Obama Administration Acting Directly Against The Interests Of The People

The thing that started our slow slide into economic recession over these last few years was the housing bubble. The bubble was fueled by easy access to credit for banks to use to make home mortgage loans. Without going too detailed into the process the banks ended up not caring how bad the loans were because no matter how bad, or toxic, they were they could make a profit off of them, and in fact the more toxic the loan, the more money banks could end up making on it.

Since the economy went boom there has been very little movement on the federal level to file lawsuits against those responsible at these banks. However at the state level several attorney generals have pushed to file suit against bank executives.

Currently the Obama Administration and the banks are working out a wide-ranging settlement over the resulting foreclosures that occurred because of shit loans being made to people with no ability to actually service the loan. There have been many reports of banks trying to foreclose on properties that they have no proof or fraudulent proof of owning the title on and this settlement would in some ways provide banks immunities from suits because of this.

Such a settlement would interfere with those states I mentioned earlier from suing banks and individual bankers over this. Eric Shneiderman, the New York attorney general, is particularly concerned about the details in the settlement because the settlement will interfere with his ability to gather evidence and file suits against the banks. 

Looking at the rhetoric coming from the Obama administration you'd think that they would side with Eric Shneiderman and rework the terms of the settlement to allow the attorney generals at both the state and federal level continue prosecution efforts. However the administration's plan of attack veers sharply away from anything resembling that. Not only has the administration begun pressuring Shneirderman to drop his opposition to the settlement but they've gone after Shneirderman’s supporters as well in an attempt to silence Shneirderman.

If the administration were to succeed and the settlement passes as is then this would be a significant step backwards for the average American and a large boon for Wall Street bankers. If you live in New York you can send Shneiderman an email of support. He continues to try and fight the good fight for not just the citizens of New York who were directly impacted by the illegal actions of banks, but all Americans who were because these banks sit within his jurisdiction. 

-Kirs