The despair and confusion in the face of what is to be done about it all, no matter what your political stripe, is equally distressing. The start will come from electing people (and hopefully not "professional" politicians) to Congress who will enact the will of the people and and have the personal integrity not to succumb to the bribery of the rich and powerful corporations and the wealthy individuals who use their lobbyists as their effectual bagmen. The time is now for America to rethink its purpose and shift away from defining itself entirely in terms of the Almighty Dollar and integrate a more spiritually enlightened approach to life. As a people, with its vast wealth of virtues, ideas and experience, it can be done. As President Kennedy stated:" Ask not what your country can do for you - ask what you can do for your country". Those words are without political implication, left or right, they are simple words spoken in truth by a leader of what was then the most powerful country in the world. If those words are taken to heart by all Americans, then you will be able to right the ship of state and fulfill the promise as a nation your forefathers envisioned. Good Luck, America.
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