ForeclosureGate Deal - The Mandatory Cover Up

Michael Collins

The Federal government is about to settle the ForeclosureGate affair, according to a report in the New York Times on April 9. The Times noted that twelve million homes will be lost by 2012. Home equity values are down by $5.6 trillion since the real estate crash.

The draft agreement released to American Banker shows another corporate-friendly deal designed to maintain the incumbent perpetrators at the expense of the people. (Image: zoonabar)

The proposed settlement culminates an effort by federal prosecutors to address strongly supported allegations of widespread mortgage fraud perpetrated on as many as sixty percent of current mortgage holders. Homeowners were sold mortgages, serviced for the loans, and, in some cases, subjected to foreclosure and eviction based on fictional contracts and collections practices that violate the most basic principles of contract law and specific federal code pertaining to fraudulent debt collection.

Change? Job of collecting evidence against BP may go to — BP

From the start it's been embarrassingly clear that BP has alot America.   But at least with the election of Obama to the White House, I had assumed that one or two small changes might be realized. 

For example, one of the defining issues of the Bush Administration came from big, litigation-averse industry putting his team in charge of the DOJ and appointing corporate activists to the Supreme Court.