Monday, January 23, 2012

Why Are No Banksters Facing Criminal Prosecution

The state Attorney Generals and the Obama administration have been working on a settlement to resolve foreclosure fraud issues which would cost the banks up to $25 billion. This money would supposedly go to help distressed homeowners. However, to put this in perspective, according to CoreLogic, homeowners are now $750 billion under water!

As we know, the top bank execs responsible for managing the home loan industry have yet to be indicted and prosecuted for crimes that have rocked the financial world off its axis and caused untold suffering by millions of people. This article titled "Top Justice officials connected to mortgage banks" says it all.

In recent weeks the Justice Department has come under renewed pressure from members of Congress, state and local officials and homeowners' lawyers to open a wide-ranging criminal investigation of mortgage servicers, the biggest of which have been Covington clients. So far Justice officials haven't responded publicly to any of the requests.

While Holder and Breuer were partners at Covington, the firm's clients included the four largest U.S. banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co - as well as at least one other bank that is among the 10 largest mortgage servicers.

The full article which is a must read is at -

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