Thom Hartmann Demonstrates & Exposes a Robo-Signer

[thomhartmann]

Jordan Estevao, National People's Action join Thom Hartmann. You might remember that about a year-and-a-half-ago it was discovered that the nation's biggest banks - like Wells Fargo - Bank of America - JP Morgan Chase - Ally Financial - and Citigroup - were exposed for using "robo-signers." As I just showed - robosigners were just people they picked off the street to come into an office somewhere - and sign thousands of fraudulent legal documents making it look like banks owned properties that the banks DIDN'T really own. All that just so they could foreclose on whoever was in that particular home. This is complete and total criminal fraud. It's a criminal conspiracy to force millions of people out of their homes. It got the attention of all 50 state's attorneys general - who launched an investigation into the banks. After more than a year - a settlement was worked out in just the last few weeks.

Basically - the big banks have to cough up $25 billion in penalties and use that money to help keep people who are on the verge of foreclosure in their homes by modifying their mortgages. They also have to change how they deal with customers - and change their current foreclosure practices. In return...the banksters get immunity - Wall Street CEOs and other bankster criminals get to walk free - and keep their bonuses - after committing one of the biggest acts of criminal fraud in history. And they can't be held liable in any other lawsuits brought by any attorneys general who sign on to this settlement ever again. The deadline for the attorneys general to accept the settlement or not was today. And as of right - not all attorneys general have signed on - with California and New York being the primary holdouts - but it looks increasingly likely that they will. So is this a good deal for the people - or are the banks getting off easy.

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