Obama-Goldman Sachs Administration Sides with Banks on Foreclosure Moratorium

Kurt Nimmo

It was predictable. Obama and his Goldman Sachs insiders have sided with Bank of America and JP Morgan on the growing call for a national moratorium on foreclosures. Obama has sided with the banksters against the American people. No surprise there.

It’s all for our own good, of course. “Delays in foreclosures add cost and other burdens for communities, investors and taxpayers,” said the faceless bureaucrats at the Federal Housing Finance Agency.

In short, bring on the robo-signers.

Imagine my surprise. Banks signed thousands of documents authorizing foreclosures across the country, without actually having reviewed the loan documents, as required by law. In other words, they engaged in fraud in order to expedite the confiscation of property. Ohio Attorney General Richard Cordray sent letters to Wells Fargo & Co., Chase, Bank of America Corp., and CitiMortgage asking them to halt foreclosures in Ohio and meet with him to discuss how to solve the problem.

Law officers in California, Connecticut, Illinois, Iowa, Maryland, Massachusetts, North Carolina and Texas have done likewise, demanding answers and an end to foreclosures until the matter is resolved.

Last week, attorney generals in 40 states announced an investigation into the mortgage-servicing industry. “I think the mortgage-servicing firms need to understand that they face real exposure now, and they would be well advised to take this very seriously, to clean this up by doing loan workouts to keep people in their homes, which up till now they’ve just paid lip-service to,” said Cordray, reports the Wall Street Journal.

Corday’s outspoken effort is admirable. But the likelihood the “mortgage services industry” run by the mega-banks will be forced to shut down their foreclosure and property confiscation mill is slim to none.

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