Finally Someone Really Pays for the Mortgage Fraud Crisis... To The Tune of $4.9 Billion (Congress, attorney)
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This would never see the light of day in the regular news stream... but glad to see someone had to pay... even though I'm not sure why it took so long.
The Justice Department announced today a $4.9 billion settlement with The Royal Bank of Scotland Group plc (RBS) resolving federal civil claims that RBS misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between 2005 and 2008.
...
"This resolution – the largest of its kind – holds RBS accountable for defrauding the people and institutions that form the backbone of our investing community,” said Andrew E. Lelling, U.S. Attorney for the District of Massachusetts. “Despite assurances by RBS to its investors, RBS’s deals were backed by mortgage loans with a high risk of default. Our settlement today makes clear that institutions like RBS cannot evade responsibility for the damage caused by their illicit conduct, and it serves as a reminder that the Justice Department, and this Office, will hold those who engage in fraudulent conduct accountable.”
They settled out of court - yet RBS denies any wrongdoing. Then why pay $4.9 billion?
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Originally Posted by DRob4JC
This would never see the light of day in the regular news stream... but glad to see someone had to pay... even though I'm not sure why it took so long.
Banks had been paying ($128 billion during the obama years). Much of the money just didn't go to where it was supposed to go. obama and holder siphoned off a lot to give to radical left-wing groups. It wasn't long after Trump was in office that Sessions shut down the obama/doj slush fund.
You are correct. It has been awhile since I have seen anything on the mortgages. You are also on target about funding left wing causes with the money. Can't rep you.
Banks had been paying ($128 billion during the obama years). Much of the money just didn't go to where it was supposed to go. obama and holder siphoned off a lot to give to radical left-wing groups. It wasn't long after Trump was in office that Sessions shut down the obama/doj slush fund.
I would love to see an audit and full accounting of the Obama Holder slush fund.
The WSJ reported - "Banks were made to fund left-wing activists such as NeighborWorks—though these groups were neither victims nor parties to lawsuits. In 2015 JP Morgan was required to pay $7.5 million to the American Bankruptcy Institute’s endowment for financial education. In 2016 Volkswagen was required to invest $2 billion in zero-emissions technology and promote zero-emissions cars. Government enforcement became an income redistribution mechanism without having to go through Congress."
I would love to see an audit and full accounting of the Obama Holder slush fund.
The WSJ reported - "Banks were made to fund left-wing activists such as NeighborWorks—though these groups were neither victims nor parties to lawsuits. In 2015 JP Morgan was required to pay $7.5 million to the American Bankruptcy Institute’s endowment for financial education. In 2016 Volkswagen was required to invest $2 billion in zero-emissions technology and promote zero-emissions cars. Government enforcement became an income redistribution mechanism without having to go through Congress."
Think the NYT or WaPo will ever investigate? They're too busy pushing silly editorials and the Russian fairy tale.
So would I. Heck, I'd love to see proof it existed to advance left-wing causes. WSJ used to be highly regarded 30 years ago. Now it's just another Trump-serving rag.
So would I. Heck, I'd love to see proof it existed to advance left-wing causes. WSJ used to be highly regarded 30 years ago. Now it's just another Trump-serving rag.
Good luck with your request.
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