Life under gangster government: Obama’s $20 billion bank heist

May 19, 2011

And a bunch of states’ attorney generals looking to pander for votes are in on the job. Karl Rove blows the whistle:

At last Wednesday’s “CBS Town Hall,” President Obama said he was “trying to . . . figure out how we can get the banks to do more” on modifying mortgage loan payments. Perhaps, he said, people whose mortgages are underwater should get a “principal reduction, which will be good for the person who owns . . . the home.”

Mr. Obama has decided that taxpayers have no appetite for bailing out homeowners who don’t make their payments, or for rescuing those whose homes are worth less than their mortgages. Instead, he’s backing a proposal by his Department of Justice and state attorneys general to force major banks to cough up the dough.

The money would come from a settlement with JP Morgan Chase, Citibank, Bank of America, Wells Fargo and other banks accused of “robo-signing,” in which foreclosure documents were signed by bank employees or agents without properly certifying all the papers. The attorneys general admit that virtually no one was erroneously foreclosed upon because of robo-signing. The banks foreclosed on people who were on average 18 months delinquent, and after multiple attempts to modify the loan had been tried and failed.

But Justice and the state attorneys general are demanding $20 billion for sloppiness, which they will then be able to hand out to voters—and potential supporters. The money won’t come from the banks; it will come from their customers, millions of whom will pay more in fees and interest and will, in some cases, be denied credit.

This stinks. It’s not only corrupt, it’s bad policy.

As Rove points out, only a few people were hurt in the robo-signing “scandal,” and the proper solution would have been to make them whole with some additional compensation, including returning them to their homes.  Instead, Ali Obama and his 40 Thieves President Obama and the state AGs are abusing the law to extort billions from the banks –at the customers’ ultimate cost– that can then be used to plug state budget gaps or as bait for votes. Far from doing justice, the robo-signing problem has been an excuse to do a great injustice, both to the banks and to the original victims, whose cause has been forgotten.

Michael Barone called this “gangster government” and “thugocracy;” we know it as “The Chicago Way.”

It sure isn’t the Rule of Law.

(Crossposted at Sister Toldjah)

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The thugocracy in action

May 23, 2010

Writing in Fortune, journalist Nina Easton recounts a frightening incident as SEIU members, brought to her neighborhood to protest Bank of America’s home foreclosures, invaded the property of one of her neighbors and terrorized a teen trapped within:

Last Sunday, on a peaceful, sun-crisp afternoon, our toddler finally napping upstairs, my front yard exploded with 500 screaming, placard-waving strangers on a mission to intimidate my neighbor, Greg Baer. Baer is deputy general counsel for corporate law at Bank of America (BAC, Fortune 500), a senior executive based in Washington, D.C. And that — in the minds of the organizers at the politically influential Service Employees International Union and a Chicago outfit called National Political Action — makes his family fair game.

Waving signs denouncing bank “greed,” hordes of invaders poured out of 14 school buses, up Baer’s steps, and onto his front porch. As bullhorns rattled with stories of debtor calls and foreclosed homes, Baer’s teenage son Jack — alone in the house — locked himself in the bathroom. “When are they going to leave?” Jack pleaded when I called to check on him.

Baer, on his way home from a Little League game, parked his car around the corner, called the police, and made a quick calculation to leave his younger son behind while he tried to rescue his increasingly distressed teen. He made his way through a din of barked demands and insults from the activists who proudly “outed” him, and slipped through his front door.

“Excuse me,” Baer told his accusers, “I need to get into the house. I have a child who is alone in there and frightened.”

This is nothing but naked gangsterism and fascism, not legitimate protest. I’d say these union thugs and bullies should be ashamed, but I doubt they know the meaning of the word. And shame on the cops for not moving to protect Baer’s property and family. They should resign for being disgraces to the badge they wear. (Update: DC cops escorted the SEIU to Baer’s house? WTF?)

Of course, SEIU will say they’re fighting for the little guy in a time of desperate need, but what a coincidence it is that SEIU is in debt up to its eyeballs with Bank of America and, in fact, owes them $4,000,000 in interest and fees.

I’m sure that had nothing to do with their choice of target.  Thinking

Ironically, Baer is a lifelong Democrat who worked for the Clinton administration, while his wife was an aide to Hillary Clinton. If this is how SEIU treats its friends….

And let’s not forget that SEIU worked hard to elect President Obama and is a strong supporter of progressive Democrats in general. Since SEIU has been involved in beatings and is known to advocate the “persuasion of power,”  what does that tell us about those who choose to ally with them?

That maybe they’re well-suited to each other.

(via Power Line)


A true victim of the housing crisis

July 30, 2009

From reader Porkchop comes a link to a special report on a true victim of the housing crisis.

My heart bleeds for him.