More Proof of DoJ Lack of Interest in Enforcing the Law: The Case of the Kickback-Demanding Banks
By Yves Smith
In this world of rampant banking miscreance, it may seem hard to get worked up about $6 billion in impermissible kickbacks. But this is a case of a clear-cut legal violation, with the particulars sent to the Department of Justice by the HUD Inspector General’s office on a silver platter. And one of the alleged big bad actors was the ever-sanctimonious Wells Fargo.
American Banker has a detailed write-up of a kickback scheme between major banks who were mortgage originators, in particular Wells, Citigroup, Countrywide, and SunTrust and mortgage insurers.
Posted in Economy Economics, Housing
Tagged banksters, Citigroup, Countrywide, dept of justice, economy, Foreclosure Task Force, government bribes, housing urban development, hud, kickbacks, mortgage fraud, SunTrust, Wells Fargo
By Yves Smith
It is high time to describe the Obama Administration by its proper name: corrupt. The latest example is its heavy-handed campaign to convert New York state attorney general Eric Schneiderman to a card carrying member of the “be nice to our lords and masters the banksters” club.
[Image: Kathryn S. Wylde, New York Federal Reserve Board Member]
(Also see today’s TRNN interview of Yves Smith, “Should banks be a public utility?“)
Posted in Economy Economics, Housing, Obama and Company
Tagged banksters, class war, corporatism, Eric Schneiderman, fascism, financial crimes, homeless, hud, Kathryn S. Wylde, mortgage scam, New York Fed, obama, Shaun Donovan, wall street