Monday, January 23, 2012
From TheNation: For months, a massive federal settlement with big Wall Street banks over their role in the mortgage crisis has been in the offing. The rumored details have always given progressives heartburn: civil immunity, no investigations, inadequate help for homeowners and a small penalty for the banks. Now, on the eve President Obama’s State of the Union address—in which he plans to further advance a populist message against big money and income inequality—the deal may be here, and it’s every bit as ugly as progressives feared. The Associated Press reports that a proposed deal could be announced within weeks. Five banks—Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial (formerly GMAC)—would pay the federal government $25 billion. About $17 billion would be used to reduce the principal that some struggling homeowners owe, $5 billion more would be used for future federal and state programs and $3 billion would be used to help homeowners refinance at 5.25 percent. Civil immunity would be granted to the banks for any role in foreclosure fraud, and there would be no investigations. (Image source)

From TheNation:

For months, a massive federal settlement with big Wall Street banks over their role in the mortgage crisis has been in the offing. The rumored details have always given progressives heartburn: civil immunity, no investigations, inadequate help for homeowners and a small penalty for the banks. Now, on the eve President Obama’s State of the Union address—in which he plans to further advance a populist message against big money and income inequality—the deal may be here, and it’s every bit as ugly as progressives feared.

The Associated Press reports that a proposed deal could be announced within weeks. Five banks—Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial (formerly GMAC)—would pay the federal government $25 billion. About $17 billion would be used to reduce the principal that some struggling homeowners owe, $5 billion more would be used for future federal and state programs and $3 billion would be used to help homeowners refinance at 5.25 percent. Civil immunity would be granted to the banks for any role in foreclosure fraud, and there would be no investigations.

(Image source)

Posted at 8:37 PM 88 notes Tags: Obama politics news occupy wall street

Notes

  1. beat--rice reblogged this from mediaofthemovement
  2. madeofpaper reblogged this from rykemasters and added:
    it’s so weird that sometimes he’s a wicked awesome guy and then other times he signs the NDAA and then does this? i...
  3. millstone reblogged this from rykemasters and added:
    This is really fucking fucked.
  4. anazayssufi reblogged this from prathesx and added:
    I don’t think he has a choice to say no. If he was a candidate for presidency he’d be trumpeting abt problems like...
  5. prathesx reblogged this from mediaofthemovement
  6. the-cold-revolution reblogged this from mediaofthemovement
  7. manilaryce reblogged this from thisisnotjay and added:
    Fuck this dude. I can understand why some organizers voted for him once, but if ya’ll do it again you need your...
  8. thedeathofjohnsmith reblogged this from mediaofthemovement
  9. fuckyourfreckles reblogged this from mediaofthemovement
  10. intoaspiralfrenzy reblogged this from hobojew
  11. halfcentonline reblogged this from mediaofthemovement
  12. forestfudd reblogged this from mediaofthemovement
  13. thisisnotjay reblogged this from mediaofthemovement
  14. iindigo-child reblogged this from mediaofthemovement
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  16. mediaofthemovement reblogged this from anticapitalist
  17. thatdamnartsycommie reblogged this from newmilitant
  18. themindislimitless reblogged this from guerrillanetwork
  19. plotting-a-revolution reblogged this from newmilitant
  20. guerrillanetwork reblogged this from newmilitant
  21. newmilitant reblogged this from brianhasaskateboard and added:
    Somehow I’m not surprised. A moderate neoliberal (which is what Obama is) is still a neoliberal, and can be expected to...
  22. brianhasaskateboard reblogged this from anticapitalist
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  28. inspire2lead reblogged this from doangivadam and added:
    ABSOLUTELY AND TOTALLY UNACCEPTABLE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  29. classtruggle reblogged this from anticapitalist