Posted on 06/17/2016 11:38:19 AM PDT by ColdOne
U.S. prosecutors have abandoned their case against Angelo Mozilo, the over-tanned character at the center of the risky subprime mortgages that fueled the financial crisis, after a two-year quest to bring a civil suit against him. As Bloomberg reports, The Justice Department has decided not to sue Mozilo, according to people familiar with the matter, ending a decade-long hunt for someone, anyone to jail over what happened.
(Excerpt) Read more at zerohedge.com ...
I will have to read up on this case and don’t understand the details yet.
But I speculate that the government would rather not expose the incentive for the whole buy and sell of junk mortgages at the behest of the government and the laundering of these “investments” through Freddie and Fannie.
They found somebody who gamed the system and took advantage of the government and got rich doing it. The victims may have been the bad debtors, but the government first gave the tools to the lending industry and then FORCED them to use the tools to sell high risk loans. They were covered from risk because they could sell the crappy investments for profit to Freddie and Fannie.
This was all under the guise of “affordable housing for everyone” promised by the government.
BTW - We are starting this all over and doing it again now.
I take it that the AmeriQuest crew is getting off Scot free?
I agree with your post. And yes we are starting it all up again..
Read Zero Hedge today. It is even worse than 2007 right now.
The difference is there are 500 fewer banks than in 2007.
During the next round of bank closures, larger institutions will be "resolved" by the FDIC. They have a special section dedicated to handling the problems of larger financial institutions. A lot of time and money has been poured into that unit.
I knew they wouldn’t get anyone. Congress was the cause, not the loaning agencies.
red
It is like a perfect storm brewing. Housing market collapse. Half the country holding it’s collective breath in hopes of surviving just a few more months of an administration full of treason from top down. Gummint hoping to get to start civilian disarmament. National manufacturing non existent. Gummint handouts strangling productivity. Gummint debt skyrocketing. Politicians pushing increased spending in the face of falling tax revenues.
What could go wrong! The worst of it is most of us realize NONE OF THIS HAS BEEN AN ACCIDENT. It is all Cloward Piven intentional.
You may recall congress had a late night secret briefing in March that year and not one leaked to the press. After the crash we learned they were briefed it was coming. While so many were crushed financially you can bet they weren’t. Everyone that attended should be hanged, IMHO.
The difference is there are 500 fewer banks than in 2007.
During the next round of bank closures, larger institutions will be "resolved" by the FDIC. They have a special section dedicated to handling the problems of larger financial institutions. A lot of time and money has been poured into that unit.
Apologies for the double post.
Sheila Bair, his predecessor, was rock solid, and stood her ground. I'm not saying Gruenberg isn't competent, just that Sheila was the right person at the right time.
I don’t doubt it.
did all the big money men just get a big ol pass from barry?....
the rat party IS the big money oligarchy party....
Tax revenues are actually up...it’s just that the spending goes 50 percent or more above what is taken in...and it’s killing us!
“hunt for someone, anyone to jail over what happened”.
How about the politicians, bureaucrats, and lobbyists that created the conditions for it to happen?
The oil price Ponzi scheme is fizzling out, so they’re considering another scheme to build $600,000-plus houses for nobody. ...so we can watch the houses rot.
They’re so elite and full of high “property values.”
The real estate and builders’ rackets are dead.
The whole evil effort was to raise salaries of the kind of builders who sip champagne while watching their temporary employees work, planning office regulators, building office regulators, sewage graduates and to raise property taxes and impact fees. In other words, it was for stoking up recirculating debt for government administrators and employees.
That’s not “sustainable.”
Too many high-powered politicos and bureaucrats got sweetheart loans from this lovely individual. This is keeping him from any bad consequences!
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