Report: "Banks Treat Foreclosed Homes Better In Mostly White Neighborhoods"

New Report Alleges Discrimination And Racism

A newly released report by the the National Fair Housing Alliance indicates foreclosed homes in white neighborhoods, were treated better than those in minority areas. This means, after evicting occupants, homes in white neighborhoods received better maintenance by banks, than properties in predominantly black and Hispanic areas.

These prejudices are prevalent in the banking system. For example, the now defunct Washington Mutual Bank, was forced to pay a large settlement for targeting blacks and Hispanics for high risks loans. In another legal action against the kaput bank, it was discovered they targeted non-English speaking customers and those with black or Hispanic sounding names, to saddle with extra mortgage fees, for services they did not need. Regrettably, racism is alive and well in the corporate sector.

STORY SOURCE

Report: Banks Treat Foreclosed Homes Better In Mostly White Neighborhoods

By Chris Morran on April 4, 2012 2:15 PM - While Americans of every possible ethnic and racial group were hit by the massive foreclosures when the economy went KABOOM! a few years back, a new report claims that banks are often giving short shrift to the upkeep and marketing of foreclosed properties in areas with predominantly non-white residents.

Earlier today, the National Fair Housing Alliance released the result of its undercover investigation into how bank-owned properties are treated in nine major metro areas — Atlanta, Baltimore, Dallas, Dayton, Miami/Fort Lauderdale, Oakland, Philadelphia, Phoenix, and Washington, DC.

http://consumerist.com

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President Barack Obama

The U.S. banking sector has seen terrible declines over the past few years, due to the mortgage crisis and overall financial decline of the country, under presidents George W. Bush, then Barack Obama. The government, at the taxpayers expense, has given major U.S. banks billions of dollars from the Treasury, to keep them afloat. However, despite these funds coming courtesy of the taxpayers, a number of banks are still making it as difficult as possible for homeowners to obtain mortgage modifications to remain in their properties.

Standard tricks being used on homeowners run the gamut. They range from pretending they did not receive documents that were faxed or mailed to the bank(s), despite established couriers such as the U.S. Postal Service, Fedex and UPS, providing mailing confirmation, to not notifying property owners of the options available to save their homes.

If banks keep playing with homeowners, opting for the quick buck in trying to rush people out of their homes to auction off properties in a market so overcrowded and poor nothing is selling, they will see massive revenue declines again. Kicking distressed homeowners to the curb is not the way to financial profitability, but long term losses (as in loss of mortgage interest payments over time had they straightened out said loans).

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R. Allen Stanford's Guilty Conviction Brings An End To A Terrible Chapter In Banking History

R. Allen Stanford

Financial fraudster R. Allen Stanford, who was arrested and remanded into custody in 2009, over a $7 billion dollar ponzi scheme the FBI knew of for over a decade, but let continue to the detriment of the public, was found guilty on a host of criminal charges, during March 6, 2012 court proceedings.

Stanford's corrupt bank sold the domestic and international public certificates of deposit (CDs) with a high rate of return, not supported by any discernible profits. It was all a ponzi scheme to fleece the public and fund Stanford's very lavish lifestyle that included mansions around the world, wives and mistresses.

Due to the Stanford's ties to President Bush and the $5,000,000 in donations he gave Congress, the FBI, headed up by Robert S. Mueller, covered up his crimes for over a decade, which caused the damages in the case to grow to over $7 billion dollars. This represents the public's money unwittingly invested in Stanford's scam, much of which is forever lost to the ponzi scheme and his extravagant spending.

Stanford's remaining stolen, ill-gotten assets were no where near enough to even approach the amount of money the public lost, to make any type of decent financial restitution to victims (FBI has only found peanuts in missing funds).

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Reports State Obama Administration $25 Billion Mortgage Deal To Increase Home Seizures

Barack Obama

Economists indicate the $25 billion dollar mortgage deal the Obama Administration struck with the nation's major banks, will accelerate and increase the number of home seizures in America, due to foreclosure. Never in the nation's history has America had so many foreclosures. The crisis is unprecedented. With millions of homes repossessed and auction at courthouse across the nation, home property values in America have plummeted 40-80%, varying state by state.

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President Obama's Attorney General Eric Holder Connected To Banks Responsible For The Mortgage Crisis

Attorney General Eric Holder and President Barack Obama

President Obama's Attorney General, Eric Holder, who is the head of the Justice Department, is in the midst of another scandal (as if "Fast and Furious" wasn't enough of a disgrace). Reuters has done an expose on Holder, stating he has deep ties to banks engaging in mortgage fraud against Americans, which led to the ongoing crisis that began in 2008.

Holder, a longtime employee of the Justice Department and his co-worker Lanny Breuer, "Were partners in a law firm that worked on behalf of those very same firms" that are responsible for "the housing bubble collapse." Holder and Breuer worked for the law firm of Covington & Burling.

STORY SOURCE

Holder, Breuer connected to players in foreclosure fraud?

Posted at 10:25 am on January 20, 2012 - For years, the Left has asked why the Obama administration hasn’t pursued prosecutions against lenders who arguably engaged in fraud when foreclosing on mortgages in the wake of the housing-bubble collapse. It turns out that these lenders had friends in high places in the Department of Justice. Reuters reports that both Attorney General Eric Holder and his lieutenant Lanny Breuer, who ran the DoJ’s criminal division, were partners in a law firm that worked on behalf of those very same firms (via JWF’s Just A Grunt):

U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows. The firm, Covington & Burling, is one of Washington’s biggest white shoe law firms. Law professors and other federal ethics experts said that federal conflict of interest rules required Holder and Breuer to recuse themselves from any Justice Department decisions relating to law firm clients they personally had done work for...

http://hotair.com

Obama Appointing Richard Cordray Consumer Czar Without Congressional Approval Sends An Autocratic Message

Barack Obama

President Obama's appointment of Richard Cordray, to a new consumer agency, sends a negative, dictatorial message, as he has undemocratically run roughshod over Congress. The appointment of Cordray to this post as a consumer agency czar, has also come too late in his presidency to strike any real effectiveness.

This is complicated by the fact Obama is soft on crime, which is why some sectors of the corporate industry have continued to rob and gouge the American people into poverty. What's the sense of having a consumer protection agency, when no one is being arrested for ripping off the public, as that is the only language criminals understand - prison.

For every bank, investment firm, insurance company, telecommunications provider and entertainment corporation that engages in financial crime, which damages America and the world by default, how many real arrests have you seen, when trillions of dollars have been stolen in an illegal redistribution of wealth in favor of the rich.

As far as the Judiciary Report is concerned, President Obama's latest appointment is just for show during a desperate election year, as it is without substance and devoid of any real impact. All this will do is waste taxpayer money, handing out slaps on the wrist for serious financial crimes. That will never work to get the economy back on the right track to accountability and fairness.